Former NASCAR team owner indicted on federal tax charges
CHARLOTTE, N.C. — A grand jury indicted the owner of BK Racing, a now-defunct NASCAR Cup Series organization, on multiple federal tax charges.
Ron Devine, the former owner of BK Racing, faces four counts of failing to pay payroll taxes.
According to the indictment, Devine controlled BK Racing’s financial affairs. That includes having sole signature authority over filing and paying BK Racing’s payroll taxes.
The indictment alleges that, between 2012 and 2017, Devine transferred more than $2 million in payroll taxes to his other businesses and entities. It also alleges he used some of those funds to pay for BK Racing’s expenses, such as rent, utilities, and vendor bills.
That allegedly includes failing to pay more than $390,000 in payroll taxes owed to the IRS.
“Payroll taxes are withheld from employees’ gross pay and are used by the government to fund Social Security and Medicare. They also include the income taxes withheld from the employees’ paychecks,” the office of U.S. Attorney Dena J. King stated. “Employers are also required to make contributions to payroll taxes matching the amounts withheld from their employees’ pay, and to file quarterly a Form 941, indicating payment of the relevant taxes.”
Devine will appear in federal court in Charlotte. If convicted, Devine could face at least five years in prison and a $250,000 fine.
BK Racing raced in the NASCAR Cup Series from 2012-18. From 2012-17, the organization fielded two full-time entries.
In 2018, the organization fielded a single entry. Then, after the Bristol night race in August, they sold that entry to Front Row Motorsports owner Bob Jenkins.
BK Racing never fielded another NASCAR Cup Series entry.
In 240 Cup Series races, only three times did a BK Racing car finish inside the top 10:
- Travis Kvapil, finished eighth at Talladega in October 2012
- Matt DiBenedetto, finished sixth at Bristol in April 2016
- Gray Gaulding, finished ninth at Talladega in October 2017
Former full-time BK Racing drivers Alex Bowman (2014), Jeb Burton (2015) and J.J. Yeley (2015) still compete in NASCAR full-time.
