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Palisades Park restaurant owner charged with tax fraud by IRS-Newark

Photo Credit: Cliffview Pilot File Photo

YOU READ IT HERE FIRST: A Palisades Park man who owns two Jersey Shore eateries was indicted by a federal grand jury on two counts of tax evasion and five of failing to pay payroll taxes.

Nikolaos Psaros was the sole owner of Nick’s Horizon Diner Corporation in Manahawkin and 99% owner of Mariner’s Cove in Brielle, with the other one percent owned by his wife, the Newark office of the federal Internal Revenue Service said this morning.

Both businesses generated more than $1 million in revenue in 2009 and 2010, from which Psaros is accused of skimming nearly $607,000 — ducking $190,244 in income taxes, the indictment says.

Some of the money funded “an unreported cash payroll and other expenses” or was diverted into his personal bank account, it says.

Psaros also avoided more than $50,000 in payroll taxes from 2008 to 2012 by reporting one payroll system to the IRS and hiding another that was cash-only, the indictment alleges.

The investigation was conducted by IRS-Criminal Investigation’s Newark Field Office and U.S. Attorney Paul J. Fishman’s office. Handling the case for the government is Assistant U.S. Attorney Molly S. Lorber.

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