Avoid Tax EvasionJune 7, 2019
When you purposely avoid paying taxes or underpay the amount you owe the IRS, you become subject to tax evasion. This includes being prosecuted in a Federal Court and sentenced to up to five years in a federal prison if convicted.
Tax evasion includes acts such as not declaring your total income, purposely overstating expenses or deductions or failing to file a tax return when you have taxable income. Any of these actions create probable cause for a criminal charge to be filed against you.
Before charging you with tax evasion, the Internal Revenue Service (IRS) conducts an audit, or examination, of your income and financial situation. The IRS does not have to know the exact amount you owe in taxes in order to charge you with the crime of tax evasion.
To avoid being charged with tax evasion, consider contacting an accounting advisor. They offer guidance and support with finances and tax purposes. Accounting advisors work to control your bookkeeping, payroll, year-end functions and bill paying, resulting in a financially stress-free situation for you.
Tax evasion results from carelessness, simply forgetting to pay taxes and letting bills pile up. Accounting advisors ensure this doesn’t happen. They compile, review and audit bill statements to guarantee that you aren’t being taken advantage of. They also provide advice about how to grow your own financial wealth.
Accounting advisors understand modern tax laws, preventing your finances from being lost due to a liability or change in current guidelines. Advisors establish a relationship between you and your business, safeguarding the future of your company and all your prospective endeavors.