Lawyer Brian Heberlig issued a written statement saying Jackson and his wife, Sandi, both intended to plead guilty to the fraud charge filed by federal prosecutors Friday.
"He has accepted responsibility for his actions and I can confirm that he intends to plead guilty to the charge in the information," Heberlig said.
Mrs. Jackson will plead guilty to one count of filing a false tax return, the Chicago Tribune reported. She was accused of understating the family's income from 2006-2011.
The Tribune said the Jacksons diverted about $750,000 in campaign contributions for personal expenditures such as furniture, clothing and a Rolex watch.
Celebrity Families of 2014 [PHOTOS]