Tax Evasion Lawyers in Farmington
Tax Evasion in New Mexico is a criminal act in which someone intentionally fails to pay their taxes.
Most commonly, people who try to evade their taxes in Farmington, New Mexico will take steps to hide 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 intentionally attempting to get out of one's tax liability through unlawful 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 Farmington, New Mexico
Under the laws of New Mexico, as well as federal law, tax evasion is a very severe criminal offense.
The penalties for tax evasion in Farmington can range anywhere from small fines to huge fines, along with prison sentences of several years.
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 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.
But, if the government can prove that a defendant in Farmington, New Mexico intentionally 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 Farmington, New Mexico Tax Evasion Lawyer Can Help
An attorney in Farmington, New Mexico 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.
If the government really charges you with tax evasion, it cannot be stressed enough that you need the assistance of a brilliant Farmington, New Mexico tax attorney. Assuming you're actually innocent, your tax lawyer can help you prepare a defense, and ensure that you have a good chance of being found not guilty. On top of that, they can make getting through such a difficult time much easier.