Date: May 4, 2022 Contact: email@example.com A CEO has pleaded guilty to failing to truthfully account for and to pay over withholdings of federal income and FICA taxes from the wages of his employees to the IRS, announced U.S. Attorney Jennifer B. Lowery. Alejandro Joael Colbert was majority owner and CEO of Colbert Ball Tax Service in Houston. Its main purpose was franchising tax preparation businesses across the country. According to the plea agreement, Colbert admitted that from 2015 to 2018, he failed to file employment tax returns and did not pay all taxes withheld from the wages of employees to the IRS. Colbert admitted he caused approximately $710,000 in tax revenue loss. He has agreed to pay more than $196,000 in restitution to the IRS – the amount of withholdings from employee wages for the quarters in years 2015-2018 that remained unpaid at the time he was charged. To date, he has paid $120,000 towards that restitution. U.S. District Judge Sim Lake set sentencing for Aug. 12. At that time, Colbert faces up to five years in prison and a possible $250,000 maximum fine. Colbert was permitted to remain on bond pending that hearing. IRS – Criminal Investigation conducted the investigation. Assistant U.S. Attorney Charles J. Escher is prosecuting the case.