The owner of Nick's Horizon Diner in Manahawkin and the Mariner's Cove restaurant in Brielle will be sentenced in September for cheating the Internal Revenue Service out of almost a half-million dollars.

144229773
ThinkStock
loading...

Nikolaos Psaros, 55, of Palisades Park, pleaded guilty in Trenton Tuesday to one count of personal tax evasion, related to his 2010 federal return, according to information from the IRS Criminal Investigation Field Office in Newark.

Sentencing will take into account payroll taxes omitted in from 2008, 2009, 2010 and 2012, bringing the total amount to about $480, 474.91, authorities said.

The charge equates to a maximum of five years in prison, and a fine as high as $250,000 or twice the gross amount of the profit gained or resulting loss to victims.

Psaros is the sole owner of Horizon Diner and owns 99 percent of Mariner's Cove, the other percentage belonging to his wife.

During 2010, investigators said, Psaros diverted revenue from both venues to his personal bank account instead of business and payroll accounts, and used gross receipts for a cash payroll and other costs.

Psaros reported only the amounts that he deposited into business and payroll accounts to the accountant he hired to file his 2010 joint federal return, authorities said.

Investigators also claimed that Psaros omitted his 2009 income on his personal tax return, neglected to cover payroll taxes and failed to file accurate Forms 941 for each restaurant for the four years under investigation.

More From 105.7 The Hawk