The Internal Revenue Service (IRS) is responsible for the governing of taxation in US. Whether you are an individual or corporation, you need to file your tax returns correctly and on time. Any failing in this regard makes you liable of tax fraud. If you face charges of such kind, it is essential to consult a legal professional proficient in tax fraud law.
US Code sets forth the details of the actions that are within the category of tax fraud. Each has serious penalties like imprisonment and fines. Here is a brief overview of the actions that may lead to your penalization.
Title 26 USC 7201
attempt at evading or defeating taxes is felony. Penalties include imprisonment for maximum 5 years and/or fine of $250,000, for individuals, and $500,000, for corporations.
Title 26 USC 7202
willful failure in collecting or paying over taxes is felony. Penalties include imprisonment for maximum 5 years and/or fine of $250,000, for individuals, and $500,000, for corporations.
Title 26 USC 7203
willful failure in filing return, supplying information or paying taxes is misdemeanor. Penalties include imprisonment for maximum 1 years and/or fine of $100,000, for individuals, and $200,000, for corporations.
Title 26 USC 7206
filing, or aid in filing, fraud and false statements is felony. Penalties include imprisonment for maximum 3 years and/or fine of $250,000, for individuals, and $500,000, for corporations.
Additional costs of prosecution are also part of the fine.
Title 26 USC 7212(A)
attempt at interfering in the administration of Internal Revenue laws may result in penalties like 3 years (maximum) imprisonment and/or fines of $259,000 for individuals and $500,000 for corporations.
Title 18 USC 371
any conspiracy with regard to committing offense or defrauding the United States is a serious accusation.
In case of conviction, the parties may face penalties like imprisonment for maximum 5 years and/or fine of $250,000, for individuals, and $500,000, for corporations
The severity of penalties sure brings about the importance of such an accusation. Sometimes, an individual may not even intend to commit tax fraud. An error or omission on their part may be interpreted wrongly and lead to an accusation. If this sound just like your situation, it is high time you talk to an attorney.
Only in-depth knowledge of tax fraud law
makes one capable of coming up with a strong defense. Your attorney knows how to prove that yours was an "honest" mistake and it was not your intention to commit a fraud.
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