Tax Evasion in Sheridan, 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 common tactics of tax evaders in Sheridan, 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 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 Sheridan, Arkansas
Under the laws of Arkansas, as well as federal law, tax evasion is a very significant criminal offense.
Punishments for evading one's taxes in Sheridan 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 willful, as opposed to an honest mistake.
But if the government is able to definitively prove that a defendant in Sheridan, Arkansas intentionally engaged in fraud to get out of paying taxes, a tax court is very unlikely to show any leniency, and may well sentence the defendant to prison time.
Find a Sheridan Lawyer that Specializes in Your Area of Need:
A Sheridan, Arkansas Tax Evasion Lawyer Can Help
An attorney in Sheridan, 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.
Of course, if you've actually been accused of tax evasion, you should contact a Sheridan, Arkansas tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.