Man to pay up to $550K for tax evasion

TAMPA — Steven Headden Young of Tampa faces up to five years in federal prison and owes between $250,000 and $550,000 for tax evasion.

Between 2007 and 2011, Young evaded a substantial portion of his federal income taxes by falsifying expenses to negate his income, authorities allege. While filing his own tax returns, he created false business expenditures and deducted them from his Schedule C income, according to a statement from the U.S. Attorney's office in Tampa.

Young also falsely filed as head-of-household to gain tax benefits, the statement says. He made other false statements about his marital status, claiming to be single when he was married and living with his wife.

Also during that time span, Young interfered with the Internal Revenue Service audit and tax assessment of his personal federal income taxes, the statement adds. He fabricated a letter from the IRS to Bank of America in an attempt to redirect and intercept bank records.

Young pleaded guilty to one count of tax evasion and agreed to pay the full restitution amount to the Internal Revenue Service, according to the statement.