Wilmington Businessman Pleads Guilty to $2M Employment Tax Fraud

WILMINGTON, N.C. — George William Taylor Jr., a Wilmington-based businessman, has pleaded guilty to failing to pay over $2 million in employment taxes and not filing the required tax returns.

Taylor, who owned National Speed, a high-performance automotive services company, withheld Social Security, Medicare, and income taxes from his employees' wages between 2014 and 2021. Instead of remitting these funds to the IRS, Taylor used the money for personal and business expenses, resulting in a $2,272,072 tax loss to the government.

“Tax evasion like this undermines the integrity of our tax system,” said U.S. Attorney Michael Easley. “Hardworking taxpayers won’t stand for it, and neither will the IRS.”

Special Agent Donald “Trey” Eakins from IRS Criminal Investigation emphasized the severity of the crime, noting the potential financial impact on employees who could face delayed or lost Social Security and Medicare benefits.

Taylor is scheduled for sentencing on November 19, 2024, where he faces up to 5 years in prison, supervised release, restitution, and monetary penalties.

The case is being prosecuted by Trial Attorney Brian Flanagan of the Justice Department's Tax Division and Assistant U.S. Attorney Ethan Ontjes of the Eastern District of North Carolina.

one hundred dollar bank notesPhoto byJonathan Borba