Suburban Chicago accountant pleads guilty to evading $3.4M in taxes

FOX 32 Digital Staff is reporting that a suburban account has plead guilty to tax evasion amounting to more than 3.4M dollars.

Imran Mahmood, a certified public accountant (CPA), provided accounting services to an Illinois not-for-profit organization and an associated company. Prosecutors say that between 2011 and 2014, Mahmood acquired more than $9 million from these entities, primarily from the payroll accounts of the not-for-profit organization, and then deposited the funds into an entity he controlled. He then used the funds for personal
expenses.

To conceal the scheme, Mahmood misrepresented payments on the books and records of the entities he got the money from. Although Mahmood hired a tax professional to aid in filing his income tax returns, he failed to disclose all received funds and his ownership of the receiving entity, which resulted in false tax returns being filed for the years 2011 - 2014.

Mahmood, 56, of South Barrington, admitted in his plea agreement that his actions resulted in a tax loss for the feds and state of $3,468,523. The charge carries a maximum
sentence of five years in prison.

He will be sentenced on June 11, 2024.