Tax Evasion Lawyers in Fayetteville
In Tennessee, "tax evasion" is a crime that involves a deliberate failure to pay the taxes that the taxpayer legally owes.
Typically, the strategy employed by tax evaders in Fayetteville, 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 knowingly attempting to get out of one's tax liability through illegal 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 Fayetteville, Tennessee
Under the laws of Tennessee, as well as federal law, tax evasion is a very severe criminal offense.
Tax evaders in Fayetteville 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.
However, the punishments for tax evasion, especially first offenses involving relatively small amounts of money, is not usually 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 Fayetteville, Tennessee knowingly attempted to conceal 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 Fayetteville, Tennessee Tax Evasion Lawyer Can Help
Attorneys in Fayetteville, Tennessee who practice tax law can help you stay in compliance with your tax obligations. This is a good way to ensure that you won't be suspected of tax evasion in the first place.
In the unfortunate event that you're actually charged with tax evasion, it's critical that you hire a qualified tax attorney in Fayetteville, 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.