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Tennessee marina owner pleads guilty in tax fraud

The former co-owner of Swann's Marina in Jefferson County, Tenn., pleaded guilty in U.S. District Court Monday to a charge of filing a false tax document for a single period in 2007 as part of a plea deal.

Assistant U.S. Attorney Charles Atchley Jr. said Stanley Veltkamp had been underreporting wages paid to employees at Swann's Marina from 2004-2008.

Although Veltkamp was allowed to plead guilty to a single count, his sentencing guideline range will be based on a tax loss much greater than the charge indicates, the Knoxville News Sentinel reported.

The 2007 false tax form cost the government slightly more than $7,000 in taxes, but Veltkamp will be held responsible for a tax loss between $30,000 and $80,000.

According to Veltkamp's plea agreement, he paid part of his employees' wages in the form of checks, but paid the rest in cash, "significantly underreporting" the wages paid and payroll taxes owed to the government.

Veltkamp is free pending an Aug. 22 sentencing, according to the newspaper.

Click here for the full article.

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