Fremont tech company owner pleads guilty in multi-million dollar tax fraud scheme

Roger Chi Quan, 55, of Milpitas, owned and operated QXQ Inc., which makes circuit board test fixtures. In his plea agreement, Quan admitted that he had kept two sets of books for the business since before 2014, one set for U.S. customers and another for customers in Asia.

Quan acknowledged that he gave only the U.S. books to his income tax preparer, causing his 2017 federal income taxes to be underreported by nearly $1.8 million. Quan also admitted he had signature authority for at least 11 foreign bank accounts, where he had his customers in Asia send their payments to his business.Quan agreed to pay $8,167,733 of restitution to the IRS for the tax years 2014-2018.

Quan was charged in March with one count each of willfully aiding and assisting in the preparation of a false tax return and willfully violating foreign bank account reporting requirements.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Owner of Fremont business tried to hide more than $4 million from IRSThe guilty plea came from the owner of the Fremont-based QXQ, Inc.
Source: mercnews - 🏆 88. / 68 Read more »

Prominent Lightfoot Supporter, Business Owner Pays $5,000 Ethics Fine for Lobbying City Hall Without RegisteringCarmen Rossi, who also owns several Chicago nightclubs and holds the liquor license for the Lollapalooza music festival, lobbied the city on behalf of his firm, Chicago Parking Solutions, LLC, even though Rossi was not registered to lobby for the firm, according to a settlement agreement.
Source: wttw - 🏆 520. / 51 Read more »