Tax Evasion Lawyers in Princeton

In Kentucky "tax evasion" is the crime of failing to pay the taxes that they owe.

Usually, the strategy employed by tax evaders in Princeton, 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 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 Princeton, Kentucky

Under federal and state law, including the laws of Kentucky, tax evasion is a very serious crime.

In Princeton, 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.

Usually, a first offense of tax evasion, if the amount of tax evaded is relatively small, will not result in jail time or massive fines. This is especially the case if the government has trouble proving that the failure to pay taxes was the result of deliberate evasion, as opposed to an honest error in accounting.

But if the government is able to definitively show that a defendant in Princeton, Kentucky intentionally engaged in fraud to get out of paying taxes, a tax court is highly unlikely to show any leniency, and may well sentence the defendant to prison time.

A Princeton, Kentucky Tax Evasion Lawyer Can Help

Attorneys in Princeton, Kentucky 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 really been accused of tax evasion, you should retain a Princeton, Kentucky tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.