YOU READ IT HERE FIRST: A Lodi contractor admitted ducking nearly $200,000 in federal income taxes.
Salvatore Paladino, the 52-year-old owner of Paladino Paving & Concrete, “deposited into or cashed out against his personal bank accounts” $572,411 of business receipts that he used to fund a cash payroll between January 2007 and December 2011, the IRS said.
“For the 2011 tax year, Paladino admitted that he failed to report approximately $185,659 of income earned through Paladino Paving,” the service said in a release. “This unreported income resulted in a tax due and owing to the government of approximately $61,393.
“Paladino also admitted that he failed to report all of his income for the years 2007 through 2010, upon which an additional tax loss of $131,652 was due and owing to the government.”
The total: $193,045
“The license to run a business is not a license to avoid paying your taxes,” said Jonathan D. Larsen, Special Agent in Charge of the IRS-Criminal Investigation Newark Field Office. “Tax evasion is not a victimless crime. We all pay when others swindle the government.”
The investigation was conducted by Larsen’s office and U.S. Attorney Paul J. Fishman’s office. The government is represented by Assistant U.S. Attorney Elizabeth M. Harris.
U.S. District Judge William J. Martini scheduled sentencing for Sept. 22.
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