Richard Underwood, Tax Evasion, Florida 2019

Ocala, FL – In a shocking turn of events, Richard Underwood has pleaded guilty to three counts of filing false tax returns, a crime that could see him face up to 9 years in federal prison.

According to court documents, Underwood's tax returns from 2017 to 2019 overstated certain business expenses incurred by his company, KDG Consulting, Inc. Each year, these falsely reported expenses significantly reduced Underwood's business income (which ranged from about $530,000 to $780,000) by hundreds of thousands of dollars.

Underwood's fraudulent conduct caused his taxable income to drop to $0 in 2017 and 2018, and $7,110 in 2019. As part of his plea agreement, Underwood has agreed to pay $680,141 (plus interest) to the Internal Revenue Service—an amount reflecting the taxes he failed to pay during those years.

The case was investigated by the Internal Revenue Service – Criminal Investigation. It is being prosecuted by Assistant United States Attorney Belkis H. Callaos.

Underwood, 43, is currently free on bond and is awaiting sentencing. A date has not yet been set.

The maximum penalty for each count of filing false tax returns is three years in federal prison.

Underwood's company, KDG Consulting, Inc., was used as a vehicle for his fraudulent activities.

Source: https://www.justice.gov/usao-mdfl/pr/marion-county-man-pleads-guilty-filing-false-tax-returns