A Connecticut business owner with landscaping companies in Fairfield County has admitted to failing to pay more than a million dollars in federal income taxes over the course of nearly a decade.
William Anderson, of New Milford, has pleaded guilty to tax evasion after failing to pay more than $1.2 million in taxes from 2007 through 2014.
Anderson, 50, who owns W.F. Anderson, 1958, LLC, Retaining Wall Solutions, Wil-Rent and Jacobs Creek Farm admitted to committing multiple acts of evasion, including using business income to purchase cashier’s checks to keep income out of his accounts and conducting structured transactions to avoid the filing of Currency Transaction Reports (CTR).
He also pleaded guilty to misrepresenting to the IRS in May 2015 that he had less than $1,000 in a business checking account after he had written checks for tens of thousands of dollars shortly before the submission of that form in an effort to conceal the assets from the IRS.
According to U.S. Attorney John Durham, federal law requires all financial institutions to file a CTR for transactions that top $10,000.
“To evade the filing of a CTR, individuals will often structure their currency transactions so that no single transaction exceeds $10,000. Structuring involves the repeated depositing or withdrawal of amounts of cash less than the $10,000 limit, or the splitting of a cash transaction that exceeds $10,000 into smaller cash transactions in an effort to avoid the reporting requirements.”
Following his guilty plea, Anderson is scheduled to be sentenced in district court in Bridgeport on Jan. 28 next year, when he will face up to five years in prison. He has also agreed to pay all outstanding taxes, interest and penalties.
Click here to sign up for Daily Voice's free daily emails and news alerts.