Tax Evasion Lawyers in Alcoa

In Tennessee, "tax evasion" is a crime that involves a purposeful failure to pay the taxes that the taxpayer legally owes.

Usually, the strategy employed by tax evaders in Alcoa, Tennessee is to try and make it look like they have less taxable income than they actually do. This can be done by failing to report income, concealing it, or fraudulently transferring property.

"Tax evasion" should be distinguished from "tax avoidance." Tax evasion is the unlawful act of trying to hide one's tax liability. Tax avoidance, on the other hand, is perfectly legal, and simply involves using the tax laws strategically, to reduce one's actual tax liability as much as possible.

Penalties for Tax Evasion in Alcoa, Tennessee

Under federal and state law, including the laws of Tennessee, tax evasion is a very serious crime.

Punishments for evading one's taxes in Alcoa range from paying back taxes plus interest (a relatively mild punishment) all the way up to years in prison, and fines in the hundreds of thousands of dollars.

However, the punishments for tax evasion, especially first offenses involving relatively small amounts of money, is not normally so severe, especially when it looks like the failure to pay taxes was the result of an honest mistake, rather than deliberate fraud.

However, if it can be clearly proven that a person or corporation in Alcoa, Tennessee deliberately 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 Alcoa, Tennessee Tax Evasion Lawyer Can Help

An Alcoa, Tennessee 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.

If you find yourself really accused of tax evasion, and are innocent, you should hire an Alcoa, Tennessee attorney with experience practicing tax law, as soon as possible. Your tax attorney can help you defend yourself against the charges, ensuring that you have a good chance at being acquitted.