Tax Evasion Lawyers in Lamar
"Tax Evasion" refers to the crime of deliberately failing to pay one's taxes, as required by Colorado law.
Typically, the strategy employed by tax evaders in Lamar, 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 important 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 Lamar, Colorado
Both federal law and the law of Colorado treat tax evasion as a serious criminal offense.
The penalties for tax evasion in Lamar can range anywhere from small penalties to huge penalties, along with prison sentences of several years.
In most cases, especially when the amount of taxes evaded is small, and it's a first offense, the punishment will usually be fairly mild. It will usually 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 intentional.
However, if it can be clearly proven that a person or corporation in Lamar, Colorado deliberately attempted to conceal 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 Lamar, Colorado Tax Evasion Lawyer Can Help
A Lamar, Colorado attorney who concentrates in tax law can help ensure that you are in conformity with all applicable tax laws, making an accusation of tax evasion less likely.
In the unfortunate event that you're actually charged with tax evasion, it's imperative that you hire a qualified tax attorney in Lamar, 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.