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Rolling in Dough(nuts)

by | Oct 16, 2020 | Audits, Tax Audits, Tax Crimes |

The family of three Dippin Donut stores in New York were figuratively rolling in dough when they allegedly concealed over a million dollars in cash sales by depositing the money into their personal accounts instead of their business accounts.  The trio also evaded employment taxes by paying their employees some wages in cash.  Although the tax loss to the government was relatively small compared to other tax crimes, no one considering tax evasion should think they are immune to prosecution.  In this case, the million dollars of unreported income spanned a period of five years, and with three business owners, the tax liability would have only been about $23,000 per person, per year.  If convicted, each of the three defendants face a maximum sentence of five years in prison for the conspiracy, and each count of tax evasion, and three years in prison for each false tax return charge.

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