Tax Evasion Lawyers in Coram
Tax Evasion in New York is a criminal act in which someone purposely fails to pay their taxes.
Most commonly, people who try to evade their taxes in Coram, 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 acquainted with the term "tax avoidance." It is crucial 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 Coram, New York
Under the laws of New York, as well as federal law, tax evasion is a very egregious criminal offense.
The penalties for tax evasion in Coram can range anywhere from small penalties to huge penalties, along with prison sentences of several years.
In the majority of tax evasion cases, however, the punishments are not so severe. This is particularly 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.
On the other hand, if the prosecution can show that a Coram, New York taxpayer engaged in fraud, and knowingly failed to pay their taxes, a tax court will probably impose the most grave punishment that's authorized by law. This can easily involve jail time.
A Coram, New York Tax Evasion Lawyer Can Help
A tax attorney in Coram, New York can ensure that you meet your tax liabilities, which will make an audit, or charge of tax evasion, less likely. Sometimes, it's challenging to determine clearly what one's tax liability is, and a tax attorney can help.
Of course, if you've really been accused of tax evasion, you should retain a Coram, New York tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.