Chester county Tax Fraud Lawyers
Taxes are the one thing that everyone needs to pay. Most people will need to file a tax return. People can choose to prepare the tax return on their own or they can hire someone else to do it for them. Different kinds of taxes apply in different circumstances. For example, people may need to pay property taxes on a home they own. They may also need to pay other kinds of taxes such as capital gains taxes and personal income taxes. The IRS is the agency entrusted with making sure that all necessary taxes are paid by both individuals and private companies. If there’s a dispute with the amount of taxes owned, IRS officials, company owners and individuals have the right to seek certain avenues of redress. Internal Revenue Service officials have many broad powers when it comes to making sure that the taxes owed are paid in full.
Possible Civic Penalties
In the event IRS officials believe that all necessary monies have not been paid, they can impose certain penalties. In some instances, it may be possible to pay the money owned without the need to pay more money. Sometimes, municipalities may put in place what is known as a tax amnesty. During this limited period, people and companies can pay back the money they owe without any threat of potential civic or legal penalty. However, these period of amnesty are often limited in nature and may not be applicable in most places or nationwide.
The IRS can charge you with several types of penalties. They can impose a penalty if you’r filing past the national filing deadline in April. Officials can also impose a negligence penalty. They can also charge people interest on the money they owe. This interest may continue to build over time as long as capital is not paid. Over time, this can add up. The IRS can also impose a penalty of up to seventy-five percent of all the taxes that the person owes.
In addition to fiscal penalties, the IRS can also impose other, even more potentially serious consequences on those who are suspected of any form of tax fraud. IRS officials take their mission of making sure that everyone pays the amount of taxes they owe under law very seriously. If there is evidence of any kind of tax fraud, the individual or company owner may be facing a prison term for up to five years. Fines for failure to pay the amount of taxes owned may be as high as half a million dollars. IRS officials are also empowered to charge people with the cost of each prosecution.
Legal financial penalties can gravely hurt any filer. People may not be able to pay such fines. However, unlike other forms of debt, they cannot be discharged by declaring bankruptcy. Over time, failure to pay what is owned can lead to rising fines and the threat of being sent to jail. This is why it is crucial to have skilled Chester Country tax fraud lawyers at your side in the event of any kind of problem with the IRS. The IRS has the power to pursue any case they think of importance until they are satisfied that all the laws have been fully followed.
IRS officials can bring the power of the entire government to bear on a single case of tax fraud. They have the resources to investigate all areas of the country and look closely at a company’s complete business records. IRS officials also have the power to bring people to the court system or decide to settle the matter privately. Working closely with a lawyer can help anyone facing such charges understand the possible penalties they might face for non-compliance such as prison time and very heavy fines. Lawyers can speak directly to IRS officials on behalf of any company or private individual.