A Loveland general contractor will serve 18 months in federal prison for failing to pay taxes for years and hiding more than $6 million in assets from the IRS.
Adam Hausman, 45, was sentenced to the prison term and one year of supervised probation after pleading guilty to obstructing and impeding the administration of the Internal Revenue Laws, according to a release from the U.S. Department of Justice. As part of a plea agreement entered in September, he was ordered to pay $448,794 in restitution to the IRS.
Federal authorities say Hausman has filed only three income tax returns since 1999, accumulating nearly $200,000 in owed taxes. When the IRS worked to collect Hausman’s outstanding tax liabilities beginning in 2010, authorities said he began falsifying statements to federal authorities and hiding his income and assets for years.
Authorities say Hausman purposefully operated his business in cash for years so he could keep it out of the banks and away from the IRS. From January 2013 to June 2018, he also withdrew more than $6.6 million in cash from his banking accounts.
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“Interfering with the administration of the IRS is a crime, and when you don’t pay, you face financial penalties and prison time,” U.S. Attorney Jason Dunn said in a written release. “We all must pay our part. That didn’t happen here, and the defendant will suffer as a result.”
Hausman’s business, Wyoming Framers Inc., specialized in concrete and framing work for large commercial jobs, including hotels and apartment complexes, according to the DOJ release. The business’ license in Wyoming was revoked in November. There is no record of the business being licensed in Colorado.
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