Houston Business Man Audited by IRS
Imagine living the high life, boats, luxury cars, RVs, and VIP sports tickets, all while scamming the system! That’s exactly what Houston businessman William Womack did!
Unreported Income and Fake Expenses
He owned Intents Services LLC, leasing tents, trailers and equipment in Houston. But instead of reporting his real earnings, he hid hundreds of thousands by cashing checks secretly and writing fake ones to ghost employees.
For 2019 to 2021, he claimed just 12,000 a year in wages to keep raking in Social Security benefits, up to 16,000 annually! He admitted he kept his reported wages low to avoid earning more than $1,000 per month in order to maintain his social security benefits. In 2020 alone, he dodged reporting 261K!
Consequences
He’s pleading guilty, owing about 220K in restitution to the IRS!
Sentencing will be on October 14th, facing up to 3 years in prison and a 250K fine. IRS Criminal Investigation Department has a 90% conviction rate on tax fraud! Staying complainant and applying the right legal tax saving strategies saves you time, money and headaches.
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Please note that this blog post is for informational purposes only and does not constitute tax, legal or accounting advice and that new changes in rules and regulations may render this content out of date.