Tax Evasion Lawyers in Englewood Cliffs
Tax Evasion in New Jersey is a criminal act in which someone willfully fails to pay their taxes.
Most often, people who try to evade their taxes in Englewood Cliffs, New Jersey will take steps to conceal their assets and income, or transferring their property to other legal entities in a fraudulent manner.
"Tax evasion" should be distinguished from "tax avoidance." Tax evasion is the illegal act of trying to hide one's tax liability. Tax avoidance, on the other hand, is perfectly legal, and simply involves utilizing the tax laws strategically, to reduce one's actual tax liability as much as possible.
Penalties for Tax Evasion in Englewood Cliffs, New Jersey
Both federal law and the law of New Jersey treat tax evasion as a serious criminal offense.
The penalties for tax evasion in Englewood Cliffs can range anywhere from small penalties to huge penalties, along with prison sentences of several years.
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 typically 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 prove that an Englewood Cliffs, New Jersey taxpayer engaged in fraud, and knowingly failed to pay their taxes, a tax court will probably impose the most grave punishment that's allowed by law. This can easily involve jail time.
A Englewood Cliffs, New Jersey Tax Evasion Lawyer Can Help
A tax attorney in Englewood Cliffs, New Jersey can ensure that you meet your tax liabilities, which will make an audit, or charge of tax evasion, less likely. Sometimes, it's challenging to determine exactly what one's tax liability is, and a tax attorney can help.
Of course, if you've actually been accused of tax evasion, you should contact an Englewood Cliffs, New Jersey tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.