Tax Evasion Lawyers in Rockwood
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 Rockwood, 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 Rockwood, Tennessee
Under federal and state law, including the laws of Tennessee, tax evasion is a very serious crime.
In Rockwood, tax evasion can result in anything from a relatively 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.
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.
But, if the government can prove that a defendant in Rockwood, Tennessee knowingly concealed income, in order to get out of paying taxes, a court will most likely impose the heaviest penalties allowed by law, including enormous fines, and several years in prison.
A Rockwood, Tennessee Tax Evasion Lawyer Can Help
Attorneys in Rockwood, 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.
However, if you're actually accused of tax evasion, you will need a Rockwood, 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.