A former Hoboken tax collector has pleaded guilty to failing to pay nearly $915,000 in taxes owned from income generated from his accounting firm and rental properties, U.S. Attorney Craig Carpenito announced.
Louis Picardo, 64, of Hoboken, pleaded guilty before U.S. District Judge Stanley R. Chesler to one count of federal income tax evasion, Carpenito said in a statement.
Picardo served as the tax collector in Hoboken between 1973 and 2008 and was a partner in Cannarozzi & Picardo LLC, a Hoboken-based accounting firm.
He was also a member of multiple entities that managed both commercial and residential properties in Hudson County.
In July of last year, HCV exclusively reported that the FBI paid a visit to Picardo’s office as part of “official law enforcement business.”
According to court documents, Picardo failed to report $3,725,853 in taxable income that he collected from Cannarozzi & Picardo and the Picardo Entities on federal income tax returns he filed with the IRS for the tax years 2012 to 2015.
This resulted in a $914,908 tax loss to the United States during this four-year period, authorities said.
The tax evasion charge is punishable by a maximum penalty of five years in prison and potential fine of $250,000 or twice the gross gain or loss from the offense.
His sentencing is scheduled for September 25th, 2019.
Carpenito credited special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge John R. Tafur, with the investigation leading to today’s guilty plea.