CEDAR RAPIDS, Iowa --- The operator of a Waterloo car dealership has pleaded guilty to allegations he gave false information when filing his taxes.
Brian James Beckman entered a plea to a single count of filing a false tax return on Friday in U.S. District Court in Cedar Rapids. Sentencing will be at a later date. Beckman faces up to three years in prison and $250,000 in fines.
Under the agreement, he will forfeit $3,333 that authorities seized from his bank account as well as interest on $242,000 seized from business bank accounts.
Beckman is the president of Champion Motors and works for Century Finance, which is the lending arm of the dealership. Both Century and Champion are owned by Beckman’s parents, according to court records.
Authorities said Beckman made some of the deposits for the businesses and secretly took $71,000 from Century Finance without authorization between 2008 and 2010.
He allegedly didn’t disclose this as income when he filed his tax returns, which the government said resulted in a tax loss of $6,400, court records state.
The discrepancies were discovered following a raid by IRS agents who were investigating allegations the businesses were making structured deposits to skirt banking laws, according to court records.