MN Business Owners Face Felony Tax Charges
The Ramsey County Attorney's Office has charged a St. Paul couple with five felony tax counts each for failing to report taxable business income in excess of $1.2 million, the Minnesota Department of Revenue announced Tuesday.
Floyd Olson, 71, and Inger Olson, 75, allegedly failed to file tax returns for their business, National Real Estate Trader's, Inc., from 2004 to 2008.
The Olsons-who face a maximum of five years in prison or up to a $10,000 fine for each felony count-have never filed a tax return on behalf of National Real Estate Traders, according to the charges.
Floyd Olson claims that he didn't file taxes because social security was his sole income source. The Department of Revenue, however, claims that the Olsons' company has generated “significant funds.”
Numerous checks from TNT Properties-a company owned by the Olsons' son-were allegedly deposited into the bank account of National Real Estate Traders. Additional checks were made out directly to Floyd Olson.
From 2004 to 2008, Floyd Olson received about $7,000 annually in social security, while his wife received about $25,000 in social security and “other investments,” according to the charges.
The Department of Revenue claims that the taxable income for National Real Estate Traders for each of the four tax years ranged from $150,000 to $330,000-totaling more than $1.2 million.