We blog about a lot of IRS tax cases where people try to cheat on their taxes and lose. If you don’t want to see your name and tax case on our tax blog, I don’t blame you! It’s never too late – and in your best interest – to resolve your tax problems today! Tax Resolution Services can help you so you don’t end up as another tax cheat story on our blog, like this guy from Illinois.
The president and sole owner of an Illinois construction company was indicted on charges of filing false federal individual income tax returns for allegedly under reporting his company’s income by more than $864,000 over two years and failing to pay more than $260,000 in taxes.
Robert W. Conforti Sr., 63, of Downers Grove, Ill., owned Conforti Construction Co., and was charged with two counts of filing false federal tax returns.
According to the charges, Conforti operated his business as a Subchapter S Corporation and was required to report his company’s net income or loss on schedules and attachments filed with his individual federal tax return. Between at least early 2004 and early 2006, Conforti allegedly created a set of financial records that substantially under reported his firm’s gross receipts and overstated its expenses by hundreds of thousands of dollars.
For calendar year 2004, Conforti allegedly understated his business income by $324,381, resulting in an underpayment of $103,365, and for 2005, he allegedly understated his business income by $540,328, resulting in an underpayment of $157,538. For both years combined, Conforti allegedly owes additional taxes of $260,903 as a result of under reporting his business income by $864,709.
If convicted, Conforti faces up to three years in prison and a fine of up to $250,000.
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