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June 21, 2017

Posted  June 21, 2017

A federal grand jury in Madison, Wisconsin indicted a Johnson Creek, Wisconsin produce vendor corporate officer for tax evasion, failure to file a corporate tax return, and structuring currency transactions, announced the Justice Department’s Tax Division. According to the indictment, during the relevant timeframe, Thomas G. Paine was the Vice President and Treasurer of G.W. Paine Inc., which sold fresh fruit and other produce under the business name Tree Ripe Citrus Company. Paine was allegedly responsible for the finance and tax aspects of the company. The indictment alleges that Paine failed to file corporate tax returns with the Internal Revenue Service (IRS) for 2010 through 2012 and attempted to evade the taxes due and owing by G.W. Paine Inc. According to the indictment, Paine concealed the company’s income by structuring cash deposits so they were made in amounts less than $10,000 in order to evade the bank’s reporting requirements. Banks are required to file reports with the U.S. Treasury for cash deposits exceeding $10,000. These reports include the identity of the person who conducted the transaction. The indictment alleges that from 2012 through 2013, Paine structured more than $400,000. DOJ

Tagged in: Tax Fraud,