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Hyde Park garage owner charged with laundering money earned fixing high-end cars
By adamg on Fri, 07/27/2018 - 5:10pm
Richard Poillucci, 62, owner of Automotive Specialties, Inc. on Providence Street in Hyde Park - right behind the E-18 police station - admitted in federal court today that he cashed checks from customers at check-cashing places in two states in a bid to hide the income and avoid taxes on it.
The US Attorney's office in Boston reports:
Between Sept. 30, 2012 and Sept. 30, 2015, Poillucci cashed millions of dollars of checks from the business at check cashing establishments in Massachusetts and Rhode Island and willfully failed to report that income, or expenses that he paid for in cash with the proceeds from those checks, on ASI’s tax returns. As a result, Poillucci failed to report approximately $569,367 to the IRS, thereby avoiding the payment of approximately $215,552 in federal income taxes.
Poillucci, who lives in Easton, now awaits sentencing on three counts of aiding the preparation of false tax returns, the US Attorney's office says.
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Comments
He should’ve mirrored the Clover Food overtime pay defense...
“We thought we were doing everything on the up and up... I spend an absurd amount of time holed away with reports and reams of data”
Clover
I'm inclined to assume good faith from the Clover folks. That quote isn't actually their "defense"; you're just taking it out of context. The bulk of the actual issue is that apparently food truck managers can't be salaried (exempt) employees — while restaurant managers can.
Maybe they should have known that, but like I said, I'm inclined to accept that it was an honest mistake, because the company in general is awesome with transparency.
Don't check cashing places take a hefty %?
You know, kind of like the taxes he was trying to avoid? Get an accountant dude.
Maybe he was garnished
If he reported the $$ he may have had to pay more child support or lawsuit restitution or similar.
Just a theory.
Fees are high
But not the 38% he now owes the IRS. Assuming he paid 5-10% at check service, he was coming out way ahead. Just last month, I received an IRS notice indicating i owed them $87 (including penalty and interest) due to a math error in 2014. Makes me wonder what the current strategy is for back-tax collection.
Check cashing in Hyde Park
There is one local spot in HP that will cash nearly any check for nearly any amount. Fair fee and no one cheats them, just not a good idea. Great for contractors.
Great for contractors trying
Great for contractors trying to dodge taxes, minimum wage laws, workers comp contributions, and hiring people not legally qualified for employment.
Why are check cashing places legal again? Banks and credit unions are available to anyone even without minimum deposits under the right circumstances. Seems like the only point of them and payday loan places is shady skirting of the law or predatory practices.
Is this the
reason why some businesses will only take cash? Like you see they have a POS system but it is always "broken". I have to wonder.
Maybe
Probably sometimes. And I think *definitely* when it's cab drivers. But for a lot of small places, it's that the merchant fees really take a big chunk out of profits.