A Middlesex County certified public accountant today admitted that he underreported his income on his personal tax return, avoiding paying more than $672,000 in taxes, U.S. Attorney Craig Carpenito announced.
Officials say Amit Govil, 58, of New Brunswick, pleaded guilty before U.S. District Judge Jose L. Linares in Newark federal court to Count 1 of an indictment charging him with making and subscribing a false tax return.
According to documents filed in the case and statements made in court:
Govil, licensed as a CPA in New York and New Jersey, operated P&G Associates, a business headquartered in East Brunswick, New Jersey, providing risk management and audit services to community banks. Govil admitted that for the tax year 2010, he underreported and failed to report the gross receipts or sales of P&G Associates on Schedule C of his personal tax return, avoiding more than $672,000 in taxes.
The count of making and subscribing a false tax return carries a maximum potential penalty of three years in prison and $250,000 fine, or twice the gross gain or loss from the offense.
Sentencing is scheduled for May 13th.