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U.S: Va. businessman didn't pay taxes since '88

Thursday - 1/31/2013, 3:03am  ET

RICHMOND, Va. (AP) - A Fredericksburg businessman who admits he hasn't paid personal incomes taxes for more than 25 years could be sentenced to up to five years in prison.

The U.S. attorney's office says Jimmy Holland Boyd entered a guilty plea this week to failing to pay employment taxes and personal returns. He owes the U.S. $350,000 in back taxes.

Sixty-three-old Boyd was president of Spring City Co. Excavating Inc., a real estate developing and excavating business. He admitted that for four years he paid workers a quarter-million dollars in wages but failed to pay federal income and other taxes on those wages.

Boyd also admitted he had not filed personal income tax returns since 1988.

Prosecutors say Boyd will be sentenced May 3. Besides a prison term, he faces steep fines.

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