Tax Evasion in Trumann, Arkansas
"Tax Evasion" refers to the crime of knowingly failing to pay one's taxes, as required by Arkansas law.
One of the most common prevalent tactics of tax evaders in Trumann, 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 familiar with the term "tax avoidance." It is critical 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 Trumann, Arkansas
Under the laws of Arkansas, as well as federal law, tax evasion is a very serious criminal offense.
Punishments for evading one's taxes in Trumann range from paying back taxes plus interest (a relatively mild punishment) all the way up to years in prison, and fines in the hundreds of thousands of dollars.
In the majority of tax evasion cases, however, the punishments are not so severe. This is especially likely in first offenses, when the amount of money involved is fairly small. Minor punishments for tax evasion normally mean a small fine, on top of an order to pay whatever taxes the taxpayer owes. A minor punishment is most likely when the government has trouble proving that fraud was involved, as opposed to an honest accounting error.
However, if the relevant tax authorities are able to demonstrate that a taxpayer in Trumann, Arkansas committed deliberate 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.
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A Trumann, Arkansas Tax Evasion Lawyer Can Help
A tax attorney in Trumann, Arkansas can ensure that you meet your tax liabilities, which will make an audit, or charge of tax evasion, less likely. Sometimes, it's difficult to determine precisely what one's tax liability is, and a tax attorney can help.
If you find yourself truly accused of tax evasion, and are innocent, you should hire a Trumann, Arkansas attorney with experience 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.