Tax Evasion Lawyers in Waldwick
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 Waldwick, 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 Waldwick, New Jersey
Under federal and state law, including the laws of New Jersey, tax evasion is a very serious crime.
The penalties for tax evasion in Waldwick can range anywhere from small fines to huge fines, along with prison sentences of several years.
Most often, tax evasion - if it's a first offense and the tax liability is small - will not be cause for huge fines or imprisonment. This is especially true if the prosecution can't definitively prove that that the defendant's failure to pay taxes was deliberate, as opposed to an honest mistake.
On the other hand, if the prosecution can establish that a Waldwick, 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 Waldwick, New Jersey Tax Evasion Lawyer Can Help
A tax attorney in Waldwick, 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 precisely what one's tax liability is, and a tax attorney can help.
In the unfortunate event that you're truly charged with tax evasion, it's crucial that you hire a knowledgeable tax attorney in Waldwick, 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.