IRS Tax Evasion Problem
IRS Tax Evasion Problem
IRS tax evasion is something you should not try, however there are people every year that try some kind of scheme. Even if you escape getting caught for a while, I promise you, they will find you and get what is owed to them.
When looking for ways to pay less taxes, be sure you aren't following some unproven scam or pie in the sky tax scheme. Just because your neighbor has done it, doesn't mean it's legit. Check out all tax deductions and credits the IRS has to offer, or have a tax adviser look over your return.
One crazy tax scam that has reared it's ugly head, is where arrangements are made to give the appearance the taxpayers don't have access to their monty, yet the taxpayers were actually receiving their money through debit cards and sometimes fictitious loans. Don't get caught up in anything like this if you want to stay out of jail! If someone mentions the words "offshore banking" you might want to run.
Even the IRS has said, If it sounds too good to be true, then it probably is. Tax laws and credits seem to change all the time, which is another reason to have your return done by a professional
Even smaller things can be treated as tax fraud, such as, paying employees cash ,in order to avoid paying payroll taxes. No matter how big or small the deception, it is a criminal offense.
Listed below are just a few of the tax penalties that can be given to people. These penalties are considered criminal penalties because tax evasion is a crime!
1.Failure to file
2.Frivolous return
3.Understatement of income tax
4.Fraud
5.Paying taxes late
6.Failure to furnish tax shelter registration number
There are more penalties ,and sometimes these penalties are piled on top of each other, so make sure you pay your taxes on time, and with all the information filled out correctly.
Will the IRS prosecute? If they have to, they will. Most taxpayers are able to work out a payment plan or settlement with the IRS prior to any type of prosecution. However, it is only a misdemeanor to just not file your taxes at all. If you are found guilty, you could possibly spend twelve months in prison and still be fined up to $25,000 for each year you did not file. So, since any kind of tax evasion is not good, be sure and fill out all your paperwork correctly.
If you have been thinking about lowering your taxes, please use a reputable firm and follow the laws that are mandated by the government.
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