Man Pleads Guilty To Tax Fraud

March 29, 2011 Updated Mar 29, 2011 at 5:29 PM EDT

By WKBW News

...

Man Pleads Guilty To Tax Fraud

March 29, 2011 Updated Mar 29, 2011 at 5:29 PM EDT

BUFFALO, N.Y.-- U.S. Attorney William J. Hochul, Jr. announced today that Raymond Benacquista, 61, of Orchard Park, New York, pleaded guilty before U.S. District Court Judge Richard J. Arcara to failure to file an income tax return. The charge carries a penalty of one year in prison and a fine of $100,000. As part of the plea, the defendant has agreed to pay restitution to the IRS in the amount of $120,275 for back taxes.

Assistant U.S. Attorney Aaron J. Mango, who is handling the case, stated that Benacquista knowingly failed to report income he received from a business he jointly operated with his spouse, known as Quality Quick Printing. As a result, the IRS conducted an audit of both the defendant and Quality Quick Printing and determined that for the tax year 2001, Benacquista earned taxable income in the amount of $113,422 from the operation of the printing business. In addition, the defendant failed to report $136,249 in taxable income for the tax year 2000, and $50,002 for tax year 2002. The total tax loss to the IRS for the tax years 2000 to 2002 was $120,275.

The plea is the culmination of an investigation on the part of Special Agents of the Internal Revenue Service, Criminal Investigation Division under the direction of Charles Pine, Special Agent in Charge.

Sentencing is scheduled for July 25, 2011 at 12:30 p.m. in Buffalo, N.Y., in front of Judge Arcara.