HOT SPRINGS, Ark. – A former Hot Springs business owner pleaded guilty Thursday to owing more than $500,000 in federal income tax.
Federal officers said 43-year-old Jerry Christopher Wade waived indictment and pleaded guilty to tax evasion. Court documents showed Wade owed $507,000 in federal taxes.
According to the U.S. Attorney’s office, Wade had not paid taxes through 2019 while he owned Four Seasons Landscaping in Hot Springs Village, Arkansas. Wade had started the business in 2012 and was its full owner.
Officials said Wade had not filed taxes from 2011 through 2019 and did not keep business records of income or expenses. Company employees were not issued W-2 or 1099 forms and the company did not keep payroll records.
At the same time, court records show the landscaping business received $2,537,771 in checks. According to investigators, Wade did not deposit all the checks and received $878,938 from the bank after negotiation.
Wade admitted in court that he had also conducted business in cash, paid employees without reporting doing so, cashed customer checks and asked customers to write multiple checks for under $10,000 to avoid reporting requirements.
An Arkansas Department of Finance and Administration spokesman said there are no state liens against Wade or Four Seasons due to back taxes.
Wade is due back in court for sentencing at a later date. According to court records, he is facing up to five years in prison and as much as $250,000 in fines.