Tax Evasion Lawyers in Freehold
Tax Evasion in New Jersey is a criminal act in which someone deliberately fails to pay their taxes.
Most frequently, people who try to evade their taxes in Freehold, New Jersey will take steps to harbor 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 prohibited 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 Freehold, New Jersey
Both federal law and the law of New Jersey treat tax evasion as a significant criminal offense.
Punishments for evading one's taxes in Freehold 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 Freehold, New Jersey deliberately 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 Freehold, New Jersey Tax Evasion Lawyer Can Help
Tax lawyers in Freehold, New Jersey 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 truly charged with tax evasion, it's imperative that you hire a knowledgeable tax attorney in Freehold, New Jersey. 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.