Tax Evasion Lawyers in Towson
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 Towson, 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 Towson, Maryland
Both federal law and the law of Maryland treat tax evasion as a severe criminal offense.
Tax evaders in Towson 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.
In most cases, especially when the amount of taxes evaded is small, and it's a first offense, the punishment will normally be fairly mild. It will normally result in an order to pay the taxes the defendant owes, plus a small financial penalty. This is especially likely when it cannot be proven that the failure to pay taxes was willful.
However, if it can be clearly proven that a person or corporation in Towson, Maryland knowingly attempted to hide 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 Towson, Maryland Tax Evasion Lawyer Can Help
Tax lawyers in Towson, Maryland can help anyone from an individual to a big business pay their taxes more quickly, and adhere with federal and local tax laws.
In the unfortunate event that you're really charged with tax evasion, it's critical that you hire a reliable tax attorney in Towson, 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.