Luke Jacob, Hi-Lake Liquors owner, failed to report $486,000 to IRS

Luke Jacob, owner of Hi-Lake Liquors, pled guilty yesterday to federal tax evasion.

Jacob admitted that he filed a false tax return for 2008 and failed to report over $486,000 in taxable income to the Internal Revenue Service. That cost the IRS more than $75,000, according to the United States Attorney's Office, and led to charges against Jacob.

Earlier this spring, Jacob told City Pages it was all a "misunderstanding."

Jacob's sentence will be determined by federal judge Ann D. Montgomery at a hearing yet to be scheduled. He faces a maximum of five years in prison.

Luke Jacob, Hi-Lake Liquors owner, charged with tax evasion

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