Tax Evasion Lawyers in Kokomo
Within Indiana "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 Kokomo, Indiana 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 may also be acquainted with the term "tax avoidance." It is crucial that you don't confuse this with "tax evasion." Tax avoidance is perfectly legal, and is probably something that every taxpayer does whenever they file, whether they know it or not. It involves employing legal methods to make one's tax liability as small as possible, taking advantages of deductions and other tax breaks.
Penalties for Tax Evasion in Kokomo, Indiana
Both federal law and the law of Indiana treat tax evasion as a severe criminal offense.
In Kokomo, tax evasion can result in anything from a comparatively small fine, and a court order to pay any back taxes as well as interest, all the way up to financial penalties in the hundreds of thousands of dollars, as well as jail time.
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 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.
But, if the government can prove that a defendant in Kokomo, Indiana purposely concealed income, in order to get out of paying taxes, a court will most likely impose the heaviest penalties allowed by law, including enormous fines, and several years in prison.
A Kokomo, Indiana Tax Evasion Lawyer Can Help
Attorneys in Kokomo, Indiana who practice tax law can help you stay in conformity with your tax commitments. This is a good way to confirm that you won't be suspected of tax evasion in the first place.
In the unfortunate event that you're really charged with tax evasion, it's crucial that you hire a reliable tax attorney in Kokomo, Indiana. 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.