Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Owners of famous Philly cheesesteak chain sentenced in $8M tax fraud scheme By: FOX Business January 28, 2024 at 17:24 PM EST Two owners of Tony Luke's in South Philadelphia, which is known for their popular cheesesteak sandwiches, were sentenced to prison for tax fraud. The owners of the famous Philadelphia Cheesesteak restaurant Tony Luke’s were sentenced to prison for tax fraud on Thursday after concealing over $8 million over the course of a decade.The U.S. Department of Justice announced the owners, 57-year-old Nicholas Lucidonio, and 84-year-old Anthony Lucidonio Sr. were each sentenced to 20 months in prison plus three years of supervised release.The Lucidonios owned and operated Tony Lukes, which is a popular cheesesteak and sandwich shop in South Philadelphia.Between 2006 and 2016, court documents show, the two men hid over $8 million in cash receipts from the Internal Revenue Service (IRS), and only deposited a portion of the cash they received into restaurant business accounts.MCDONALD'S SPINOFF COSMC'S SAW TWICE AS MANY VISITS AS REGULAR RESTAURANT IN FIRST MONTH: REPORTBy only depositing a portion of the cash, the DOJ said, the company’s accountant was provided incomplete information, resulting in the accountant filing false tax returns.The DOJ also said the Lucidonios were also convicted of employment tax fraud, which was committed when the two men paid employees "off the books" in cash.SOCIAL SECURITY RECIPIENTS COULD GET HIT WITH A SURPRISE TAX BILL THIS YEARMost employees were paid a portion of their wages on the books to evade being caught, and the rest of the wages were paid in cash without things like federal income tax, Social Security and Medicare taxes being paid to the IRS.The Lucidonios did not report the cash wages to their accountant, the DOJ said, causing the accountant to prepare false quarterly employment tax returns with the IRS.REMOTE WORKERS FACE A DOUBLE TAXATION THREATThe issue became known in 2015, when the Lucidonios and another individual got into a dispute over Tony Luke’s franchising rights.During the dispute, the Lucidonios became concerned their tax fraud scheme would be exposed, so they had the prior year’s tax returns be amended to show higher reported sales, the DOJ said.GET FOX BUSINESS ON THE GO BY CLICKING HEREStill, the two men continued hiding their payroll tax scheme, which resulted in a loss of $1,321,042 to the U.S. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Owners of famous Philly cheesesteak chain sentenced in $8M tax fraud scheme By: FOX Business January 28, 2024 at 17:24 PM EST Two owners of Tony Luke's in South Philadelphia, which is known for their popular cheesesteak sandwiches, were sentenced to prison for tax fraud. The owners of the famous Philadelphia Cheesesteak restaurant Tony Luke’s were sentenced to prison for tax fraud on Thursday after concealing over $8 million over the course of a decade.The U.S. Department of Justice announced the owners, 57-year-old Nicholas Lucidonio, and 84-year-old Anthony Lucidonio Sr. were each sentenced to 20 months in prison plus three years of supervised release.The Lucidonios owned and operated Tony Lukes, which is a popular cheesesteak and sandwich shop in South Philadelphia.Between 2006 and 2016, court documents show, the two men hid over $8 million in cash receipts from the Internal Revenue Service (IRS), and only deposited a portion of the cash they received into restaurant business accounts.MCDONALD'S SPINOFF COSMC'S SAW TWICE AS MANY VISITS AS REGULAR RESTAURANT IN FIRST MONTH: REPORTBy only depositing a portion of the cash, the DOJ said, the company’s accountant was provided incomplete information, resulting in the accountant filing false tax returns.The DOJ also said the Lucidonios were also convicted of employment tax fraud, which was committed when the two men paid employees "off the books" in cash.SOCIAL SECURITY RECIPIENTS COULD GET HIT WITH A SURPRISE TAX BILL THIS YEARMost employees were paid a portion of their wages on the books to evade being caught, and the rest of the wages were paid in cash without things like federal income tax, Social Security and Medicare taxes being paid to the IRS.The Lucidonios did not report the cash wages to their accountant, the DOJ said, causing the accountant to prepare false quarterly employment tax returns with the IRS.REMOTE WORKERS FACE A DOUBLE TAXATION THREATThe issue became known in 2015, when the Lucidonios and another individual got into a dispute over Tony Luke’s franchising rights.During the dispute, the Lucidonios became concerned their tax fraud scheme would be exposed, so they had the prior year’s tax returns be amended to show higher reported sales, the DOJ said.GET FOX BUSINESS ON THE GO BY CLICKING HEREStill, the two men continued hiding their payroll tax scheme, which resulted in a loss of $1,321,042 to the U.S.