Tax Evasion Lawyers in Torrington
"Tax Evasion" refers to the crime of purposely failing to pay one's taxes, as required by Connecticut law.
Most often, people who try to evade their taxes in Torrington, Connecticut will take steps to conceal 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 purposely attempting to get out of one's tax liability through illegal 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 Torrington, 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 Torrington 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.
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 typically 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 Torrington, Connecticut purposely 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 Torrington, Connecticut Tax Evasion Lawyer Can Help
A Torrington, Connecticut 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 crucial that you hire a qualified tax attorney in Torrington, Connecticut. 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.