Canfield man indicted on federal tax-evasion charges
CANFIELD — A federal grand jury in Cleveland has indicted a Canfield man on tax-evasion charges.
Michael G. Malvasi, 48, of Timber Run Drive, was named in a three-count indictment filed Wednesday, according to a news release from the U.S. Department of Justice.
In count one, Malvasi is accused of failing to report portions of his income earned in 2005 through a skilled-gaming business he owns “in an attempt to evade his personal income tax liability.”
Malvasi reported $9,035 in taxable income for 2005, but his taxable income actually was $76,987, the indictment stated. He owes $24,819 in taxes for 2005.
Malvasi is accused in counts two and three of paying no taxes in 2006 and 2007. He had a combined taxable income of $329,420 and owes a total of $80,916 in back taxes for those two years, according to the indictment.
If convicted, Malvasi could face up to five years in prison on each count.