Tax Evasion Lawyers in Wolcott
"Tax Evasion" refers to the crime of willfully failing to pay one's taxes, as required by Connecticut law.
Most commonly, people who try to evade their taxes in Wolcott, 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 willfully 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 Wolcott, Connecticut
Under the laws of Connecticut, as well as federal law, tax evasion is a very egregious criminal offense.
Tax evaders in Wolcott can be punished by multi-year prison sentences, as well as six-figure fines. Of course, there is a wide range of penalties available, with the ones just mentioned representing the most severe options available.
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 Wolcott, Connecticut willfully 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 Wolcott, Connecticut Tax Evasion Lawyer Can Help
A Wolcott, 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.
If you find yourself really accused of tax evasion, and are innocent, you should hire a Wolcott, 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.