Wilmington entrepreneur George Taylor Jr. was sentenced to one year and one day in prison for failing to pay more than $2 million in employment taxes related to his company, National Speed. U.S. District Judge Richard E. Myers II also ordered Taylor to serve three years of supervised release following his prison sentence and to pay $2.6 million in restitution to the U.S. government, covering both the unpaid taxes and interest.
George Taylor Jr. Faces Prison and Restitution for Tax Evasion
Taylor, who owned the automotive services business National Speed, admitted in August to not paying employment taxes and failing to file tax returns. The U.S. Attorney’s office described Taylor’s actions as a long-running scheme to use employee tax withholdings for personal and business expenses. During the period of tax evasion, Taylor expanded National Speed’s operations, even adding a second location.
Despite the criminal behavior, the court considered Taylor’s contributions to the local community, including his work with TRU Colors, a brewery aimed at addressing gang violence (which closed in 2022). Taylor expressed regret for his decisions, stating, “There’s no excuse for the decision I made.” However, the U.S. Attorney’s Office emphasized that Taylor’s actions were not due to financial distress but rather a deliberate business model to sustain his companies.
For more details on tax fraud and its penalties, visit IRS’s Tax Fraud Information.
Impact on the Local Community
Taylor’s sentencing highlights the serious consequences of tax evasion and financial misconduct, even for entrepreneurs contributing to their communities. While the court acknowledged Taylor’s positive impact on Wilmington, it emphasized the importance of upholding trust and compliance in business practices. Taylor’s case serves as a reminder of the significant legal and financial repercussions for business owners who fail to meet their tax obligations.
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