Tax Evasion Lawyers in South Sioux City
Tax Evasion in Nebraska is a criminal act in which someone knowingly fails to pay their taxes.
One of the most common prevalent tactics of tax evaders in South Sioux City, Nebraska is to attempt to make it appear to an outside observer that their tax liability is lower than it truly is, such as by concealing income, fraudulently transferring property, and others.
You may also be acquainted with the term "tax avoidance." It is critical 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 South Sioux City, Nebraska
Under the laws of Nebraska, as well as federal law, tax evasion is a very significant criminal offense.
Punishments for evading one's taxes in South Sioux City range from paying back taxes plus interest (a relatively mild punishment) all the way up to years in prison, and penalties in the hundreds of thousands of dollars.
However, the punishments for tax evasion, particularly first offenses involving relatively small amounts of money, is not typically 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 South Sioux City, Nebraska knowingly attempted to harbor 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 South Sioux City, Nebraska Tax Evasion Lawyer Can Help
A South Sioux City, Nebraska 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.
If you find yourself truly accused of tax evasion, and are innocent, you should hire a South Sioux City, Nebraska 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.