A Colorado business owner has been indicted for tax evasion, following claims that he owes the IRS over $700,000 in employment taxes.
If convicted, Frank Stevens faces a maximum of five years imprisonment for each of the tax evasion and employment tax counts.
He also faces a further one year in prison for each count of failing to file tax returns for his businesses.
Stevens owned Stevens and Soldwisch Oil and Gas Properties I and Northeastern Energy Corporation.
According to the indictment from the department of justice, Soldwisch owned a Michigan oil field, while Northeastern hired workers to extract oil from the field.
Stevens allegedly withheld taxes from Northeastern’s employees during quarters between 2014 and 2015, and subsequently did not pay the funds to the IRS.
Moreover, the indictment alleged that Stevens transferred funds out of bank accounts in his and Northeastern’s names, while also failing to file tax returns on behalf of his businesses.
In turn, the IRS estimates that the defendant faces more than $700,000 in penalties for outstanding taxes.