Thursday, May 24, 2012

Avoiding Tax Fraud

Now that the tax season has officially ended for many of us it is the furthest thing from our mind. However, if you have failed to file your income tax or under represented your earnings, you could be facing some serious consequences which include criminal tax investigation which could result in criminal indictment and incarnation.

U.S tax fraud laws state that any person attempting to evade tax can be fined up to $250 000 dollars and face up to 5 years in prison. The same laws state that providing a fraudulent return may result in up to 3 years of incarceration and/or $250 000 fine. There are several related charges that can also be associated with income tax evasion. If you are faced with a criminal tax investigation it is best to hire professionals such as Fried & Rosefelt, LLC, which can help you understand your rights. 

Tax fraud is typically investigated by the Internal Revenue Services, Criminal Investigations Division. These are federal agents trained in law enforcement techniques; many are also Certified Professional Accountants. They will conduct an extensive investigation which will include the interviews of family, friends and business associates, as well as thorough review of your financial pages. Once the investigation is completed the special agent in charge can recommend prosecution at which time two more levels of review are conducted by the IRS before the case is forwarded to the United States Department of Justice Tax Division in Washington, D.C., where it is reviewed by federal prosecutors specializing in criminal tax violations, before it goes to trial. Throughout this extensive review process you and your lawyer have several opportunities to avoid criminal proceedings. At each stage your lawyer will have an opportunity to meet with government lawyers and try to convince them not to have a criminal case. Many times a lawyer can convince that it was just an innocent mistake. It is therefore extremely important to have an experienced council by your site as you navigate the water of tax fraud and tax evasion charges.

An experienced lawyer can make the difference between freedom and federal penitentiary.

This post was sponsored by About Dollar ( a financial information resource with articles on topics ranging from personal savings to corporate accounting
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