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class=nav-search-block id=nav-search-block-wrap><form id=nav-searchform action=https://smallbiztrends.com/><input id=s name=s placeholder=Search...> <input class=nav-search-button type=submit value=Search></form></div></div></nav><script type=text/ez-screx>smb_set_search_button();</script></header></div><div id=main-content class=container><div class=content><article class="post-listing post-1498934 post type-post status-publish format-standard has-post-thumbnail category-small-business-news"><div class=post-inner><h1 class="post-title entry-title">Owner of North Carolina Automotive Business Sentenced for Failing to Pay Over $2 Million in Employment Taxes</h1><meta content="Owner of North Carolina Automotive Business Sentenced for Failing to Pay Over $2 Million in Employment Taxes"><span class=byline><span class=article-date>Published: <span datetime=2024-11-20T19:51:23-05:00>Nov 20, 2024</span></span> <span class=article-author>by <span class=nickname><a href=https://smallbiztrends.com/author/joshua-sophy/ title="Posts by Joshua Sophy">Joshua Sophy</a></span></span> <span class=article-author>In <a href=https://smallbiztrends.com/category/small-business-news/ title="View all articles in Small Business News">Small Business News</a></span></span><hr class=clear><span class=full-span-featured-image><img width=850 height=478 src="https://smallbiztrends.com/ezoimgfmt/media.smallbiztrends.com/2024/11/gillingham-sues-Pottsville-area-school-district-2-850x478.png?ezimgfmt=rs%3Adevice%2Frscb1-1" class="attachment-general_850w_image size-general_850w_image" alt decoding=async ezimgfmt="rs rscb1 src ng ngcb1" loading=eager srcset sizes importance=high fetchpriority=high></span><div class=entry><div class=entry-wrap><p>A North Carolina man was sentenced today to one year and one day in prison for failing to pay more than $2 million in employment taxes, causing significant tax losses to the IRS.</p><span id=ezoic-pub-ad-placeholder-901 data-method=placement-service></span><span data-ez-ph-id=901></span><p>According to court documents and statements made in court, George Taylor Jr., of Wilmington, North Carolina, owned and operated National Speed, a high-performance automotive services business. As chairman and president, Taylor was responsible for withholding Social Security, Medicare, and income taxes from employees’ wages and paying those taxes to the IRS. However, from 2014 through 2021, Taylor withheld the required taxes but failed to remit them to the IRS or file the necessary employment tax returns.<p>Taylor executed the scheme using accounting software to calculate the taxes to be withheld from employees’ paychecks. After withholding the funds, he kept the money for himself and his business ventures instead of paying the IRS. This resulted in a total tax loss of $2,272,072.</p><span id=ezoic-pub-ad-placeholder-909 data-method=placement-service></span><span data-ez-ph-id=909></span><p>In addition to serving one year and one day in prison, U.S. District Judge Richard Myers II for the Eastern District of North Carolina sentenced Taylor to three years of supervised release. Taylor was also ordered to pay $2,615,534 in restitution to the United States.<p>The case was investigated by IRS Criminal Investigation. Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Michael F. Easley Jr. for the Eastern District of North Carolina made the announcement.</p><span id=ezoic-pub-ad-placeholder-910 data-method=placement-service></span><span data-ez-ph-id=910></span><p>The case was prosecuted by Trial Attorney Brian Flanagan of the Tax Division and Assistant U.S. Attorney Ethan Ontjes for the Eastern District of North Carolina.<hr class=clear></div></div></div></article><span id=ezoic-pub-ad-placeholder-105></span><span data-ez-ph-id=105></span><section id=related-articles><div class=single_section_title>Editor's Picks</div><ul class=single-related-articles><li class=related-article-0><a href=https://smallbiztrends.com/pay-per-click-advertising/><span class=related-articles-img><img width=325 height=182 src="data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20width=%22325%22%20height=%22182%22%3E%3C/svg%3E" class="ezlazyload attachment-home_cat_image size-home_cat_image" alt="pay per click advertising" decoding=async ezimgfmt="rs rscb1 src ng 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class=staff-author><div class=single_section_title><a href=https://smallbiztrends.com/author/joshua-sophy/><span>Joshua Sophy</span></a></div><ul class=connectauthor></ul><hr class=clear><div class=author-bio><a href=https://smallbiztrends.com/author/joshua-sophy/ class=author-image><img src="data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20width=%2265%22%20height=%2265%22%3E%3C/svg%3E" alt="Joshua Sophy" width=65 height=150 class="ezlazyload photo" ezimgfmt="rs rscb1 src ng ngcb1" data-ezsrc=https://smallbiztrends.com/wp-content/uploads/userphoto/431.thumbnail.jpg></a> Joshua Sophy is the Editor for Small Business Trends and has been a member of the team for 16 years. A professional journalist with 20 years of experience in traditional media and online media, he attended Waynesburg University and is a member of the Society of Professional Journalists. 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