Woodbridge business owner indicted on tax evasion charge
NEWARK – The owner of a Woodbridge business that sold automotive industry warranty products has been indicted by a federal grand jury on three counts of tax evasion and three counts of filing false tax returns
Danny Silva, of Woodbridge, owned an automotive industry business that sold warranty products which was required to report all the business income and expenses on a Form Schedule C as part of Silva’s personal income tax return, according to a news release from the Internal Revenue Service Criminal Investigation’s Newark Field Office.
For the tax years 2011, 2012 and 2013, Silva allegedly reported that his taxable income was $0, $16,956 and $25,740 respectively, according to the news release.
It is alleged that Silva failed to report all of his income for the tax years 2011, 2012 and 2013 and that his actual taxable income for those years is $220,814, $290,636 and $30,407, according to the release.
The under reporting of income resulted in a tax loss to the government of $64,418,
$92,465 and $5,214, the release states.
If convicted, each count of tax evasion carries a statutory maximum prison sentence of five years and each count of filing a false tax return carries a statutory maximum prison sentence of five years and a maximum fine of $250,000, according to the release.
