Tax Evasion Lawyers in Corrales

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

Most frequently, people who try to evade their taxes in Corrales, New Mexico will take steps to harbor their assets and income, or transferring their property to other legal entities in a fraudulent manner.

"Tax evasion" should not be confused with "tax avoidance." Tax evasion is the act of willfully attempting to get out of one's tax liability through prohibited means. Tax avoidance is perfectly legal, and involves using legal strategies (such as taking advantage of deductions and tax credits) to reduce one's legal tax liability. However, someone engaging in tax avoidance typically intends to pay whatever they end up owing, even as they try to reduce the amount they owe.

Penalties for Tax Evasion in Corrales, New Mexico

Under the laws of New Mexico, as well as federal law, tax evasion is a very serious criminal offense.

The penalties for tax evasion in Corrales can range anywhere from small fines to huge fines, along with prison sentences of several years.

In most cases, particularly 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 deliberate.

However, if it can be clearly proven that a person or corporation in Corrales, New Mexico willfully 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 Corrales, New Mexico Tax Evasion Lawyer Can Help

Tax lawyers in Corrales, New Mexico can help anyone from an individual to a big business pay their taxes more easily, and comply with federal and local tax laws.

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