Incline man indicted for false income tax returns |

Incline man indicted for false income tax returns

An Incline Village man was indicted Wednesday on 25 counts of aiding and assisting in the filing of false Federal Income Tax Returns, one count of making a false Income Tax Returns and two counts of failing to file Federal Income Tax Returns.

Michael McNulty, a accounting graduate of Seattle University, owned McNulty and Associates, a tax preparation business.

According to the indictment, McNulty fudged many clients tax returns by overstating various business expenses and understating gross receipts on the Schedule C form.

If found guilty, McNulty faces a maximum penalty of three years in prison, $250,000 fine for the false return charges and a maximum of one year in prison and $25,000 fine on the charges of failure to file an income tax return.

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