Andrew Park, a New Hampshire resident and former CEO of a startup know-how firm, has pleaded responsible to evading over $14 million in payroll taxes and failing to file private tax returns. Park, 49, from Bedford, was answerable for the corporate’s monetary issues, together with submitting quarterly employment tax returns and managing federal, state, and native tax funds.
From the corporate’s inception in 2014 till the third quarter of 2021, Park withheld Social Safety, Medicare, and earnings taxes from staff’ wages however didn’t remit these taxes to the IRS as required by regulation. Regardless of hiring a payroll service that repeatedly notified him of the due taxes and receiving notifications from an worker about discrepancies in Social Safety funds, Park didn’t pay the required taxes. He additionally uncared for to pay the corporate’s share of Social Safety and Medicare taxes.
Moreover, between 2013 and 2020, Park didn’t file his private tax returns regardless of incomes an annual wage of round $250,000. This failure contributed to a complete tax loss exceeding $14 million to the IRS, together with additional losses to state and native tax authorities.
Park’s sentencing is scheduled for November 14. He faces as much as 5 years in jail for willfully failing to account for and pay payroll taxes and an extra yr for not submitting tax returns. Additional penalties could embrace supervised launch, fines, and restitution to the IRS and different tax entities. The ultimate sentence will probably be decided by a federal district courtroom choose, contemplating the U.S. Sentencing Tips and different components.
The announcement of Park’s responsible plea was made by Performing Deputy Assistant Legal professional Normal Stuart M. Goldberg of the Justice Division’s Tax Division and U.S. Legal professional Jane E. Younger for the District of New Hampshire. The case is being investigated by IRS Legal Investigation and prosecuted by Assistant Chief Eric Powers of the Tax Division and Assistant U.S. Legal professional Matthew Hunter for the District of New Hampshire.
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