Tax Evasion in Russellville, Arkansas
"Tax Evasion" refers to the crime of purposely failing to pay one's taxes, as required by Arkansas law.
One of the most common prevalent tactics of tax evaders in Russellville, Arkansas 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.
You may also be acquainted with the term "tax avoidance." It is crucial 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 Russellville, Arkansas
Under the laws of Arkansas, as well as federal law, tax evasion is a very egregious criminal offense.
Punishments for evading one's taxes in Russellville range from paying back taxes plus interest (a relatively mild punishment) all the way up to years in prison, and penalties in the hundreds of thousands of dollars.
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 particularly true if the prosecution can't definitively prove that that the defendant's failure to pay taxes was intentional, as opposed to an honest mistake.
However, if it can be clearly proven that a person or corporation in Russellville, Arkansas purposely attempted to harbor 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 Russellville, Arkansas Tax Evasion Lawyer Can Help
An attorney in Russellville, Arkansas specializing in tax law can help you adhere with all the tax laws that apply to you, which makes it very unlikely that you'll ever be accused of tax evasion in the first place.
If you find yourself truly accused of tax evasion, and are innocent, you should hire a Russellville, Arkansas attorney with expertise practicing tax law, as soon as possible. Your tax attorney can help you defend yourself against the charges, ensuring that you have a good chance at being acquitted.