Hoboken Accountant Didn't Pay $914K Of Income Tax: Prosecutor

HOBOKEN, NJ — A Hoboken-based accountant admitted he failed to pay more than $914,000 in due taxes on income generated from his accounting firm and various rental properties he owned, federal prosecutors announced Wednesday.

According to the U.S. Attorney’s Office, Louis Picardo, 64, of Hoboken, pleaded guilty to one count of federal income tax evasion.

According to court documents and statements, Picardo served as the tax collector in Hoboken between 1973 and 2008 and was a partner in Cannarozzi & Picardo LLC, a Hoboken-based accounting firm. Picardo also was a member of multiple entities (the “Picardo Entities”) that managed both commercial and residential properties in Hudson County.

Picardo failed to report $3,725,853 in taxable income that he collected from Cannarozzi & Picardo and the Picardo Entities on federal income tax returns he filed with the IRS for the tax years 2012 to 2015, resulting in a tax loss to the United States of $914,908, prosecutors said.

The tax evasion charge is punishable by a maximum penalty of five years in prison and potential fine of $250,000 or twice the gross gain or loss from the offense. Sentencing is scheduled for Sept. 25, prosecutors said.

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