A Clearwater man, Terence Taylor, has admitted to obstructing and impeding the administration of internal revenue laws. The announcement was made by United States Attorney Roger B. Handberg. Taylor's actions were aimed at defeating the collection of back taxes owed to the Internal Revenue Service (IRS). He now faces a potential maximum sentence of three years in federal prison.
Taylor's legal troubles began in 2012 when he was sentenced for failing to file income taxes over several years while residing in the Northern District of New York. At that time, he owed more than $810,000 in taxes and was required to pay this debt during his sentence.
Despite relocating to the Middle District of Florida, Taylor continued for over seven years to engage in activities designed to thwart IRS efforts to collect these taxes. These activities included hiding assets from the IRS, placing assets and income under names of alter egos or nominees such as his wife, and using funds for personal purchases instead of settling his tax obligations. During this period, Taylor maintained his work as a financial consultant but only minimally addressed his tax debt.
The IRS made numerous attempts between 2004 and 2008 to recover Taylor’s tax debt. They contacted him repeatedly and sent forms requesting detailed financial information. However, Taylor submitted false or incomplete data on these forms, failing to disclose assets like boats and providing inaccurate details about his business operations. His business income post-2012 was used primarily for personal expenses rather than repaying his tax debt.
In February 2017, Taylor purchased a $73,000 boat with business earnings and titled it in his wife's name to protect it from IRS collection efforts. Furthermore, he did not file personal income tax returns for several years after completing his New York sentence despite earning sufficient income necessitating such filings.
The case against Taylor was investigated by the Internal Revenue Service – Criminal Investigation and is being prosecuted by Assistant United States Attorney Jay L. Hoffer.