PHOENIX, ARIZ. – James Philip Piccolo, co-founder of Tecademics, LLC and founder of IQUP, Inc., was sentenced to 18 months in prison and ordered to pay $651,478 in restitution for failing to pay withheld employee taxes to the IRS.
Piccolo, 65, of Scottsdale, Arizona, also faces three years of supervised release and a $10,000 fine. He pleaded guilty in January to one count related to failing to pay the IRS federal income taxes withheld from employees at his companies, Tecademics and IQUP.
The businesses, founded in 2016 and 2017 respectively, offered clients guidance on managing online businesses and internet marketing. Piccolo admitted in his plea that he was responsible for submitting tax payments for both companies. He received tax returns prepared by his companies’ bookkeeper for the years 2017 and 2018 but did not submit the required tax payments to the IRS. The total amount owed is $651,478.
U.S. Attorney Gary Restaino commented on the conviction and sentencing, stating it demonstrates the IRS’s commitment to uphold the rights of honest business owners and hold violators accountable. “Piccolo breached his employees’ trust by failing to pay the taxes withheld on their behalf,” said Restaino.