What Is Tax Evasion?
Tax evasion is defined by willful attempts to evade taxes imposed upon an individual, corporation, trust or other entity operating in the United States.
Is Tax Evasion a Felony?
According to Title 26 of the United States Code §7201, tax evasion is a felony. Penalties depend on the offense, but does have a max prison sentence of 5 years.
The Internal Revenue Services (IRS) may think that you have intentionally attempted to violate the law if you have allegedly engaged in one or more of the following acts.
Some of Which Include:
- Failed to file a tax return / failed to report income
- Claimed deductions or credits you are not entitled to
- Falsified expense claims
- Paid employees "under the table"
- Claimed personal assets as business assets
While it is perfectly legal to find ways in which to avoid tax liability, it is a federal crime to intentionally avoid paying the taxes that you owe.
Contact us today if you have been charged with tax evasion in Olathe.
What Is the Penalty for Tax Evasion?
In the United States, both individuals and corporations can be charged with tax evasion as a felony. If convicted of this federal crime as an individual, one could expect to face up to $100,000 in fines and five years in prison. If convicted of this crime as a corporation or professional entity, one could expect to face up to $500,000 in fines and five years in prison.
Because tax evasion is considered a felony offense, as well, the offender can also expect to be recognized as a convicted felon for the remainder of their life. Not only can this limit future employment opportunities, but it may also have a significant impact on one's social standing. For this reason, it is highly recommended that you involve an experienced Olathe federal criminal defense lawyer from our firm if you are facing federal charges for tax evasion.
What Is Tax Avoidance?
Although the terms "tax fraud" and "tax evasion" can be used interchangeably, tax avoidance is something else entirely. Instead of unlawfully attempting to avoid paying certain taxes, tax avoidance is the usage of the tax regime to one's own advantage through legal means. This can, essentially, be seen as exploiting loopholes in the system, but it is not a crime if the entire process is conducted within the boundaries of the law.
On the same note, it is also important to understand that tax evasion is only a crime if the questionable acts were committed intentionally and willfully. Honest mistakes can, and will, be made, but this does not mean that an individual should be punished for relying on the faulty advice of a financial professional and/or accidentally listing false information on their tax return.
Charged With Tax Evasion in Johnson County?
If you have been charged with the federal crime of tax evasion, you should consult with a Johnson County tax evasion attorney at Garretson & Toth, LLC immediately. We are experienced in representing some of the most complex criminal cases, so you can rest assured that your future will be in good hands when you enlist the help of our firm. We are willing to fight aggressively on your behalf, just as we have been doing for the past 57 years, but it is up to you to take the first step.
We encourage you to pick up the phone and give us a call at (913) 971-0296 for a free initial consultation regarding your tax evasion charge in Olathe, KS.
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