Tax Evasion Lawyers in Torrington
Tax evasion is a crime in Wyoming. Tax evasion involves purposely failing to pay one's taxes.
One of the most common prevalent tactics of tax evaders in Torrington, Wyoming is to attempt to make it appear to an outside observer that their tax liability is lower than it truly is, such as by concealing income, fraudulently transferring property, and others.
It's important not to confuse "tax avoidance" and "tax evasion." They are two different things, but some people mistakenly use them interchangeably. Tax avoidance involves using legal methods, such as tax deductions and exemptions, in a strategic manner, for the purpose of reducing one's tax liability. Tax avoidance is perfectly legal. Tax evasion involves fraud, and a deliberate attempt to avoid meeting one's legal obligations to pay taxes.
Penalties for Tax Evasion in Torrington, Wyoming
Under federal and state law, including the laws of Wyoming, tax evasion is a very severe crime.
In Torrington, 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.
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 especially true if the prosecution can't definitively prove that that the defendant's failure to pay taxes was purposeful, as opposed to an honest mistake.
However, if the relevant tax authorities are able to demonstrate that a taxpayer in Torrington, Wyoming committed purposeful fraud, in order to evade their legal duty to pay taxes, a tax court is probably going to impose a more severe penalty, which may include jail time, and large financial penalties.
A Torrington, Wyoming Tax Evasion Lawyer Can Help
A tax attorney in Torrington, Wyoming can ensure that you meet your tax liabilities, which will make an audit, or charge of tax evasion, less likely. Sometimes, it's difficult to determine precisely what one's tax liability is, and a tax attorney can help.
If you find yourself truly accused of tax evasion, and are innocent, you should hire a Torrington, Wyoming 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.