What Is Tax Evasion

What Is Tax Evasion

Deliberately underpaying or attempting to hide your assets is known as tax evasion, and it is a crime. The list of reasons for not wanting to pay taxes is long, but the IRS won’t care much about your reasons. Any action you take to deliberately avoid or evade paying your legitimate tax bill can be construed as tax evasion.  If you’re not clear how the IRS would view your tax case contact a tax evasion lawyer for a free case review.

It matters not, why you didn’t file tax returns or that you concealed your assets; what matters is getting your tax filings back to good standing with the IRS right now so you don’t end up dealing with consequences that could truly change your life.

Types of Tax Evasion

Tax evasion is a broad term that can refer to several actions. Generally, true tax evasion is going to involve the taxpayer—whether the taxpayer is an individual or a business—attempting to conceal taxable assets from the IRS or avoid paying what they truly owe.

The following are some common examples of tax evasion:

  • Exaggerating tax deductions
  • Holding property in someone else’s name
  • Hiding sources of income
  • Destroying tax records
  • Filing a false tax return
  • Maintaining a double set of books

Consequences of Tax Evasion

If you didn’t purposely set out to deceive the IRS, such as by falsely reporting your income, then it’s unlikely that you will go to jail or prison for tax evasion. That being said, there are still many consequences you could be hit with if you did, in fact, commit tax evasion.

Here are some of the most common things that can happen to you when the IRS finds out that you haven’t paid what you truly owe in taxes:

  • Penalties
  • Interest
  • Criminal charges
  • Liens
  • Jail or prison
  • Loss of your Social Security benefits
  • Loss of your personal property (vehicles, houses)
  • Damage to your credit
  • Loss of your passport

It’s generally better to at least file your tax returns truthfully and then work on figuring out how to pay your taxes later. A tax evasion lawyer can help you to find a program that will square you with the IRS.

Reach Out to a Tax Evasion Lawyer

You can get your tax issues under control and should do so, before the IRS takes action. Being criminally prosecuted for tax evasion may be unlikely, but it does happen. The most important thing to focus on right now is getting your true tax returns prepared and filed as soon as possible.

Our tax team will work tirelessly to review your tax case and come up with plan to get your current and back into good standing with the IRS. Call the W Tax Group for a free tax case consultation. Call 1-877-500-4930