George William Taylor Jr., the founder of Tru Colors Brewery and a prominent businessman in Wilmington, North Carolina, pled guilty today to charges of tax evasion. Taylor admitted to failing to pay over $2 million in employment taxes and neglecting to file necessary tax returns over a seven-year period.
What Happened: Taylor owned and operated National Speed, a high-performance automotive services company. As the chairman and president, Taylor was responsible for withholding Social Security, Medicare, and income taxes from employees’ wages and remitting those funds to the IRS. However, from 2014 to 2021, Taylor withheld the taxes but did not pay them to the IRS. He also failed to file required employment tax returns and neglected to pay the employer’s share of the taxes. His actions resulted in a total tax loss of $2,272,072 to the IRS.
- Special Agent in Charge Donald “Trey” Eakins emphasized the severity of the crime in a statement: “Employment tax evasion results in the loss of tax revenue to the United States government and can cause financial hardship to employees in the form of lost or delayed social security or Medicare benefits… Failure to pay over withheld taxes is a serious offense.”
Punishment: Taylor’s sentencing is scheduled for November 19, 2024, and he faces a maximum of five years in prison. He could also be subject to supervised release, restitution, and additional monetary penalties. The final sentence will be determined by a federal district court judge after reviewing the U.S. Sentencing Guidelines and other statutory considerations.
Taylor gained both local and national attention for founding Tru Colors Brewery, a venture that followed a unique business model by hiring active gang members in an effort to reduce crime in the community. Despite initial optimism, the results were mixed, and following several high-profile incidents, the brewery ultimately shut down in 2022.
