The owner of a chain of clothing stores in Tucson and Phoenix, BBB Fashion, kept cash paid by customers, which was not reported to accountants for several years.
Arizona Daily Star The owner of a chain of clothing stores in and around Tucson and Phoenix has pleaded guilty to tax evasion. Authorities say Sung Hwan Lee, the owner of BBB Fashion, conducted a scheme to evade taxes by underreporting a total income of more than $9 million, resulting in a total tax owed of more than $3 million between 2012 and 2016 on his personal returns.
According to a news release from the IRS, he directed his employees to give him any cash received from customers and to keep a second set of books and records to track his true versus reported income and expenses. At his direction, the books and records provided to his accountant for tax return preparation omitted cash receipts. BBB Fashion's bookkeeper, Young Bok Lee, also pleaded guilty to conspiracy to defraud the United StatesYoung Bok Lee worked there performing bookkeeping, payroll and management duties from 2006 through 2020. His sentencing is set for July 28. Tags Subscribe to stay connected to Tucson. A subscription helps you access more of the local stories that keep you connected to the community. Sign up for our Crime & Courts newsletter Get the latest in local public safety news with this weekly email.
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