In Jackson, Tennessee, Derek Lamar Wood, a 51-year-old business owner, has been arrested following an investigation by the Tennessee Department of Revenue’s Special Investigations Section. The investigation culminated in Wood’s indictment by a Madison County Grand Jury on February 26, 2024, on 42 felony counts of tax evasion. These charges stem from allegations of filing false sales tax returns through his business, T&D’s Corner Stop.
Revenue Commissioner David Gerregano emphasized the state’s commitment to fair tax practices, stating, “Most businesses in Tennessee remit the tax dollars they collect from customers. This indictment should serve as a warning to those that believe they can get away with tax fraud. Our department remains committed to prosecuting tax evaders to ensure a level playing field for all businesses.”
Latest TN News
If found guilty, Wood faces the possibility of up to three years in prison and a fine of up to $3,000 for each count of tax evasion. The case is being pursued in cooperation with the office of District Attorney Jody Picken.
The Tennessee Department of Revenue is encouraging citizens to report any suspected tax law violations by calling their toll-free tax fraud hotline at (800) FRAUDTX (372-8389). The Department of Revenue plays a crucial role in the administration of state tax and motor vehicle laws, collecting approximately 87 percent of total state revenue. In the fiscal year 2023, it collected nearly $22 billion in state taxes and fees, in addition to over $4.7 billion for local governments. For more information about the department, visit www.tn.gov/revenue.
Source: Read Original Release
Tennessee February Revenues Miss Budget Projections
The Tennessee Department of Finance and Administration reported that February’s revenues were $59.9 million below the budgeted estimates, with a notable decrease in sales tax collections due to severe winter weather, despite positive growth in franchise, excise, and privilege tax revenues.