Tax Evasion Lawyers in Cookeville
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 Cookeville, 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 not be confused with "tax avoidance." Tax evasion is the act of willfully attempting to get out of one's tax liability through unlawful means. Tax avoidance is perfectly legal, and involves utilizing 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 Cookeville, Tennessee
Under the laws of Tennessee, as well as federal law, tax evasion is a very significant criminal offense.
Punishments for evading one's taxes in Cookeville range from paying back taxes plus interest (a relatively mild punishment) all the way up to years in prison, and penalties in the hundreds of thousands of dollars.
However, the punishments for tax evasion, particularly first offenses involving relatively small amounts of money, is not normally so severe, particularly 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 Cookeville, Tennessee willfully 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 Cookeville, Tennessee Tax Evasion Lawyer Can Help
Tax lawyers in Cookeville, Tennessee can help anyone from an individual to a big business pay their taxes more quickly, and adhere with federal and local tax laws.
In the unfortunate event that you're really charged with tax evasion, it's important that you hire a reliable tax attorney in Cookeville, Tennessee. If you are actually innocent, your tax attorney can help make sure that you have the best chance you can of being found not guilty.