Tax Evasion Lawyers in Stamford
"Tax Evasion" refers to the crime of intentionally failing to pay one's taxes, as required by Connecticut law.
Most commonly, people who try to evade their taxes in Stamford, Connecticut will take steps to hide their assets and income, or transferring their property to other legal entities in a fraudulent manner.
"Tax evasion" should not be confused with "tax avoidance." Tax evasion is the act of intentionally attempting to get out of one's tax liability through unlawful means. Tax avoidance is perfectly legal, and involves utilizing legal strategies (such as taking advantage of deductions and tax credits) to reduce one's legal tax liability. However, someone engaging in tax avoidance typically intends to pay whatever they end up owing, even as they try to reduce the amount they owe.
Penalties for Tax Evasion in Stamford, Connecticut
Under the laws of Connecticut, as well as federal law, tax evasion is a very significant criminal offense.
Punishments for evading one's taxes in Stamford range from paying back taxes plus interest (a relatively mild punishment) all the way up to years in prison, and penalties in the hundreds of thousands of dollars.
However, the punishments for tax evasion, particularly first offenses involving relatively small amounts of money, is not normally 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 Stamford, Connecticut intentionally 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 Stamford, Connecticut Tax Evasion Lawyer Can Help
Tax lawyers in Stamford, 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 really accused of tax evasion, and are innocent, you should hire a Stamford, 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.