WESTWOOD, N.J. -- A Westwood paint services owner must pay $462,000 in restitution and serve 10 months for failing to report “a large portion of $6 million” in business income to the IRS, NorthJersey.com reported.
Steve Krumrei, 48, pleaded guilty to tax evasion in March and has to serve five months in federal prison and five months home confinement as punishment. He will also be on supervised release for three additional years. He is the owner of Steve’s Painting and Staining at 72 Carver Ave., according to NorthJersey.com.
The IRS charged Krumrei with using money customers paid him for payroll and for personal expenses, between January 2005 and December 2009, a four-year period. He often withdrew cash from business accounts for these purposes, according to federal investigators, NorthJersey.com said. At the same time, he didn't report this income on his tax returns.
He also owed $180,000 in personal taxes, according to the IRS, the news site said.
Steve’s Painting and Staining specializes in painting and related services including drywall and plaster repair, staining, wall coverings, pressure washing and custom finishes, NorthJersey.com said.
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