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Shelton resident Guy Smith, 62, who operates Centerline Interiors LLC, which specializes in commercial interior construction, pleaded guilty this week to one count of tax evasion after failing to pay tax on more than $1 million in gambling winnings.
Smith is also a professional poker player who has participated in poker tournaments at casinos in Connecticut and other locations around the U.S. and The Bahamas. Smith withdrew funds from both his business and personal bank accounts for his gambling business, U.S. Attorney John Durham said.
Between 2012 and 2016, Smith admitted to providing his tax preparer with a summary of his business income and expenses, which were used to prepare his federal income tax returns, though he failed to provide any bank statement.
During those years, Durham said that Smith intentionally failed to report to his tax preparer, and to the IRS, approximately $482,000 in income he received from Centerline Interiors.
In addition, even though the IRS notified Smith on multiple occasions that he was required to report all of his gambling income on his federal tax returns, Smith concealed his gambling income from his tax preparer and paid no income taxes on more than $1 million in gambling winnings.
Durham said that in total, Smith failed to pay a total of $821,415 in federal income taxes.
When he is sentenced on March 4, 2021, Smith, who is released on a $50,000 bond, will face up to five years in prison and he has agreed to cooperate with the IRS to pay all outstanding taxes, interest, and penalties on the unpaid taxes.
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