This week, it was announced that a grand jury in Denver, Colorado had returned an indictment against a health care products business owner and landlord. The business owner was charged with tax evasion and failing to file personal tax returns. The indictment explains that Craig Walcott of Monument, Colorado allegedly attempted to evade payment of his 2005 and 2007 federal income taxes and failed to file his 2012 through 2014 personal tax returns.
It is explained that the Internal Revenue Service assessed Walcott’s taxes, penalties and interest in April of 2010. At this time, they determined that he owed more than $450,000 for tax years 2005 through 2007. It is alleged that Walcott took steps to prevent the IRS from collecting the money owed.
The indictment alleges that Walcott filed fraudulent returns underreporting his income, transferred property into the names of nominee entities, created and filed false documents with several county clerk offices in hopes of making it appear that properties he owned were encumbered. It is also alleged that Walcott fired a property management company to prevent it from complying with an IRS levy.
It is also alleged that the defendant did not file person tax returns for the 2012 through 2014 tax years. If convicted, Walcott will face a statutory maximum sentence of five years in prison for the tax evasion charge and one year for each of the failure to file counts. Additional details have been made available here.