Owner of Sneakerz Inc. Tries to be Sneaky with the IRS

James Coleman, owner of Sneakerz, Inc, who operated a sports bar in Albuquerque, NM was sentenced to 18 months in prison, three years of supervised release and ordered to pay $1,045,939 in restitution to the IRS. Coleman was charged in 2014 with a 4-count indictment for tax evasion and filing false tax returns.

For the tax years 2008-2009, Coleman underreported his income on his federal corporate returns, thereby evading $332,640 in taxes and did not file individual returns for those years claiming he received no business or dividend income.