Tax Evasion Lawyers in North Wildwood

Tax Evasion in New Jersey is a criminal act in which someone knowingly fails to pay their taxes.

Most frequently, people who try to evade their taxes in North Wildwood, 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 North Wildwood, New Jersey

The federal government and the laws of New Jersey impose severe penalties for tax evasion - treating it as an extremely serious crime.

Punishments for evading one's taxes in North Wildwood range from paying back taxes plus interest (a relatively mild punishment) all the way up to years in prison, and fines in the hundreds of thousands of dollars.

In the majority of tax evasion cases, however, the punishments are not so severe. This is especially likely in first offenses, when the amount of money involved is fairly small. Minor punishments for tax evasion normally 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 Wildwood, New Jersey knowingly 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 North Wildwood, New Jersey Tax Evasion Lawyer Can Help

An attorney in North Wildwood, New Jersey specializing in tax law can help you comply with all the tax laws that apply to you, which makes it very unlikely that you'll ever be accused of tax evasion in the first place.

Of course, if you've truly been accused of tax evasion, you should hire a North Wildwood, New Jersey tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.