Tax Evasion Lawyers in Rocky Mount
Tax evasion is a crime in Virginia. Tax evasion involves purposely failing to pay one's taxes.
Normally, tax evasion is accompanied by an attempt to make it appear to the government of Rocky Mount, Virginia that one's tax liability is lower than it actually is. This can include concealing income, making fraudulent transfers of property, and other illegal activities.
You should not confuse "tax evasion" with "tax avoidance." Tax evasion is illegal, and involves deliberately failing to pay one's taxes which they lawfully owe. Tax avoidance, on the other hand, is legal, and involves using legal strategies to lower one's legal tax liability. For example, strategically using deductions and tax credits to lower the amount of money you are legally obliged to pay, is an example of tax avoidance, assuming you actually pay your tax bill, whatever it ends up being.
Penalties for Tax Evasion in Rocky Mount, Virginia
Both federal law and the law of Virginia treat tax evasion as a significant criminal offense.
Punishments for evading one's taxes in Rocky Mount 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 typically 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 Rocky Mount, Virginia purposely attempted to harbor 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 Rocky Mount, Virginia Tax Evasion Lawyer Can Help
A Rocky Mount, Virginia 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 truly accused of tax evasion, and are innocent, you should hire a Rocky Mount, Virginia 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.