Prison Time for Shore Area Accounting Firm Executive

The former partner of a major international accounting firm heads to prison for 18 months for tax crimes. Monday’s sentence follows the conviction Stephen Favato of Point Pleasant Beach for corruptly endeavoring to obstruct and impede IRS laws and assisting in the preparation of filing a false income tax returns.

The Justice Department and the Internal Revenue Service says during the trail evidence was presented showing that from late 2001 through April 2005, Favato, who was a Former partner in B.D.O Seidman L.L.P’s of Woodbridge, attempted to obstruct the IRS by, advising his client on how to include false items on joint tax returns and knowingly prepared and signed false joint income tax returns that cost the IRS nearly $200,000 in lost tax revenue.