He owned an income tax business and failed to report all his income

A former income tax preparer and business owner in Gulfport has admitted he didn’t report all of his income and falsified clients’ tax returns.

Jeremi Washington, 35, under-reported his income for 2009 by $243,906 and failed to file his taxes for calendar years 2010 and 2011, an indictment said. And he filed returns for clients while knowing they did not qualify for certain deductions.

Washington pleaded guilty to a conspiracy charge Thursday in U.S. District Court, records show.

He owned and operated Flash Financial on Dedeaux Road.

Washington faces up to 10 years in prison, a fine and restitution at his sentencing March 1.

A federal grand jury indicted Washington on six additional counts; those will be dismissed in exchange for his plea.

His employee, Allen Brice, was indicted on a conspiracy charge and nine counts of filing false returns for clients.

The unqualified deductions the men filed involved self-employment retirement plans, education credits and fraudulent profit and loss statements, a court document said.

Brice faces trial on a court calendar that starts Jan. 9. He remains free on bond.