La. Businesswoman Did Not Pay $5 Million in Payroll Taxes
A New Orleans business owner was sentenced to 37 months in prison after failing to pay $5 million in employment taxes (or payroll taxes). According to court records, Janice Gaudet Craig was the co-owner, Secretary, Treasurer and Chief Financial Officer of TCB Industries Inc., an offshore oilfield fabrication and services company which had a workforce ranging from 216 to 679 employees and located in Abbeville, La.
The IRS investigation revealed Craig withheld and collected employment taxes from her employees. She then filed false IRS forms that significantly underreported TCB’s employment taxes. Craig failed to send the Social Security Administration Forms W-2 for TCB’s employees. This prevented routine computerized checks from revealing that Craig filed false IRS Forms 941. Additionally, TCB’s employees did not receive credit for their earnings. If not corrected, hundreds of TCB’s employees would have received lower social security checks when they retired.
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Tags: filing false federal tax return, tax evasion, underreporting employment taxes
