School Board Member Pleads Guilty to Tax Evasion Charge
Former Parsippany-Troy Hills (N.J.) Board of Education member John J. Montefusco Jr. was sentenced to three years of probation for willfully filing a false tax return, admitting that he failed to report approximately $159,000 in income on his 2003 federal tax return.
Montefusco pleaded guilty to one count of a three-count criminal information charging him with willfully subscribing to a false tax return.
At his plea hearing, Montefusco admitted that in or about 2003, he failed to report approximately $97,576 in taxable capital gains that he received from the purchase and immediate sale, or “flipping,” of two townhouses in Morris Plains. Montefusco also stated that in 2003, he received approximately $43,950 in upgrades, options and extras that were added to his primary residence.
Montefusco also stated that in 2003, he was a partner at a company that provided him travel and entertainment expense payments and that these monies were to be used for legitimate business-related activities. Montefusco, however, admitted that he used these monies for personal purposes and that he falsely characterized them as legitimate business expenses on his 2003 tax return. As a result of these false characterizations, Montefusco failed to report approximately $18,075 of additional income received on his 2003 tax return.
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Tags: filing false federal tax return, tax evasion
