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Jacksonville Businessman Indicted for Tax Evasion
Phillip Mak, a businessman from Jacksonville, has been indicted by a federal grand jury on charges of evading close to $2 million in taxes.
As reported by the Florida Department of State, Mak serves as the President of Fairway Action Inc.
The Department of Justice’s investigation reveals that Mak allegedly earned approximately $10.3 million from 2008 to 2020 but failed to pay federal taxes during this period, only submitting tax returns for two years.
According to the indictment, Mak also worked on a freelance basis as a sales representative for several businesses throughout the same timeframe.
The Internal Revenue Service reportedly has assessed nearly $1.92 million in unpaid taxes, penalties, and interest against him. Prosecutors claim that rather than settling his tax obligations, Mak attempted to obscure his assets from the IRS by transferring $1 million in cash into accounts held by his domestic partner.
The indictment further claims that following an interview with IRS investigators in 2020, Mak transferred the ownership of his Neptune Beach property to a trust established by his partner.
If found guilty, Mak could face a maximum prison sentence of five years for tax evasion, in addition to one year for each charge of failing to file a tax return and for neglecting to pay taxes owed.
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Source
www.yahoo.com