Tax Evasion Lawyers in Cody

Tax evasion is a crime in Wyoming. Tax evasion involves willfully failing to pay one's taxes.

One of the most common prevalent tactics of tax evaders in Cody, Wyoming is to attempt to make it appear to an outside observer that their tax liability is lower than it truly is, such as by concealing income, fraudulently transferring property, and others.

It's important not to confuse "tax avoidance" and "tax evasion." They are two different things, but some people mistakenly use them interchangeably. Tax avoidance involves utilizing legal methods, such as tax deductions and exemptions, in a strategic manner, for the purpose of reducing one's tax liability. Tax avoidance is perfectly legal. Tax evasion involves fraud, and a deliberate attempt to avoid meeting one's legal commitments to pay taxes.

Penalties for Tax Evasion in Cody, Wyoming

The federal government and the laws of Wyoming impose grave penalties for tax evasion - treating it as an extremely serious crime.

In Cody, the penalties for tax evasion can range from a court order to pay back taxes, plus a small fine, and range all the way up to penalties in the tens (or hundreds) of thousands of dollars, and imprisonment.

Normally, an initial offense of tax evasion, if the amount of tax evaded is comparatively small, will not result in jail time or massive fines. This is particularly the case if the government has trouble proving that the failure to pay taxes was the result of willful evasion, as opposed to an honest error in accounting.

However, if the relevant tax authorities are able to demonstrate that a taxpayer in Cody, Wyoming committed willful fraud, in order to evade their legal duty to pay taxes, a tax court is probably going to impose a more severe penalty, which may include jail time, and large financial penalties.

A Cody, Wyoming Tax Evasion Lawyer Can Help

Attorneys in Cody, Wyoming who practice tax law can help you stay in conformity with your tax commitments. This is a good way to confirm that you won't be suspected of tax evasion in the first place.

Of course, if you've truly been accused of tax evasion, you should hire a Cody, Wyoming tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.