The IRS Smells Something Rotten with Produce Business Owner

Thomas Paine of Johnson Creek, WI, and former corporate officer of Tree Ripe Citrus Company, pled guilty in U.S. District Court to charges of tax evasion.

Paine was responsible for the financial and tax aspects of the business but did not file corporate tax returns from 2010-2012.  He concealed the business’ income by structuring cash deposits of less than $10,000 to avoid the bank’s reporting requirements.  The loss to the IRS is estimated to be between $250,000 and $550,000.

Paine faces a maximum sentence of five years in prison, supervised release, restitution and monetary penalties.