Brookneal Lumber Mill Owner Pleads Guilty to Tax Fraud

US Attorney’s Office, Virginia
February 22, 2023
Category: Business & Politics
Region: United States, US East

LYNCHBURG, Virginia – A Brookneal, Virginia lumber mill owner who failed to pay employee taxes to the Internal Revenue Service pleaded guilty last week to one count of willful failure to collect or pay over taxes. James Edward Adams, took over the day-to-day operation of his family’s lumber mill, Adams Lumber Company, in 2011. …Even though Adams withheld employment and trust fund taxes from his employees, he failed to pay over the vast majority of these monies to the IRS for tax years 2014 through 2021, resulting in an outstanding balance of $598,800. At sentencing, Adams faces up to five years in prison and up to $250,000 in fines.

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