No one in New Jersey enjoys paying taxes. Most individuals and business people take what deductions, exemptions and credits they can and move forward. In some cases, people attempt to manipulate or hide money to escape detection by federal IRS agents.

A tax fraud/ charge is extremely serious for a Westfield business person. They stand to lose freedom and relationships along with assets, a reputation, and customers or clients. A conviction can wipe out the efforts of a lifetime, which is why tax crime suspects require early, expert criminal defense.

A Toms River man will be sentenced in late summer for federal income tax evasion. The 57-year-old was accused of keeping money hidden in a business subaccount under his spouse’s name. The defendant also pleaded guilty to payroll tax violations.

Unfortunately, the businessman was already in debt to the Internal Revenue Service at the time of his alleged misdeeds. The government filed a levy against the man’s assets for 2002 federal taxes that were overdue.

Federal prosecutors in New Jersey said the asset seizure prompted the small business owner to start hiding money. A trust account in the name of the defendant’s wife allegedly became the repository for all other business and personal accounts.

Records showed the defendant used the account to pay tens of thousands of dollars in mortgage, credit card and insurance payments. The IRS said the defendant never declared or paid taxes on the secret income.

The accused man had three employees and deducted taxes properly from the workers’ paychecks; however, the money was never sent to the federal government.

A prison term of up to five years and a $250,000 fine are possible. Between now and sentencing, a defense attorney may be able to negotiate a last-minute reduction of penalties. The earlier an attorney is notified that IRS tax problems are possible, the more time a criminal lawyer has to build a formidable defense.

Source:  app.com, ” Toms River attorney admits tax evasion” Anthony Panissidi, May. 01, 2013