Tax Evasion Lawyers in Mahomet
In Illinois "tax evasion" is the crime of failing to pay the taxes that they owe.
Usually, tax evasion is accompanied by an attempt to make it appear to the government of Mahomet, Illinois that one's tax liability is lower than it actually is. This can include concealing income, making fraudulent transfers of property, and other illegal activities.
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 using 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 Mahomet, Illinois
The laws of the federal government, as well as Illinois take tax evasion extremely seriously, making it a crime.
In Mahomet, the punishments for tax evasion can range from a court order to pay back taxes, plus a small fine, and range all the way up to fines in the tens (or hundreds) of thousands of dollars, and imprisonment.
In the majority of tax evasion cases, however, the punishments are not so severe. This is especially likely in first offenses, when the amount of money involved is fairly small. Minor punishments for tax evasion usually 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 Mahomet, Illinois deliberately 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 Mahomet, Illinois Tax Evasion Lawyer Can Help
A Mahomet, Illinois attorney who specializes in tax law can help ensure that you are in compliance 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 Mahomet, Illinois attorney with experience 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.