Many people in Missouri know a great deal about operating a business and ensuring its success. However, some may be aware of the tax implications of a successful business. Unfortunately, a former police chief in another state recently pleaded guilty to tax evasion.
Reports indicate that, in addition to serving as the police chief, the man also operated a construction company, earned money from rental properties and served as a salesman for title companies. While officials claim that he reported some of the income from the construction company, it is believed that he did not report all of it. Officials state that he attempted to hide the income by cashing checks at a check-cashing service and depositing checks into personal bank accounts.
Reports claim that these actions allowed the man to conceal $2.3 million in revenue from the construction company. He is also accused of failing to report an additional $225,000 that he received in rent payments. Officials believe that he evaded approximately $780,000 in taxes.
The man recently pleaded guilty to the charges against him and could spend up to five years in prison; he is scheduled to be sentenced in May. Often, people in Missouri facing criminal charges, including tax evasion, will choose to plead guilty if they believe that there is sufficient evidence to convict them regardless of whether they committed the crimes. Many people feel unprepared to make these critical decisions on their own and will often ask a professional with experience with the criminal justice system to help them throughout the process.