An El Dorado Hills Man was arrested Tuesday morning on charges of tax evasion.
A Franchise Tax Board press release stated that Guy Archbold, 62, a CEO for a software company, was charged with alleged tax evasion for failing to file state income tax for 2007, 2008, 2011 and 2012. He also allegedly failed to report more than $1.5 million income during those tax years. The press release alleges that Archbold owes the state approximately $78,000 in unpaid taxes plus penalties, interest and the cost of the investigation as restitution.
Each of the four felony counts carries a maximum of three years in state prison.
Despite many attempts by the FTP to contact Archbold, demanding that he file and pay his delinquent taxes, he failed to respond, the arrest warrant alleges.
The FTB contacts more than a million people each year who earned income in California but failed to file a state income tax return. Records of filed tax returns are compared to the more than 400 million income records the FTB receives each year from the IRS, banks, employers, state departments and other sources. Most cases are resolved in the FTB’s civil compliance programs.
Archbold was booked in the county jail on $78,000 bail. He has since been released. His arraignment was scheduled for April 17.