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During that time, the company withheld federal income taxes and FICA taxes from the pay of its employees. But for at least 18 quarters, Glaser failed to pay the IRS the withheld income taxes, withheld FICA taxes and the employer’s matching share of FICA taxes.
The total tax loss was $512,462.13, the amount Glaser has agreed to pay.
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“As the person who controlled the finances on behalf of Vernon Glaser & Associates Inc., Vernon Glaser II was entrusted with the significant responsibility to collect and turn over all IRS withholding taxes” said Ryan L. Korner, special agent in charge for the IRS Cincinnati Field Office. “The failure to pay over the withholding taxes results in the loss of tax revenue to the United States government, but more importantly, it affects the future Social Security or Medicare benefits for the employees.”
The maximum penalty Glaser faces is five years in prison and $250,000 in fines.
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