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Home  >  Accounting consultants  >  Computer store proprietor admits guilt for tax evasion

Computer store proprietor admits guilt for tax evasion

Posted on Monday, March 25th, 2013 at 5:12 pm.

Richard Culleton, an Austin entrepreneur who got his break by selling secondhand computers, pleaded guilty on March 27 to a charge of tax evasion for failing to report more than $250,000 in sales.

Under a plea agreement facilitated by U.S. Magistrate Judge Andrew W. Austin, Culleton was sentenced to a possible five years of imprisonment and three years of supervised release, and is set to pay a fine of up to $100,000. The court, however, has yet to decide on the amount of restitution.

Culleton first came under fire when his shop, Discount Electronics, was sued by Microsoft Corp. in April 2005 for distribution of counterfeit Microsoft software.

According to the investigation made by the Internal Revenue Service, Culleton failed to report  correct tax sales by not disclosing two bank accounts at Eagle Bank and three Pay Pal accounts and, instead, just making do with one Compass Bank account.

Avoiding IRS actions and penalties when it comes to your taxes can be difficult, unless you have the guidance of a knowledgeable professional. Get the help you need to feel secure in filing your taxes by filling out the above contact form.