Guy Smith from Shelton, a business owner and professional poker player, is over tax evasion sentenced to prison. Last year December, Smith pleaded guilty, and for evading taxes from 2012-2016, the IRS charged him. According to the court’s memo, the gambling winning for more than $1 million, Smith did not pay any taxes.
Michael P. Shea, the US District Judge in Hartford, had given a sentence to Guy Smith to prison for 14 months over tax evasion. According to the IRS investigation, from 20112 through 2016, Smith failed to report taxes for five years.
Over Tax Evasion, Guy Smith, Professional Poker Player Sentenced to Prison
Guy Smith, a business owner from Shelton and a professional poker player, was sentenced to prison for 14 months last week over the charge of tax evasion. In federal income taxes, Smith will also have to pay $821,415 as a sentence, besides prison.
Smith will go through the probation of 2 years once the imprisonment for 14 months over.
Gambling Winning More Than $1 Million Smith Failed to Report
In Connecticut, at casinos many poker tournaments, Smith participated as a famous poker player. Moreover, Smith also operates and owns the Centerline Interiors LLC, around the Bahamas and the US. Furthermore, in commercial interior construction, his business becomes specializes. The Department of Justice released the court memo, and according to it, to use for the gambling business, Smith withdraws funds from the business account and personal account.
Furthermore, between 2012-2016, for five years, with a Centerline’s income and expenses summary, Smith supplied his tax preparer. Again, for that period, no bank statement provided in his tax preparer. Moreover, from the Centerline Interiors, he received an income of more than $1.1 million approximately.
Although for multiple times, the IRS contracted with Smith and urged him to report all of his gambling income properly. But from his tax preparer, he concealed his gambling income. As a result, for more than five years, Smith did not pay any income taxes on more than $1 million gambling winnings.
In December last year, to this offence, Smith pleaded guilty. Following the sentence release, on June 30, 2021, he will have to report to prison.