Tax Evasion Lawyers in Little Silver
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 Little Silver, 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 Little Silver, New Jersey
Both federal law and the law of New Jersey treat tax evasion as a significant criminal offense.
Tax evaders in Little Silver 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.
In most cases, especially when the amount of taxes evaded is small, and it's a first offense, the punishment will typically be fairly mild. It will typically result in an order to pay the taxes the defendant owes, plus a small financial penalty. This is especially likely when it cannot be proven that the failure to pay taxes was intentional.
However, if the relevant tax authorities are able to demonstrate that a taxpayer in Little Silver, 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 Little Silver, New Jersey Tax Evasion Lawyer Can Help
A tax attorney in Little Silver, 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 precisely what one's tax liability is, and a tax attorney can help.
Of course, if you've truly been accused of tax evasion, you should hire a Little Silver, New Jersey tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.