Officials have stated that a former co-owner of a pizza restaurant in Ocean City has entered a guilty plea to the charge of tax evasion.
IRS officials stated that Guiseppe Cannuscio, 74, of Linwood, admitted to failing to pay the Internal Revenue Service (IRS) approximately $208,448 in taxes after an investigation was conducted by IRS Criminal Investigation Newark Field Office Special Agents.
IRS officials stated that Cannuscio entered a guilty plea on July 13 to a single count of conspiracy to dodge taxes, which was one of the charges against him.
“To keep his income a secret, Mr Cannuscio deliberatively filed false tax records. According to Tammy Tomlins, Acting Special Agent in Charge of the IRS Criminal Investigation Newark Field Office, “today’s guilty plea is the result of hardworking IRS-CI Special Agents protecting the tax system to ensure that everyone pays their fair share of taxes, including business owners.”
[citation needed] “Criminal Investigation Special Agents of the Internal Revenue Service and our law enforcement partners will continue to investigate, prosecute, and preserve the integrity of the United States tax code,” according to the statement.
Between October 2013 and September 2018, Cannuscio was a co-owner and operator of Mario’s Pizza in Ocean City, along with his brother Ernesto, who pled guilty to tax cheating in June.
Cannuscio’s share of the business was equal to that of Ernesto’s. Continue to read: Former owner of an Ocean City pizza restaurant admits to evading taxes, says the Internal Revenue Service.
IRS officials have stated that Cannuscio failed to deposit “substantial amounts” of the cash revenues that Mario’s Pizza received into the corporate bank account of Mario’s Pizza. Mario’s Pizza accepted both cash and credit card payments.
IRS officials claim that Cannuscio paid some employees off the books with a portion of the cash receipts that they received.
IRS officials say he knew the bank records did not contain the unreported cash receipts but nonetheless gave them to the accountant who handled the business’s finances.
According to officials from the Internal Revenue Service (IRS), he did not inform the accountant about the cash receipts or the cash payroll to employees.
IRS investigators claim that as a result of this, the accountant underreported the gross receipts on the corporate tax returns while correctly reporting the firm income on his personal tax taxes.
In addition, officials from the IRS have stated that Cannuscio avoided paying employment taxes by failing to inform the accountant about the cash salaries that were paid to employees.
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As a consequence of this, Cannuscio revealed to officials that he and his brother Ernesto owed the IRS roughly $208,448 in personal, corporation, and payroll taxes for the years 2015 through 2018.
Cannuscio faces a total potential fine of $250,000 and a maximum potential sentence of five years in prison if he is found guilty of the charges against him.
The investigation was carried out by both the Internal Revenue Service Criminal Investigation Special Agents, under the command of Acting Special Agent in Charge Tammy Tomlins, and the United States Attorney’s Office, under the authority of United States Attorney Philip R. Sellinger.
