Ex-Hoboken tax collector Picardo pleads guilty to failing to pay $915k in taxes

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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.

By John Heinis/Hudson County View

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-yer 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.

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