WILMINGTON, NC (WECT) – Wilmington businessman George William Taylor Jr., the former owner of TRU Colors, pleaded guilty Thursday, Aug. 22, to charges related to failing to pay over $2 million in payroll taxes and failing to file payroll tax returns during his time as owner and operator of National Speed, according to the office of U.S. Attorney Michael Easley Jr.
National Speed, which operates in Wilmington and Richmond, Virginia, offers car performance enhancement services, according to its website.
According to the announcement, Taylor Jr., who served as chairman and president of National Speed, “was responsible for withholding Social Security, Medicare and income taxes from employees’ pay and paying those taxes to the IRS. From 2014 through 2021, Taylor withheld taxes but failed to remit those withholdings to the IRS and also failed to file required payroll tax returns. During the same period, he also failed to remit the employer portion of those taxes to the IRS.”
Taylor caused a tax loss of $2,272,072 to the IRS. His sentencing is scheduled for November 19. He faces a maximum sentence of five years in prison.
Under the court order setting release conditions, Taylor must also surrender his passport.
“He also faces probation, restitution and fines. A federal district judge will determine the sentence, taking into account the U.S. sentencing guidelines and other statutory factors,” the press release continues.
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