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: The majority owner of a Montvale accounting firm admitted today that he failed to taxes on employee wage withholdings. Barry S. Malkin, 69, of Upper Saddle River, pleaded guilty before U.S. Magistrate Judge Patty Shwartz in Newark to failing to account for and pay taxes withheld by his accounting firm, Malkin, Coppock & Co.
Shwartz continued his release on a $100,000 bond pending a scheduled Jan. 25 sentencing.
Besides being majority owner of the firm on Chestnut Ridge Road, Malkin was a Certified Public Accountant who provided tax accounting services to the firm’s clients, including the preparation of individual and corporate tax returns.
He was responsible for withholding federal income and FICA taxes from the wages of the employees of MCC and paying the IRS, the government said.
Although the taxes were withheld from 2001 through 2008, Malkin told Schwartz, he didn’t file any payroll tax returns or pay $137,000 in payroll taxes due the IRS. He didn’t say what he did with the money.
U.S. Attorney Paul J. Fishman credited special agents of IRS Criminal Investigation unit. Prosecuting the case was Assistant U.S. Attorney Christopher J. Kelly of Fishman’s Criminal Division in Newark.
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