Penalties for Tax Evasion

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Posted by: Gary Massey Comments: 0

September, 2020 case of a Shreveport business owner shows the severity of penalties for tax evasion.

As a result of an IRS criminal investigation, a Shreveport, Louisiana business owner was sentenced on September 29, 2020. Penalties for tax evasion included 3 years and 4 months in prison and nearly $2 million in restitution payments to the IRS.

According to documents and information provided to the court, Robert Poimboeuf, 58, was part owner of D&G Holdings, LLC, a medical laboratory in the Shreveport area. From 2011 through 2015, Poimboeuf filed false tax returns that underreported gross receipts earned from his business.

He also falsely characterized business receipts as non-taxable loans.

Concealed Bank Accounts

Poimboeuf concealed from his tax return preparers at least two bank accounts. D&G maintained an operating account, as well as two accounts that received revenue – one for electronic payments and the other for physical deposits of checks. For 2011 through 2014, Poimboeuf concealed the nature of deposits into D&G’s operating account by falsely reporting to his accountant that the deposits were transfers from a billing service. Although D&G used a billing service, these deposits were not transfers from the billing service, but from D&G’s revenue accounts that Poimboeuf did not disclose to his accountant.

Fake Loans and Missing 1099’s

Poimboeuf hired a different accountant to prepare their 2015 tax return and provided information for the electronic deposit account in addition to the operating account. However, he continued to withhold information about the physical deposits account. When the accountant asked for additional information concerning a loan, Poimboeuf provided loan documentation. However, in fact the loans were actually transfers from the undisclosed physical deposits account.

In addition, Poimboeuf did not provide numerous Forms 1099 reflecting earnings for D&G.

Penalties for Tax Evasion

The Court concluded that Poimboeuf caused a tax loss of more than $1.9 million to the IRS. As a result, Poimboeuf was sentenced to 40 months in jail. The Court also ordered Poimboeuf to pay restitution to the IRS in the amount of $1,904,477.

This case is a great example of the severity of penalties for tax evasion.

By Gary Massey, CPA

Founded by Gary Massey, CPA, Massey, and Company is a boutique CPA firm located in Atlanta, GA serving the needs of small businesses and individuals. Our services include tax preparation, taxpayer representation and IRS audits.

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