Tax Evasion in Paragould, Arkansas
"Tax Evasion" refers to the crime of intentionally failing to pay one's taxes, as required by Arkansas law.
One of the most common frequent tactics of tax evaders in Paragould, Arkansas is to attempt to make it appear to an outside observer that their tax liability is lower than it really is, such as by concealing income, fraudulently transferring property, and others.
You may also be familiar with the term "tax avoidance." It is essential 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 Paragould, Arkansas
Under the laws of Arkansas, as well as federal law, tax evasion is a very severe criminal offense.
The penalties for tax evasion in Paragould can range anywhere from small fines to huge fines, along with prison sentences of several years.
Most often, tax evasion - if it's a first offense and the tax liability is small - will not be cause for huge fines or imprisonment. This is especially true if the prosecution can't definitively prove that that the defendant's failure to pay taxes was purposeful, as opposed to an honest mistake.
However, if it can be clearly proven that a person or corporation in Paragould, Arkansas intentionally attempted to hide income or assets for the purpose of getting out of taxes, a court will probably throw the book at them, so to speak. This can mean jail sentences measured in years, and fines in the six or seven figures.
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A Paragould, Arkansas Tax Evasion Lawyer Can Help
Attorneys in Paragould, Arkansas who practice tax law can help you stay in compliance with your tax obligations. This is a good way to ensure that you won't be suspected of tax evasion in the first place.
In the unfortunate event that you're really charged with tax evasion, it's essential that you hire a reliable tax attorney in Paragould, Arkansas. If you are actually innocent, your tax attorney can help make sure that you have the best chance you can of being found not guilty.