Tax Evasion Lawyers in Newton
"Tax Evasion" refers to the crime of knowingly failing to pay one's taxes, as required by Iowa law.
There are a few strategies that tax evaders use in Newton, Iowa. One of the most frequent tactics is to make it appear that the taxpayer has less taxable income than they actually do. There are a wide number of ways to hide income for the purpose of evading one's tax liability, but all of them are illegal.
You should not confuse "tax evasion" with "tax avoidance." Tax evasion is illegal, and involves deliberately failing to pay one's taxes which they lawfully owe. Tax avoidance, on the other hand, is legal, and involves utilizing legal strategies to lower one's legal tax liability. For example, strategically using deductions and tax credits to lower the amount of money you are legally obliged to pay, is an example of tax avoidance, assuming you actually pay your tax bill, whatever it ends up being.
Penalties for Tax Evasion in Newton, Iowa
Under the laws of Iowa, as well as federal law, tax evasion is a very egregious criminal offense.
Tax evaders in Newton 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.
In most cases, especially when the amount of taxes evaded is small, and it's a first offense, the punishment will normally be fairly mild. It will normally 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 intentional.
However, if it can be clearly proven that a person or corporation in Newton, Iowa knowingly 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 Newton, Iowa Tax Evasion Lawyer Can Help
Tax lawyers in Newton, Iowa can help anyone from an individual to a big business pay their taxes more quickly, and adhere with federal and local tax laws.
Of course, if you've really been accused of tax evasion, you should retain a Newton, Iowa tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.