The owner of Poolblu in Lake Geneva faces up to five years in prison and a $250,000 fine after he plead guilty to failing to pay employment taxes. William Gallagher, owner and manager of Poolblu, was accused of failing to pay more than $258,000 in payroll taxes earlier this year. On Oct. 22, a federal
The owner of Poolblu in Lake Geneva faces up to five years in prison and a $250,000 fine after he plead guilty to failing to pay employment taxes.
William Gallagher, owner and manager of Poolblu, was accused of failing to pay more than $258,000 in payroll taxes earlier this year.
On Oct. 22, a federal grand jury returned an indictment charging Gallagher with 12 counts of failure to truthfully account for and pay over employment taxes for each quarter in tax years 2018 through 2020.
Payroll taxes include federal income taxes, Social Security taxes and Medicare taxes that are taken from the wages a business pays to its employees.
Poolblu employed approximately 15 workers. Gallagher was required to withhold federal income taxes, Social Security taxes, and Medicare taxes from his employees’ wages, hold those amounts in trust, and pay them over to the IRS. Gallagher was also responsible for filing quarterly tax returns.
Gallagher was also required to pay the employer’s matching portion of Social Security and Medicare taxes. For each quarter of tax years 2018 through 2020, Gallagher failed to pay over these taxes.
Since 2014, Gallagher has failed to pay the IRS more than $606,000. Sentencing is scheduled for Jan. 30, 2025.
Holiday flash sale!
Limited time offer. New subscribers only.
Subscribe to BizTimes Milwaukee and save 40%
Holiday flash sale! Subscribe to BizTimes and save 40%!
