Michael Smith Sentenced For Tax Evasion And Structuring Financial Transactions
SOUTH BEND – United States Attorney for the Northern District of Indiana, David Capp, announced that Michael Smith, of Mishawaka, Indiana, was sentenced today for tax evasion and structuring financial transactions.
Smith, age 60, was sentenced to 27 months imprisonment and will be required to pay restitution in the amount $429,795 to the Internal Revenue Service. In addition Smith will forfeit $656,019 cash to the United States. Smith pleaded guilty on 12/11/2014 to 1 count of tax evasion and 1 count of structuring financial transactions.
According to documents in the case, from 2008-2012, Smith, the owner of a heating/cooling business in Mishawaka, evaded over $400,000 in taxes during a five year period by failing to report business income on his tax returns. He also structured multiple cash transactions to avoid bank reporting requirements.
IRS Criminal Investigation Special Agent in Charge Stephen Boyd stated: "Honest, hardworking Americans are the victims and pay the price when others commit tax evasion. As a result of his crime Mr. Smith will pay a significant price and time in prison by attempting to hide income from the IRS."
This case was the result of an investigation by the Internal Revenue Service Criminal Investigation Division and prosecuted by the Assistant United States Attorney Jesse M. Barrett.