A Florida man was sentenced in Connecticut to nine months in prison for tax evasion.
According to court records, Anthony A. Valentino, of Palm City, Florida, is a real estate investor who owns property in Connecticut and New York, including a 100-unit apartment complex in Naugatuck, Connecticut.
What Led to the Tax Evasion
From 2011 to 2013, Valentino deposited more than $1.1 million of rental receipts, paid in cash or checks, into his personal bank accounts in Connecticut and New York and failed to report the receipts on his personal and partnership federal tax returns.
For the 2011 through 2013 tax years, Valentino failed to report more than $1 million in taxable income on his tax returns, and only reported $42,815 in taxable income. As a result, he evaded payment of $302,449 in income taxes.
Other Illegal Practices Involved
The government’s investigation also revealed that, in 2013, Valentino made or caused to be made 27 cash deposits totaling $247,100. Many of the deposits, which ranged in amounts from $7,000 to $9,900, were made on the same day at different times, or on consecutive days — an illegal process known as “structuring” that is intended to avoid currency transaction reports.
Valentino pleaded guilty to tax evasion. He has paid $302,339 in restitution but still owes approximately $333,000 in tax penalties and interest. He also has forfeited $100,000.