Ohio Business Man Formally Charged With Tax Evasion
A man from Canfield, Ohio, who owns a skilled gaming business, was recently indicted for three counts of tax evasion in a U.S. District Court.
Michael Malvasi, 48, allegedly misreported income from 2005 to 2007, according to Ohio news source WKBN.
In 2005, he reported $9,035, but made nearly $77,000, the news source reported. A sum of approximately $24,800 is owed to the Internal Revenue Service for the unpaid taxes. In 2006 and 2007, Malvasi did not report any income. He also is accused of operating his company without keeping accurate records of his monetary transactions.
Malvasi owes more than $22,000 for taxes in 2006, after earning approximately $68,300, the news source said. In 2007, he earned more than $184,100 and is due to pay a sum of $58,905 for that tax year.
If he is convicted for every charge, Malvasi could be sentenced to a year in federal prison, the report added.
A tax evasion charge carries a maximum penalty of five years in prison and a $250,000 fine.