According to a press release from U.S. Attorney James T. Jacks, high-end Realtor Elanor Mowery Sheets pleaded guilty to four counts of failure to pay income taxes.
Sheets now faces a maximum sentence of four years in prison and a $400,000 fine. According to court documents, she has also agreed to pay restitution, including unpaid taxes and court costs. That amount is yet to be determined.
Her husband, John Nicholas "Nicky" Sheets, pleaded guilty this past March to one count of tax evasion. He faces a maximum sentence of five year in prison, a $250,000 fine and restitution.
Both Sheets were high-end Realtors in the Highland Park neighborhood of Dallas. From 2003 to 2007, their home in Preston Hollow was valued at $1.3 million -- that home has been seized by the IRS.
Complete plea documents released by the Department of Justice highlight the unpaid taxes:
For tax year 2003, Sheets filed a personal income tax return and self-assessed a $54,480 income tax debt, that she did not pay.
For tax year 2004, Sheets failed to pay employment taxes to the IRS of $4,581.
For tax year 2005, Sheets filed a personal income tax return and self-assessed a $29,651.46 income tax debt, that she did not pay. For that same tax year, she admitted that she also failed to pay $14,659.62 in employment taxes owed to the IRS by EMS, Inc.
For tax year 2006, Sheets filed a personal income tax return and self-assessed a $33,743 income tax debt, that she did not pay. For that same tax year, she admitted that she also failed to pay $67,763.80 in employment taxes owed to the IRS by EMS, Inc.
For tax year 2007, Sheets filed a personal income tax return and self-assessed a $130,611.50 income tax debt, that she did not pay. For the same tax year, she admitted that she also failed to pay $26,167.31 in employment taxes owned to the IRS by EMS, Inc.
In addition, Sheets stipulated that the total tax loss attributable to her for all tax years (1997, 1998, 1999, 2003, 2004, 2005, 2006 and 2007) is approximately $1.3 million.
Sentencing for Mrs. Sheets is scheduled for October 12.
