Uptown bar owner sentenced for tax cheating

February 25, 2010 8:39:40 AM PST
The owner of a bar on the city's North Side has been sentenced for underreporting income.The owner received 366 days in prison for reporting reduced income for five years and failing to pay employees.

Timothy Juliusson is the owner since 2002 of the Holiday Club at Sheridan and Irving Park roads, located at 4000 N. Sheridan Rd. Juliusson pleaded guilty, admitting that he underreported a total of $321,300 in income and failed to collect and pay employment withholdings totaling $82,537, resulting in a total tax loss of $153,275 to the United States, a U.S. Attorney's Office press release said.

Besides prison, Juliusson, 49, of Chicago, must serve one year of supervised release. He must report to prison May 24.

The U.S. Attorney's Office said Juliusson was also ordered to pay restitution of the tax shortage and had paid approximately half already.

Authorities say Juliusson admitted that he maintained two sets of books, one of which recorded the Holiday Club's true income and loss, and one which only purported to do so. Between 2002 and 2006, he provided the false set of records and bank statements to his accountants, who used them to prepare tax returns.


Load Comments