Tax Evasion Lawyers in Red Bank
In Tennessee, "tax evasion" is a crime that involves a willful failure to pay the taxes that the taxpayer legally owes.
Normally, the strategy employed by tax evaders in Red Bank, 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 deliberately attempting to get out of one's tax liability through prohibited 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 Red Bank, Tennessee
Under federal and state law, including the laws of Tennessee, tax evasion is a very egregious crime.
In Red Bank, tax evasion can result in anything from a comparatively small fine, and a court order to pay any back taxes as well as interest, all the way up to financial penalties in the hundreds of thousands of dollars, as well as jail time.
Most often, tax evasion - if it's a first offense and the tax liability is small - will not be cause for huge fines or imprisonment. This is particularly true if the prosecution can't definitively prove that that the defendant's failure to pay taxes was intentional, as opposed to an honest mistake.
On the other hand, if the prosecution can establish that a Red Bank, Tennessee taxpayer engaged in fraud, and knowingly failed to pay their taxes, a tax court will probably impose the most grave punishment that's permitted by law. This can easily involve jail time.
A Red Bank, Tennessee Tax Evasion Lawyer Can Help
Tax lawyers in Red Bank, Tennessee can help anyone from an individual to a big business pay their taxes more quickly, and adhere with federal and local tax laws.
However, if you're truly accused of tax evasion, you will need a Red Bank, Tennessee tax attorney more than ever. If you are, in fact, innocent, a tax attorney can give you the best possible chance of being found not guilty.