Tax Evasion Lawyers in Cohoes
Tax Evasion in New York is a criminal act in which someone knowingly fails to pay their taxes.
Most commonly, people who try to evade their taxes in Cohoes, New York will take steps to hide their assets and income, or transferring their property to other legal entities in a fraudulent manner.
You may also be familiar with the term "tax avoidance." It is critical that you don't confuse this with "tax evasion." Tax avoidance is perfectly legal, and is probably something that every taxpayer does whenever they file, whether they know it or not. It involves employing legal methods to make one's tax liability as small as possible, taking advantages of deductions and other tax breaks.
Penalties for Tax Evasion in Cohoes, New York
Under the laws of New York, as well as federal law, tax evasion is a very serious criminal offense.
The penalties for tax evasion in Cohoes 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 normally be fairly mild. It will normally 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 Cohoes, New York knowingly attempted to hide 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 Cohoes, New York Tax Evasion Lawyer Can Help
Tax lawyers in Cohoes, New York 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 really been accused of tax evasion, you should retain a Cohoes, New York tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.