A federal jury convicted a Virginia man on charges of filing false tax returns and failure to file a tax return.
According to court records, Michael J. Tiernan, 62, served as the financial officer for a number of business entities related to Ford’s Colony, including Ford’s Colony Realty, LLC, a large resort community in Williamsburg, Virginia.
For tax years 2015 and 2016, Tiernan filed federal income tax returns that falsely understated the income he received from these entities. Tiernan reported some earnings, but claimed high deductions that resulted in zero taxable income.
He faces up to seven years in prison.