US District Judge Michael P. Shea in Hartford, Connecticut sentenced Guy Smith, a professional poker player and business owner from Shelton, to 14 months in prison over tax evasion. According to an investigation of the IRS, Smith failed to report taxes for 5 years from 2012 through 2016.
Professional Poker Player, Guy Smith, Sentenced to Prison over Tax Evasion
Guy Smith, a professional poker player and business owner from Shelton, Connecticut was sentenced to 14 months in prison last week over tax evasion. Besides prison, Smith was also sentenced to pay $821,415 in federal income taxes, as well as all outstanding taxes, interests, and penalties.
Once the 14 months of imprisonment are over, Smith will go through 2 years of probation. US District Judge Michael P. Shea in Hartford sentenced Smith last week Friday, following an investigation conducted by the Internal Revenue Service (IRS). According to that investigation, Smith failed to report taxes from 2012 through 2016.
Smith Failed to Report More Than $1 Million Gambling Winnings
Besides a famous poker player who participated in many poker tournaments at casinos in Connecticut, around the US, and the Bahamas, Smith also owns and operates Centerline Interiors LLC. His business specializes in commercial interior construction. According to the court memo, released by the Department of Justice, Smith withdrew funds from his personal account and business account to use for his gambling business.
Furthermore, for 5 years between 2012 and 2016, Smith “furnished his tax preparer with a summary of Centerline’s income and expenses”. Furthermore, he did not provide his tax preparer with any bank statements for that period. According to the court memo, Smith “intentionally failed to report to his tax preparer, and to the IRS, approximately $1.1 million in income he received from Centerline Interiors”.
Although the IRS contacted Smith multiple times urging him to report all of his gambling income, he “concealed his gambling income from his tax preparer“. As a result, Smith did not pay income taxes on more than $1 million gambling winnings for those five years.
Last year in December, Smith pleaded guilty to the offense. Now, following the release of the sentence, he will have to report to prison on June 30, 2021.