Iowa man pleads guilty to federal tax evasion
COUNCIL BLUFFS, Iowa (AP) — A western Iowa businessman has pleaded guilty to evading federal income taxes.
Prosecutors say 49-year-old Michael Collins, of McClelland, entered the plea Thursday in a U.S. District Court in Council Bluffs. He faces up to five years in prison at his sentencing, which is scheduled for May 11.
Prosecutors say Collins didn’t initially didn’t report around $289,000 in income in 2006 and then filed an amended return but didn’t pay the tax due. He also concealed more than $5.5 million in gross receipts for more than 10 years from an excavating and trucking company he operated and didn’t pay the taxes owed.