Ronald Devine, the former owner and president of NASCAR team BK Racing LLC, is facing a high-octane legal battle as he’s been slapped with a four-count indictment in a North Carolina federal court. This indictment alleges that Devine failed to pay payroll taxes for his employees, diverting over $2 million of unpaid taxes to fuel his other businesses.
Ronald Devine Payroll Tax : Startling Allegations
In a startling turn of events, Devine, 67, a resident of Burke, Virginia, is facing accusations that he orchestrated a series of financial maneuvers. These allegedly involved causing BK Racing to shirk its responsibility to account for and pay trust fund taxes, more commonly known as payroll taxes, on behalf of its employees since 2012. This financial sleight of hand led to hundreds of thousands of dollars flying under the radar each year.
The indictment, specifically referencing 2017, highlights that Devine’s actions resulted in $390,000 owed to the U.S. Internal Revenue Service remaining unpaid. The four counts of failure to accurately report and pay trust fund taxes correspond to each quarter of the 2017 tax year. It’s asserted in the indictment that Devine willfully neglected the mandatory payroll tax payments for those quarters when filing tax documents.
Misappropriation of Funds
According to the indictment, Devine orchestrated the transfer of more than $2 million to “other businesses and entities under his ownership and control.” Shockingly, it was revealed that he even used the withheld payroll tax money to cover BK Racing’s operational costs, including rent, utilities, and vendor bills, which should have been paid to the IRS.
