YOU READ IT HERE FIRST : Gregory Frangipane, who owns and operates a landscaping business in Cliffside Park, admitted today that he stiffed Uncle Sam of nearly $200,000 over a three-year span as he began getting less work.
As part of a deal with the government, federal prosecutors in Newark dropped two of the counts, allowing the owner and operator of Frangipane Landscaping on Columbia Avenue to plead guilty to failing to report $542,034 in customer checks in 2005 that he cashed or diverted into personal accounts.
Frangipane, who lives in Washington Township, should have paid the government $80,220 in taxes on that money, according to an IRS spokesperson.
The dropped charges involve failing to report $532,788 of income in 2006 and $313,507 in 2007. That adds up to a tax loss for the government of $72,237 and $46,131 respectively said the spokesman, Robert J. Glantz.
This compares with $69,000 that Frangipane reported his company made in a recent year, according to manta.com.
U.S. District Court Judge Katherine Hayden set a July 27 sentencing date. The maximum penalty is five years in federal prison, plus fines and restitution.
“Self-employed individuals and those who run their own companies have a legal obligation to accurately report their business receipts and pay their fair share of tax,” Victor W. Lessoff, Special Agent in Charge of the IRS Criminal Investigation unit in Newark, said.
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