Odessa Businessman Owes Millions to IRS
By: Karl Rundgren
Updated: July 15, 2010
MIDLAND -- An Odessa businessman will have to pay back millions for not paying his payroll taxes.
Joe Albert Smith pleaded guilty earlier this year.
He admitted that between 19-98 and 2002 he didn't pay about five million in payroll taxes, funneling the money to some "nominee" accounts he ran to keep it hidden from the IRS.
When the IRS began coming for the money, Smith closed the business down in 2002.
Since then, with penalty and interest, Smith now owes more than $27,000,000 that he must pay the federal government. He has also been sentenced to five years in federal prison.
