President Of Excavating Company Pleads Guilty To Tax Charges

RICHMOND, Va. – Jimmy Holland Boyd, 63, of Fredericksburg, Virginia pled guilty on January 29, 2013, to failing to pay employment taxes and failing to file personal income tax returns.  As part of the plea, he admitted that he had not filed personal income tax returns since 1988 and owes the United States $350,000 in back taxes.  

Neil H. MacBride, United States Attorney for the Eastern District of Virginia; and Sheila A. Olander, Acting Special Agent in Charge of the Criminal Investigation Division of the Internal Revenue Service, made the announcement after the plea was accepted by United States Magistrate Judge M. Hannah Lauck.  Boyd is facing a maximum sentence of 5 years in prison and $250,000 in fines on the employment tax charge and 1 year in prison and $100,000 on the personal tax charge when he is sentenced by United States District Judge James R. Spencer on May 3, 2013.

At all material times, Boyd was President of Spring City Company Excavating, Inc., a Virginia-based real estate developing and excavating business.  He pled guilty to failing to pay over $5,776 in federal income and FICA taxes on $34,864.62 of wages paid to his employees for the first quarter of 2009, ending March 31, 2009, in violation of 26 U.S.C. Section 7202. 

            As part of the written statement of facts accompanying his plea, Boyd also admitted that from 2005 through 2009 he paid employees of Spring City Excavating Company approximately $248,504 in net wages that were subject to federal income and FICA taxes, but to failed to pay the $41,170.77 of federal income and FICA taxes due the United States on those wages.  Boyd also failed to issue IRS forms W-2 or 1099 to those employees.  

            Boyd also pled guilty to failing to file his personal tax return for 2007, even though he had gross income of $567,428.69 that year, in violation of 26 U.S.C. Section 7203.  In the written statement of facts, Boyd admitted that he had not filed tax returns since 1988 and also acknowledged that he owes the IRS approximately $350,000 in personal taxes. 

            This case was investigated by the Criminal Investigation Division of the Internal Revenue Service.  Assistant United States Attorney David T. Maguire is prosecuting the case on behalf of the United States.

A copy of this press release may be found on the website of the United States Attorney's Office for the Eastern District of Virginia at http://www.justice.gov/usao/vae.  Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia at http://www.vaed.uscourts.gov or on https://pcl.uscourts.gov.