Tax Evasion Lawyers in Owings Mills
Within Maryland "tax evasion" is the crime of failing to pay the taxes that they owe.
Most commonly, people who try to evade their taxes in Owings Mills, Maryland will take steps to hide their assets and income, or transferring their property to other legal entities in a fraudulent manner.
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 utilizing 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 Owings Mills, Maryland
Both federal law and the law of Maryland treat tax evasion as a severe criminal offense.
In Owings Mills, 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.
On the other hand, if the prosecution can show that a Owings Mills, Maryland taxpayer engaged in fraud, and knowingly failed to pay their taxes, a tax court will probably impose the most grave punishment that's authorized by law. This can easily involve jail time.
A Owings Mills, Maryland Tax Evasion Lawyer Can Help
A Owings Mills, Maryland attorney who concentrates in tax law can help ensure that you are in conformity with all applicable tax laws, making an accusation of tax evasion less likely.
In the unfortunate event that you're really charged with tax evasion, it's important that you hire a reliable tax attorney in Owings Mills, Maryland. 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.