JERSEY CITY, N.J. — A pharmacist who failed to report nearly $171,000 he withdrew from the business on his personal tax returns has been sentenced to a year in prison.
Federal officials say Mark Smith must also pay $372,000 in restitution and forfeit more than $820,000 in a related case. He had pleaded guilty last September to filing a false tax return
Smith operated a pharmacy in Jersey City that was owned by a family member. Officials say Smith had control of and access to the pharmacy’s bank account and that during the 2011 tax year, he withdrew roughly $170,831 from the account for his own use.
Smith didn’t report the money as income on his personal tax return that year. He also failed to file personal tax returns for the following two years.