Woman who owns bus company charged with tax evasion

On Behalf of | Oct 6, 2016 | Tax Evasion

Many people in Florida and throughout the United States ride buses. A woman in another state, who owns a bus company, has been accused of tax evasion for not reporting income she earned from services her company provided to public schools. In addition, she allegedly concealed monies paid to the company by other clients.

The U.S. Department of Justice has filed charges against the bus company owner. Officials say that rather than report income as required, she instead invested in renovations for a $500,000 home. She is further accused of claiming the renovation funds as a deduction on her tax forms. Federal investigators say the woman maintained two separate bank accounts to which she would deposit corporate earnings.

One account reportedly held all income acquired from contracts with Chicago public schools for everyday bus services. The other account supposedly took in money made through special services and events. Some of those events were also associated with area public schools.

It is the money in the second account that the Internal Revenue Service says the woman hid from the government. She is accused of transferring the money in that account to a company that a member of her family controlled. That person is then said to have used the money to make the home purchase, after which the bus company owner allegedly invested another $600,000 to renovate it. Tax evasion is typically aggressively prosecuted by the federal government; anyone facing such challenges in Florida may seek support by calling a criminal law office for assistance.

Source: bizjournals.com, “Bus company owner charged with federal tax fraud“, Will Racke, Sept. 23, 2016

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