Tax Evasion Lawyers in Colchester
"Tax Evasion" refers to the crime of purposely failing to pay one's taxes, as required by Connecticut law.
Normally, the strategy employed by tax evaders in Colchester, Connecticut 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 Colchester, Connecticut
The laws of the federal government, as well as Connecticut take tax evasion quite seriously, making it a crime.
In Colchester, 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.
However, the punishments for tax evasion, particularly first offenses involving relatively small amounts of money, is not typically so severe, particularly when it looks like the failure to pay taxes was the result of an honest mistake, rather than deliberate fraud.
However, if it can be clearly proven that a person or corporation in Colchester, Connecticut purposely attempted to harbor 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 Colchester, Connecticut Tax Evasion Lawyer Can Help
Tax lawyers in Colchester, Connecticut can help anyone from an individual to a big business pay their taxes more quickly, and adhere with federal and local tax laws.
If you find yourself truly accused of tax evasion, and are innocent, you should hire a Colchester, Connecticut attorney with expertise 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.