A former Hoboken tax collector was sentenced to one year and a day in prison, two years of supervised release, and a $10,000 fine, authorities said.
Louis Picardo, 64, of Hoboken, pleaded guilty to one count of federal income tax evasion back in June and he was sentenced by U.S. District Judge Stanley R. Chesler yesterday, Special Agent of IRS Criminal Investigation Robert Glanz told HCV.
Federal prosecutors had charged that 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, officials said.
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.