Tax Evasion Lawyers in Arvada
"Tax Evasion" refers to the crime of knowingly failing to pay one's taxes, as required by Colorado law.
Usually, the strategy employed by tax evaders in Arvada, Colorado is to try and make it look like they have less taxable income than they actually do. This can be done by failing to report income, concealing it, or fraudulently transferring property.
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 Arvada, Colorado
Under the laws of Colorado, as well as federal law, tax evasion is a very significant criminal offense.
In Arvada, the penalties for tax evasion can range from a court order to pay back taxes, plus a small fine, and range all the way up to penalties in the tens (or hundreds) of thousands of dollars, and imprisonment.
In the majority of tax evasion cases, however, the punishments are not so severe. This is particularly likely in first offenses, when the amount of money involved is fairly small. Minor punishments for tax evasion usually 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 it can be clearly proven that a person or corporation in Arvada, Colorado knowingly 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.
A Arvada, Colorado Tax Evasion Lawyer Can Help
Attorneys in Arvada, Colorado who practice tax law can help you stay in conformity with your tax commitments. This is a good way to confirm 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 critical that you hire a reliable tax attorney in Arvada, Colorado. 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.