Tax Evasion Lawyers in Lakewood
Tax Evasion in New Jersey is a criminal act in which someone purposely fails to pay their taxes.
Most frequently, people who try to evade their taxes in Lakewood, 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 using the tax laws strategically, to reduce one's actual tax liability as much as possible.
Penalties for Tax Evasion in Lakewood, New Jersey
Both federal law and the law of New Jersey treat tax evasion as a significant criminal offense.
Tax evaders in Lakewood can be punished by multi-year prison sentences, as well as six-figure fines. Of course, there is a wide range of punishments available, with the ones just mentioned representing the most severe options available.
However, the punishments for tax evasion, especially first offenses involving relatively small amounts of money, is not typically so severe, especially when it looks like the failure to pay taxes was the result of an honest mistake, rather than deliberate fraud.
On the other hand, if the prosecution can establish that a Lakewood, New Jersey taxpayer engaged in fraud, and knowingly failed to pay their taxes, a tax court will probably impose the most severe punishment that's permitted by law. This can easily involve jail time.
A Lakewood, New Jersey Tax Evasion Lawyer Can Help
A Lakewood, New Jersey attorney who specializes in tax law can help ensure that you are in compliance with all applicable tax laws, making an accusation of tax evasion less likely.
In the unfortunate event that you're truly charged with tax evasion, it's crucial that you hire a knowledgeable tax attorney in Lakewood, 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.