Madison County businessman arrested on tax charges
PRESS RELEASE FROM THE TENNESSEE DEPARTMENT OF REVENUE:
MADISON COUNTY BUSINESSMAN ARRESTED ON TAX CHARGES
JACKSON ⎯ The Special Investigations Section of the Tennessee Department of Revenue conducted the investigation that led to the indictment and arrest of Derek Lamar Wood, age 51, in Jackson on Thursday.
On February 26, 2024, a Madison County Grand Jury indicted Wood on 42 felony counts of tax evasion related to the filing of false sales tax returns at T&D’s Corner Stop. Wood is the owner of the business.
“Most businesses in Tennessee remit the tax dollars they collect from customers,” said Revenue Commissioner David Gerregano. “This indictment should serve as a warning to those that believe they can get away with tax fraud. Our department remains committed to prosecuting tax evaders to ensure a level playing field for all businesses.”
If convicted, Wood could be sentenced to a maximum three years in the penitentiary and fined up to $3,000 for each tax charge.
The department is pursuing the criminal case in cooperation with District Attorney Jody Pickens’ office. Citizens who suspect violations of Tennessee’s revenue laws should call the toll-free tax fraud hot line at (800) FRAUDTX (372-8389).
The Department of Revenue is responsible for the administration of state tax laws and motor vehicle title and registration laws, as well as the collection of taxes and fees associated with those laws. The department collects around 87 percent of total state revenue. During the 2023 fiscal year, it collected nearly $22 billion in state taxes and fees and more than $4.7 billion in taxes and fees for local governments. To learn more about the department, visit www.tn.gov/revenue.
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