…By Judah Olanisebee for TDPel Media. CFO Pleads Guilty to Failing to Report Employment Taxes: Significant Tax Loss
Failure to Report and Pay Employment Taxes:
The Chief Financial Officer (CFO) of a company based in Mississippi, Julian Russ, has pleaded guilty to willfully failing to report and pay over employment taxes withheld from employees’ paychecks.
Court documents reveal that Russ, who served as the CFO of Community Construction Company LLC, deliberately neglected to file required quarterly employment tax returns and neglected to remit the taxes withheld from employees’ wages to the IRS.
This failure persisted from at least 2012 until October 2018, resulting in a substantial tax loss to the IRS exceeding $6 million.
Potential Penalties and Sentencing:
Russ now faces the possibility of a maximum prison sentence of five years.
In addition to imprisonment, he may be subjected to a period of supervised release, restitution, and monetary penalties.
The determination of his sentence will be made by a federal district court judge who will consider various factors, including the U.S. Sentencing Guidelines and other relevant statutory provisions.
Announcement by Officials and Ongoing Investigation:
Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Darren J. LaMarca for the Southern District of Mississippi jointly made the announcement regarding Russ’s guilty plea.
The IRS-Criminal Investigation is actively conducting an investigation into the case, highlighting the seriousness with which the authorities are treating the matter.
Conclusion:
The guilty plea of Julian Russ, the CFO of Community Construction Company LLC, in failing to report and pay employment taxes has resulted in a significant tax loss exceeding $6 million.
The potential consequences he faces include imprisonment, supervised release, restitution, and monetary penalties.
The announcement of his guilty plea emphasizes the commitment of the Justice Department and the IRS-Criminal Investigation to ensuring compliance with tax obligations.
The case will be prosecuted by Trial Attorney Curtis Weidler of the Justice Department’s Tax Division and Assistant U.S. Attorney Charles Kirkham for the Southern District of Mississippi.
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