Tax Evasion Lawyers in North Caldwell
Tax Evasion in New Jersey is a criminal act in which someone willfully fails to pay their taxes.
Most commonly, people who try to evade their taxes in North Caldwell, New Jersey will take steps to hide 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 unlawful 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 North Caldwell, New Jersey
The federal government and the laws of New Jersey impose grave penalties for tax evasion - treating it as an extremely serious crime.
Punishments for evading one's taxes in North Caldwell 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.
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 usually 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.
However, if it can be clearly proven that a person or corporation in North Caldwell, New Jersey willfully attempted to hide 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 North Caldwell, New Jersey Tax Evasion Lawyer Can Help
A North Caldwell, New Jersey attorney who concentrates in tax law can help ensure that you are in conformity with all applicable tax laws, making an accusation of tax evasion less likely.
In the unfortunate event that you're really charged with tax evasion, it's important that you hire a reliable tax attorney in North Caldwell, 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.