Tax Evasion Lawyers in Holmdel
Tax Evasion in New Jersey is a criminal act in which someone intentionally fails to pay their taxes.
Most frequently, people who try to evade their taxes in Holmdel, 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 Holmdel, New Jersey
Both federal law and the law of New Jersey treat tax evasion as a significant criminal offense.
Tax evaders in Holmdel 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.
Normally, an initial offense of tax evasion, if the amount of tax evaded is comparatively small, will not result in jail time or massive fines. This is particularly the case if the government has trouble proving that the failure to pay taxes was the result of intentional evasion, as opposed to an honest error in accounting.
However, if the relevant tax authorities are able to demonstrate that a taxpayer in Holmdel, New Jersey committed intentional fraud, in order to evade their legal duty to pay taxes, a tax court is probably going to impose a more severe penalty, which may include jail time, and large financial penalties.
A Holmdel, New Jersey Tax Evasion Lawyer Can Help
Tax lawyers in Holmdel, 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.
If you find yourself truly accused of tax evasion, and are innocent, you should hire a Holmdel, New Jersey 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.