Tax Evasion in Monticello, Arkansas
"Tax Evasion" refers to the crime of deliberately failing to pay one's taxes, as required by Arkansas law.
One of the most common common tactics of tax evaders in Monticello, Arkansas is to attempt to make it appear to an outside observer that their tax liability is lower than it actually is, such as by concealing income, fraudulently transferring property, and others.
You may also be acquainted with the term "tax avoidance." It is important that you don't confuse this with "tax evasion." Tax avoidance is perfectly legal, and is probably something that every taxpayer does whenever they file, whether they know it or not. It involves employing legal methods to make one's tax liability as small as possible, taking advantages of deductions and other tax breaks.
Penalties for Tax Evasion in Monticello, Arkansas
Under the laws of Arkansas, as well as federal law, tax evasion is a very egregious criminal offense.
In Monticello, 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.
However, the punishments for tax evasion, particularly first offenses involving relatively small amounts of money, is not usually so severe, particularly when it looks like the failure to pay taxes was the result of an honest mistake, rather than deliberate fraud.
On the other hand, if the prosecution can prove that a Monticello, Arkansas taxpayer engaged in fraud, and knowingly failed to pay their taxes, a tax court will probably impose the most grave punishment that's allowed by law. This can easily involve jail time.
Find a Monticello Lawyer that Specializes in Your Area of Need:
A Monticello, Arkansas Tax Evasion Lawyer Can Help
A tax attorney in Monticello, Arkansas can ensure that you meet your tax liabilities, which will make an audit, or charge of tax evasion, less likely. Sometimes, it's challenging to determine exactly what one's tax liability is, and a tax attorney can help.
Of course, if you've actually been accused of tax evasion, you should contact a Monticello, Arkansas tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.