From the rich and famous to a local donut shop owner, many continue to face the serious consequences of tax evasion. Here’s what to do if you are accused.
Category: Tax Crimes
One of the main goals of the IRS is to check whether taxpayers comply with the laws and steer clear of committing tax crimes. However, the IRS cannot analyze every tax return filed in a given tax year.
Instead, they focus their inquiries on members of certain groups or certain tax behavior which often accompanies fraudulent filings. Once a return is flagged, the IRS will conduct an audit and will decide whether this is a tax crime or not.
Common tax crimes include tax evasion, fraudulent failure to file a return, fraudulent failure to collect taxes or tax evasion. It could also mean false document submission, and failure to supply information to the IRS.
The penalties for criminal tax are both significant and serious. Charges range up to 5 years in jail, plus fines of up to $500,000!
In order to avoid any issues with the IRS, you should be always informed about your tax responsibilities and know all the consequences of your intentional or unintentional actions against the tax law.
Here, at Silver Tax Group, we believe that preventing a problem is always easier than dealing with it. That’s why our tax attorneys keep you informed and up to date with the latest tax changes and news. Read more on our tax crime blog!
Two individuals thought that they could get a little- or a lot- of extra cash by filing incorrect information on their tax return forms