Tax Evasion Lawyers in Norwood

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

Most often, people who try to evade their taxes in Norwood, New Jersey will take steps to conceal 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 illegal 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 Norwood, 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 Norwood 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 typically 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.

But, if the government can prove that a defendant in Norwood, New Jersey willfully concealed income, in order to get out of paying taxes, a court will most likely impose the heaviest penalties allowed by law, including enormous fines, and several years in prison.

A Norwood, New Jersey Tax Evasion Lawyer Can Help

A tax attorney in Norwood, 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 difficult to determine exactly what one's tax liability is, and a tax attorney can help.

If you find yourself actually accused of tax evasion, and are innocent, you should hire a Norwood, New Jersey attorney with experience 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.