A Clearwater man, Terence Taylor, has pleaded guilty to charges of obstructing and impeding the administration of internal revenue laws. The plea was announced by United States Attorney Roger B. Handberg in Tampa, Florida. Taylor's actions were aimed at avoiding the payment of back taxes owed to the Internal Revenue Service (IRS), and he now faces a potential maximum sentence of three years in federal prison.

Taylor's legal troubles began in 2012 when he was sentenced for failing to file his income taxes over several years while residing in the Northern District of New York. He accumulated more than $810,000 in tax debt and was ordered to pay this amount during his sentencing period.

Despite moving to the Middle District of Florida, Taylor continued efforts over more than seven years to thwart IRS attempts to collect these taxes. His tactics included concealing assets from the IRS, transferring ownership of assets and income to nominees like his wife, and using funds that could have settled his tax liabilities for personal purchases such as boats, jewelry, and real estate in Palm Harbor. During this time, Taylor maintained an income as a financial consultant but used it predominantly for personal expenses rather than repaying his tax debt.

The IRS made significant efforts between 2004 and 2008 to recover Taylor's owed taxes by repeatedly contacting him and requesting detailed financial disclosures. However, Taylor submitted misleading or incomplete information on these forms, failing to declare assets like boats and misrepresenting details about his business operations. After 2012, instead of addressing his tax obligations with his business earnings, he diverted funds toward personal luxuries including marina fees, yacht club dues, boat upkeep costs, and jewelry acquisitions.

In February 2017, Taylor purchased a $73,000 boat using business income but titled it under his wife's name to obscure its ownership from the IRS collection efforts. Furthermore, he neglected filing personal income tax returns for several years following the conclusion of his New York sentence despite having sufficient earnings necessitating such filings.

The case was investigated by the Internal Revenue Service – Criminal Investigation division and is being prosecuted by Assistant United States Attorney Jay L. Hoffer.