Chicago-area businessman pleads guilty to $550K tax evasion

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Over 80% of Americans file their taxes electronically. This photograph shows an IRS Income Tax Form 1040 on a laptop monitor.

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CHICAGO (AP) _ A suburban Chicago businessman has pleaded guilty to failing to pay more than $550,000 in personal income taxes.

Federal prosecutors say 59-year-old William Daddono of Palatine admitted in a plea agreement Wednesday that he didn’t pay taxes on nearly $2 million in personal income. He is the owner of a Schaumburg real estate appraisal company.

Prosecutors say Daddono tried to hide the earnings by depositing the money in a corporate account. They say he then withdrew the money for personal use and didn’t report it on his individual federal tax returns.

Daddono faces up to three year in prison and a fine. He is to be sentenced June 10.

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