Tax Evasion Lawyers in Summit
In Illinois "tax evasion" is the crime of failing to pay the taxes that they owe.
Typically, tax evasion is accompanied by an attempt to make it appear to the government of Summit, 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.
It's important not to confuse "tax avoidance" and "tax evasion." They are two different things, but some people mistakenly use them interchangeably. Tax avoidance involves using legal methods, such as tax deductions and exemptions, in a strategic manner, for the purpose of reducing one's tax liability. Tax avoidance is perfectly legal. Tax evasion involves fraud, and a deliberate attempt to avoid meeting one's legal obligations to pay taxes.
Penalties for Tax Evasion in Summit, Illinois
Both federal law and the law of Illinois treat tax evasion as a serious criminal offense.
Tax evaders in Summit can be punished by multi-year prison sentences, as well as six-figure fines. Of course, there is a wide range of punishments available, with the ones just mentioned representing the most severe options available.
However, the punishments for tax evasion, especially first offenses involving relatively small amounts of money, is not usually so severe, especially 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 Summit, Illinois willfully 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 Summit, Illinois Tax Evasion Lawyer Can Help
Attorneys in Summit, Illinois who practice tax law can help you stay in compliance with your tax obligations. This is a good way to ensure that you won't be suspected of tax evasion in the first place.
Of course, if you've actually been accused of tax evasion, you should contact a Summit, Illinois tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.