Former Peoria businessman to serve prison time for false tax return

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FILE – In this April 13, 2014 file photo, the Internal Revenue Service Headquarters (IRS) building is seen in Washington. More than 50 of the largest U.S. companies paid nothing in federal income taxes last year, even though they reported big pretax profits as a group. That’s according to the Institute on Taxation and Economic Policy, a group that believes the tax system needs to raise more revenue. (AP Photo/J. David Ake, File)

PEORIA, Ill. (WMBD) — A former Peoria businessman was sentenced to serve two years in prison for filing false business tax returns Wednesday, April 7.

According to a press release from the United States Attorney’s Office Central District of Illinois, in 2019, 69-year-old Yousef Abdallah pleaded guilty to filing a false corporate tax return for the 2014 tax year.

In 2014, Abdallah underreported the earnings of his liquor store, located in Danville Ill. Abdallah attracted the attention of the IRS when he listed his business for sale on the internet for $425,000 based on touted sales of $1.56 million per year, which is more than he claimed he made on his taxes.

Acting U.S. Attorney Doug Quivey said that this is an important reminder as we enter tax season.

“As we enter tax season, it is important to remember that submitting fraudulent tax returns is a crime that will be prosecuted, and it is a crime that ultimately causes all of us to pay higher taxes,” Quivey said.

In addition to his prison time, Abdallah was fined $15,000, and forced to pay back $176,196 to the IRS for $1,000,000 of unreported sales from 2013 to 2015.

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