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Potsdam man admits evading $270K in income taxes

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POTSDAM — A Potsdam man admitted Wednesday in U.S. District Court, Syracuse, that he failed to pay more than $270,000 in income taxes from 2004 to 2010.

Timothy M. Schmidt, 53, who owned a general contracting business named Sylvan Falls Painting and Wallpaper, pleaded guilty to subscription of a false income tax return for tax year 2005. He faces a maximum sentence of three years in prison and a fine of up to $100,000 at sentencing Dec. 14. He also has agreed to pay $270,802 in back taxes.

According to a prepared statement by U.S. Attorney Richard S. Hartunian, Mr. Schmidt was paid $894,976 by a woman identified only as “D.C.” to complete various jobs at her residence starting in 2003, including the construction of an addition to her home. Mr. Hartunian said Mr. Schmidt failed to include $162,362 as income on his 2004 personal income tax return, $198,063 on his 2005 return, $196,995 on his 2006 return, $145,555 on his 2007 return, $83,520 on his 2008 return, $38,341 on his 2009 return and $70,140 on his 2010 return.

Each of the returns was made and signed by Mr. Schmidt under penalty of perjury, Mr. Hartunian said, and Mr. Schmidt knew the returns were false. The charges stemmed from an investigation by the Internal Revenue Service and the village Police Department. Mr. Schmidt remains on pretrial release pending sentencing.

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