According to the DoJ, a federal grand jury in Alexandria, Virginia, returned an indictment, unsealed today, charging a Virginia man with income tax evasion and failure to pay employment taxes.
According to the indictment, Rick Tariq Rahim of Great Falls owned and operated two businesses, BV Management LLC, an Amazon reseller, and BusinessVentures.com LLC, an umbrella company over other businesses including laser tag facilities.
Starting In At Least 2012, Rahim Allegedly Took Steps To
Evade IRS Efforts To Collect More Than $1 Million In Federal Income Taxes He Allegedly Owed For Tax Years 2004 And 2011.
The indictment charges that in November 2016, Rahim submitted a false form to the IRS that omitted valuable assets he owned, including:
- a 2006 Bentley,
- a 2008 Lamborghini and
- real property, the ownership of which he allegedly transferred to his wife two weeks after submitting the form.
The indictment further alleges that Rahim also withdrew a total of more than $1.1 million in cash in amounts less than $10,000 to avoid triggering currency transaction reports from the bank and paid personal expenses from his businesses’ bank accounts, including more than $889,000 toward his mortgages and more than $669,000 to purchase or lease cars, including three different Lamborghinis.
In addition, the indictment charges that from 2015 to 2021, Rahim also did not pay to the IRS the taxes that his businesses withheld from employee paychecks or file quarterly tax returns reporting those withholdings.
If convicted, Rahim faces a maximum penalty of five (5) years in prison for the tax evasion count and five (5) years in prison for each count of failing to pay over employment tax withholdings.
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Read more at: Tax Times blog