Furniture Retailer Indicted Over Taxes

December 30, 2008  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on December 31, 2008 A Suffolk County, Mass., grand jury has indicted the owner of Sid's Furniture in Hyannis, Mass., in connection with failing to account for and pay over sales taxes collected by the business and for failing to file corporate excise tax returns. The Massachusetts Attorney General began investigating Abbott Davidson in February 2008.

It is alleged that Davidson failed to pay approximately $245,000 in sales tax collected from June 2006 though October 2008. According to authorities, Davidson also failed to file corporate excise tax returns, which corporations doing business in the Commonwealth were required to file annually for the years 2004, 2005 and 2006.

According to a release from the Attorney General's office, Davidson incorporated Homestead Direct Inc., which does business as Sid’s Furniture, in 1997. Although the corporation was involuntarily dissolved in 2007 for failure to file annual reports, the business continued to operate.