Tax Evasion Lawyers in Loveland
"Tax Evasion" refers to the crime of purposely failing to pay one's taxes, as required by Colorado law.
Typically, the strategy employed by tax evaders in Loveland, 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 crucial 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 Loveland, Colorado
Both federal law and the law of Colorado treat tax evasion as a serious criminal offense.
The penalties for tax evasion in Loveland 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 willful.
But if the government is able to definitively prove that a defendant in Loveland, Colorado 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.
A Loveland, Colorado Tax Evasion Lawyer Can Help
A tax attorney in Loveland, Colorado 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 exactly what one's tax liability is, and a tax attorney can help.
In the unfortunate event that you're actually charged with tax evasion, it's crucial that you hire a qualified tax attorney in Loveland, 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.