Nicholas Boulas, of North Reading, MA was charged by a federal grand jury with attempting to obstruct the internal revenue laws, aiding and assisting in the filing of fraudulent corporate, personal and employment tax returns, tax evasion and structuring financial transactions.
It’s alleged that between 2009 and 2014, Boulas, who owned and operated Nick’s Painting Service, concealed approximately $4 million by cashing over $2.7 million in checks using multiple bank accounts. Boulas would instruct his customers to write checks to him personally for under $10,000 to evade the bank’s reporting requirements. In addition, it’s alleged that Boulas underreported income earned from several rental properties and paid employees “off the books” to avoid paying payroll taxes.
The charges against Boulas also include that he falsely stated to IRS special agents that he reported all of his company’s income and altering checks he received from his customers to conceal any information on the memo line.
If convicted, Boulas faces a maximum sentence of five years for tax evasion, three years for obstructing the internal revenue laws, three years for aiding and assisting in the filing of fraudulent returns and ten years in prison for structuring financial transactions. He also faces restitution, monetary penalties and a period of supervised release.