A metro-area businessman has pleaded guilty to tax evasion, evading payment of more than $700,000 in taxes owed to the Internal Revenue Service.
Frank Stevens of Bow Mar, who co-owned restaurants and an oil production business, entered the plea, according to a U.S. Department of Justice news release.
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From at least 2002, and for many years, “Stevens did not pay over the withheld payroll taxes to the IRS or file the required payroll tax returns for his businesses,” the release said.
Stevens withheld income taxes and Social Security and Medicare taxes from employees’ earnings, but failed to make payments to the federal government. In total, Stevens actions caused a tax loss of about $737,000, federal prosecutors said.
Scheduled to be sentenced on June 13, Stevens faces a maximum five-year sentence in federal prison. He also “faces a period of supervised release, restitution, and monetary penalties.”
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