The criminal penalties for illegally failing to pay taxes, or evasion, will be severe. Federal tax evasion is a crime that carries a jail sentence of up to 5 years and fines up to $100,000 for those convicted.
Legal efforts to reduce taxes could also be made, like making charitable contributions, contributions to college savings and retirement plans and taking all available deductions for dependents, medical expenses. However, it's not legal to evade taxes by failing to report or inaccurately report income.
The IRS penalizes and prosecutes someone or entity it finds has illegally avoided paying the taxes owed. Almost 3000 IRS agents are trained to gather information and detect tax evasion. These agents might review federal tax returns, issue a summons to access additional monetary information and seize or freeze money, accounts and assets to gather financial information.
If the office conducts an audit and finds that evasion has occurred, it's going to levy tax liens, seize property. Money, property or different assets a remunerator owns could also be condemned to repay the tax liabilities.
Other Tax Crimes and Penalties
• Filing a return – Along with tax evasion, someone could also be charged with a crime for filing a false income tax return. This can be called tax fraud. There are stiff penalties for filing a return including a few years in jail and fines of up to $100,000. It might include blatant offenses, cherish fabricating non-existent dependents. Only a professional Criminal tax defense lawyer in Miami can help you out in this situation.
• • Failure to File - Failure to file a income tax return may be a misdemeanour offense, but still carries serious penalties. Someone condemned of failing to file a federal income tax return will be penalised up to $25,000 for every year a return wasn't filed and sent to jail for a year. A Tax lawyer can certainly guide you in this situation.
