Tax Evasions: Here's Why You Don't Want Them!
- January 5, 2020
- Posted by: asal
- Category: Tax Relief
Anything to do with taxes or issues with the IRS can be a severe problem to cater to. That is, it should not be taken lightly and needs to be dealt with care and expertise. This is the reason you should consider hiring professional experts in the field who can help you with an Offer In Compromise with the IRS so as to make it easier for you. If you are wondering what exactly a tax evasion is and how it could affect you, this is the right blog for you! Learn all about tax evasions, getting an OIC, and much more! Also, learn about the expert services that you should be hiring to fulfill your needs pertaining to the tax evasion issue.
What is Tax Evasion?
Tax evasion can be described as a criminal act. That is, it refers to the crime in which an individual fails to pay his/her tax liability to the IRS. There are multiple criminal charges levied on such individuals as well as several penalties. Therefore, it is best to seek assistance from some professional tax relief experts who can come up with an Offer In Compromise and help you with the tax evasion issues.
Cases That Fall Under Tax Evasion
There are several different cases or scenarios that are termed as tax evasion. These are:
- Claiming any fraudulent or false deductions/ exemptions on taxes
- Creation of any fake documents
- Alteration of existing documents related to taxes
- Failure to report a part/whole of the income
- Tax debts
- Usage of an incorrect SSN, or Social Security Number
- Claiming a part of personal expenses as a business expense instead
Getting out of these issues is a difficult task as it is a criminal act. Thus, if you are not aware of the intricacies involved, get in touch with the experts at the earliest. This is because you need professionals in the field who have helped other individuals in dealing with such situations. They can communicate with the IRS on your behalf and get you an Offer In Compromise after looking into your interests. The professionals at tax relief services are well-qualified as well as experienced in the field to guide you through these tough situations with minimum possible losses.
Tax Evasions: What Type of Issues Can Arise?
As per the IRS tax rules, there can be several types of punishments for you if you fail to pay the tax liabilities. The most common ones are:
- You could face a jail sentence of a maximum of three years.
- You might have to pay a fine of $250,000 as an individual. Or, in case it is for a corporation, the penalty can even go up to $500,000.
- Apart from that, if found guilty, you will have to incur the expenses of prosecution as well.
Tax Evasions: Strict auditing processes
In case the IRS suspects some fraudulent activity or any kind of issue pertaining to tax evasion, it will start by conducting some auditing procedures. In these procedures, it would first review the tax returns that you would have filed. It will try to find out the errors that you would have made in filing the tax return.
The IRS officers looking into the situation go through each detail properly. For instance, if they notice that you have tried to hide certain income details in your returns repeatedly, it is going to be termed as tax evasion. Disclosing false amounts on the tax returns that you file is a criminal offense, and thus, you could face severe punishment or penalties in that case. Thus, it becomes vital to come up with an OIC to clear your name from the issue.
Tax Evasions: Be careful of what all to include.
The ideal way to proceed is to avoid tax evasions and be clear about the different details beforehand. First of all, all the income that you receive and all kinds of earnings need to be included in the tax returns that you file. That is, irrespective of whether it is a part-time or a full-time job, you need to include the income details about the same.
Remember, the IRS can look into your past tax records too. Therefore, keep yourself clear from all these things. Also, in case you do land into some tax issues, never ignore them. It is best to contact tax relief experts immediately. When you hire these experts from tax relief services, they look into the matter in detail and come up with the best possible solution. Since they have the knowledge of the various clauses that can be used for your benefit, they can guide you through it in a better manner.
Tax Evasions: Hiring the right tax relief services
When looking for tax relief experts, make sure you appoint a reliable and experienced firm only. This is because when you hire people who are not professional, you are further inviting more issues upon yourself. When you are paying for tax relief services, make sure you pay for the right one! Look into the reputation as well as the establishment history of the firm first. Once you are confident about the services on offer and have trust that they can get you the best possible Offer In Compromise, hire them.
About Platinum Tax Defenders
Are you looking for the right tax relief services that can fetch you the best possible OIC? If yes, look no further and hire Platinum Tax Defenders to help you out. They can help you out by understanding your tax issue clearly and coming up with effective solutions. Therefore, get in touch with the company for a consultation today! Let the tax relief experts analyze your situation and provide you with a way out of it. Also, the professionals at the company know how to interact with the IRS and negotiate for the right Offer In Compromise. Thus, let them handle it for you. Just explain your situation honestly and relax back as the experts at Platinum Tax Defenders come up with a solution beneficial for you. Seek assistance from Platinum Tax Defenders, the experienced tax relief services, and find yourself the best solution!