A Placerville man pleaded guilty in federal court Thursday to two counts of filing false tax returns.
Thomas W. Stringfellow, 55, owner of New Horizon Painting, cashed company checks but did not report them as income, according to a federal Department of Justice news release.
According court documents, from 2006 through 2010, Stringfellow underreported his business income on tax returns by more than $1.1 million, and underreported his personal income on tax returns by more than $1 million. Rather than depositing all the business checks into the appropriate accounts, he cashed some of the checks and did not report those amounts as income. His underreporting of his business income and his personal income led to a total tax loss of more that $687,000, authorities said.
Stringfellow is to be sentenced by Judge Morrison C. England Jr. on Dec. 18.
The case resulted from an investigation by the Internal Revenue Service, Criminal Investigation.