Tax Evasion Lawyers in Rio Rancho

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 Rio Rancho, 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 Rio Rancho, New Mexico

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

Tax evaders in Rio Rancho can be punished by multi-year prison sentences, as well as six-figure fines. Of course, there is a wide range of punishments available, with the ones just mentioned representing the most severe options available.

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 purposeful.

However, if the relevant tax authorities are able to demonstrate that a taxpayer in Rio Rancho, New Mexico committed purposeful fraud, in order to evade their legal duty to pay taxes, a tax court is probably going to impose a more severe penalty, which may include jail time, and large financial penalties.

A Rio Rancho, New Mexico Tax Evasion Lawyer Can Help

A Rio Rancho, New Mexico attorney who specializes in tax law can help ensure that you are in compliance with all applicable tax laws, making an accusation of tax evasion less likely.

However, if you're truly accused of tax evasion, you will need a Rio Rancho, New Mexico tax attorney more than ever. If you are, in fact, innocent, a tax attorney can give you the best possible chance of being found not guilty.