IRVINE, Calif. , July 11, 2024 /PRNewswire/ -- According to a Department of Justice press release , a Texas man was recently sentenced to serve more than three years in federal prison after being convicted of federal income tax evasion. This story highlights the severe consequences that can arise from intentional tax noncompliance.
If you have failed to file a tax return for one or more years, or have taken a position on a tax return that could not be supported upon examination, it is in your best interest to consult with an experienced tax defense attorney to discuss your options to get right with the government. Defendant Failed to File Tax Returns, Dodged the IRS Upon Exam Court records reveal that John L. Petrone , a resident of Texas , was sentenced to 37 months in prison for evading taxes on income that he earned from his kratom (an herbal extract) business.
Petrone did not file individual income tax returns or pay income taxes from 2014 to 2019, causing a tax loss of over $529,000 . He attempted to evade taxes by operating under different business names, dealing in cash, and using business accounts for personal expenses. Petrone also lied to the IRS during an examination and failed to pay employment taxes as required by law.
In addition to being sentenced to serve 37 months in federal prison, the defendant was also ordered to serve three years of supervised release, commencing upon the end of his physical incarceration. Lastly, he was ordered to pay nearly $530,000 in .