Co-owner of Multiple NJ Companies Admits Failing to Pay $1.4M in Payroll Taxes
The co-owner of multiple businesses in New Jersey and New York has admitted his role in failing to pay over $1 million in payroll taxes.
57-year-old Omar Mostafa pleaded guilty on Monday to a charge of willful failure to collect or pay taxes, according to U.S. Attorney Philip Sellinger.
Authorities say from 2016 to 2018,
Mostafa co-owned three companies that operated in New Jersey and New York and was responsible for signing and causing to be filed the companies’ tax returns with the IRS. During those tax years, Mostafa substantially underreported each company’s payroll, causing a total tax loss to the IRS of approximately $1.4 million.
For his actions, Mostafa now faces up to five years in prison and a $10,000 fine.
Sentencing is scheduled for December 12th.