The owners of Nick’s Famous Roast Beef of Beverly, Massachusetts have been charged with hiding about a million dollars a year for six years from the IRS (Nick’s is cash only; no credit cards accepted). The son of two of the owners has been charged with making phony register receipts to fake out the IRS. This does not look good for the future of Nick’s, one of the most respected of the dozens of roast beef sandwich purveyors north of Boston. If the owners are found guilty, what will it mean to Nick’s? Do they transfer it to a relative? Sell it? Close it? Or will they eventually be absolved? Stay tuned.
Oh Nick’s…I guess the temptation runs high in a cash-only business.
Maybe, but it’s no excuse. Plenty of successful businesses thrive without cheating. BTW, the way I read it, they don’t owe 6 million, they owe the tax on 6 million (plus penalties). Given what they supposedly stashed away in their safe, I think they could probably pay what they have to, if they’re guilty. They might have to sell the business, though.
I can’t figure out why you are the only person I have to approve comments for! Looks like the settings let you, and everyone else, comment freely.