Tax Evasion Lawyers in Fort Thomas
Within Kentucky "tax evasion" is the crime of failing to pay the taxes that they owe.
Typically, the strategy employed by tax evaders in Fort Thomas, Kentucky is to try and make it look like they have less taxable income than they actually do. This can be done by failing to report income, concealing it, or fraudulently transferring property.
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 utilizing 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 commitments to pay taxes.
Penalties for Tax Evasion in Fort Thomas, Kentucky
Under the laws of Kentucky, as well as federal law, tax evasion is a very significant criminal offense.
Tax evaders in Fort Thomas 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 usually 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 Fort Thomas, Kentucky knowingly 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 Fort Thomas, Kentucky Tax Evasion Lawyer Can Help
Tax lawyers in Fort Thomas, Kentucky can help anyone from an individual to a big business pay their taxes more quickly, and adhere with federal and local tax laws.
If you find yourself actually accused of tax evasion, and are innocent, you should hire a Fort Thomas, Kentucky 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.