John Schultz, Tax Evasion, New Jersey 2016

An Atlantic City man has admitted to his role in a conspiracy to defraud the IRS of nearly $120,000 in taxes over three years. John Schultz, 74, pleaded guilty to one count of conspiracy to defraud the United States in Camden federal court.

Schultz, along with his partners William Boland and another conspirator, owned Royal Rolling Chairs Inc., a business that provided rolling chair transportation services to patrons on the boardwalk. The business maintained a second set of books to track unreported cash revenue, resulting in a total tax loss of $119,800.

Schultz admitted to hiding gross cash receipts from the operation of the business and not reporting the revenue to the IRS. He faces a maximum potential penalty of five years in prison and a $250,000 fine, or twice the gain or loss from the offense.

Boland previously pleaded guilty to the same conspiracy charge and is scheduled to be sentenced on October 25, 2016. Abdus Mian, the bookkeeper for Royal Rolling Chairs, pleaded guilty to making false statements to federal investigators and was sentenced on April 4, 2016 to one year of probation.

The investigation leading to Schultz's guilty plea was conducted by special agents of IRS-Criminal Investigation and the FBI. The government is represented by Deputy Attorney in Charge Matthew J. Skahill of the U.S. Attorney's Office in Camden.

Schultz's sentencing is scheduled for January 9, 2017.

In a related case, William Boland has pleaded guilty to the same conspiracy charge and is set to be sentenced on October 25, 2016. Abdus Mian, the bookkeeper for Royal Rolling Chairs, pleaded guilty to making false statements to federal investigators and was sentenced on April 4, 2016 to one year of probation.

The guilty plea by John Schultz brings an end to the investigation into the tax evasion scheme, which resulted in a total tax loss of $119,800.

Source: https://www.justice.gov/usao-nj/pr/atlantic-city-new-jersey-man-admits-conspiring-defraud-irs-nearly-120000-taxes