Tax Evasion in Ward, 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 Ward, 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 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 Ward, Arkansas
The federal government and the laws of Arkansas impose grave penalties for tax evasion - treating it as an extremely serious crime.
In Ward, tax evasion can result in anything from a comparatively small fine, and a court order to pay any back taxes as well as interest, all the way up to financial penalties in the hundreds of thousands of dollars, as well as jail time.
In most cases, especially when the amount of taxes evaded is small, and it's a first offense, the punishment will typically be fairly mild. It will typically result in an order to pay the taxes the defendant owes, plus a small financial penalty. This is especially likely when it cannot be proven that the failure to pay taxes was willful.
But, if the government can prove that a defendant in Ward, Arkansas knowingly concealed income, in order to get out of paying taxes, a court will most likely impose the heaviest penalties allowed by law, including enormous fines, and several years in prison.
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A Ward, Arkansas Tax Evasion Lawyer Can Help
A tax attorney in Ward, 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 precisely what one's tax liability is, and a tax attorney can help.
In the unfortunate event that you're truly charged with tax evasion, it's critical that you hire a knowledgeable tax attorney in Ward, 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.