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(Des Moines, IA) -- A Keswick, Iowa has been sentenced to 18 months in federal prison for failing to pay over $700,000 in employment taxes for his business, and for making a false statement for purposes of obtaining a Paycheck Protection Program (PPP) loan for the business.
Court documents between 2014 through 2020, 60-year-old Thomas Sieren, co-owner of TCS Fabricating, Inc. failed to pay more than $700,000 in employment taxes to the IRS.
This included the failure to pay taxes that he had collected from TCS’s employees through withholding, as well as matching contributions to Social Security and Medicare.
In 2020 and 2021, Sieren obtained two PPP loans on behalf of TCS in the total amount of $237,379. The PPP loan applications misrepresented that TCS had paid its payroll tax obligations. Sieren will be required to pay TCS’s unpaid payroll tax obligations, together with interest and penalties. He also will be required to pay restitution of $237,379 to the United States Small Business Administration.
A judge has ordered Sieren serve two years of supervised release after his prison term.