Three percent of taxpayers in the United States do not file tax returns and as a result, face a tax evasion penalty. It is also possible to face a tax evasion penalty if you underreport your income, overestimate deductions, or use various fraudulent accounts for tax evasion. This can result in serious consequences including steep fines and imprisonment. Although tax evasion is a crime, the extent of punishment and tax evasion penalty will vary depending upon your history. If you did not file a tax return but do not owe any taxes, the consequences will be less severe. However, if the IRS can prove that by not filing a tax return you purposely avoided paying taxes, you can be convicted of a felony. In addition, tax evasion penalties can vary from $25,000 to $100,000 per year. There are approximately 3,000 IRS agents who identify tax evasion. One of the tools they use is tax audits. Although some tax audits are random, many are concentrated on taxpayers with suspicious history. For example, if you are a famous supermodel but file that you have little income, you are very likely to be audited. If the agent finds that the discrepancy is due to an innocent mistake, then the likely consequence will simply be an increased tax. However, if the agent finds that the error was made in an attempt to avoid paying taxes, then your accounts can be frozen, wages garnished, assets seized, tax liens implemented and criminal charges pressed. If you are facing tax evasion penalties, contact us for a free consultation. Call us today at (877) 829-3535 and our experienced tax professionals will assess your situation and determine your best option.

Three percent of taxpayers in the United States do not file tax returns and as a result, face a tax evasion penalty. It is also possible to face a tax evasion penalty if you underreport your income, overestimate deductions, or use various fraudulent accounts for tax evasion. This can result in serious consequences including steep fines and imprisonment. Although tax evasion is a crime, the extent of punishment and tax evasion penalty will vary depending upon your history. If you did not file a tax return but do not owe any taxes, the consequences will be less severe. However, if the IRS can prove that by not filing a tax return you purposely avoided paying taxes, you can be convicted of a felony. In addition, tax evasion penalties can vary from $25,000 to $100,000 per year. There are approximately 3,000 IRS agents who identify tax evasion. One of the tools they use is tax audits. Although some tax audits are random, many are concentrated on taxpayers with suspicious history. For example, if you are a famous supermodel but file that you have little income, you are very likely to be audited. If the agent finds that the discrepancy is due to an innocent mistake, then the likely consequence will simply be an increased tax. However, if the agent finds that the error was made in an attempt to avoid paying taxes, then your accounts can be frozen, wages garnished, assets seized, tax liens implemented and criminal charges pressed. If you are facing tax evasion penalties, contact us for a free consultation. Call us today at (877) 829-3535 and our experienced tax professionals will assess your situation and determine your best option.