A New Jersey man pleaded guilty yesterday to preparing false tax returns for clients.
According to court documents and statements made in court, Vito A. Pascarella, of Somerset, ran a tax preparation business. Pascarella prepared and caused to be prepared false tax returns for clients.
On those tax returns, Pascarella reported false wage numbers, falsely reported that taxpayers owned and operated businesses that they did not own or operate, and falsely reported that those purported businesses earned gross receipts and incurred business expenses that they did not.
In total, Pascarella caused a tax loss to the IRS of over $550,000.
Pascarella is scheduled to be sentenced on September 15. He faces a maximum penalty of three years in prison.
He also faces a period of supervised release, restitution, and monetary penalties.
A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
