Damico & Stockstill, Attorneys at Law

80 Years Of Combined Trial Experience

Understanding tax evasion and penalties that could result

On Behalf of | Dec 6, 2018 | Firm News, White Collar Crimes |

Individuals and companies in Louisiana and elsewhere have financial responsibilities. This goes beyond just paying monthly bills. When a person works, he or she must report their income. For companies, profits must be reported. Then, come tax time, individuals and companies must pay taxes if it is determined that they owe. Failing to complete this task could result in repercussions.

An individual could face tax evasion charges if he or she is accused of purposefully underpaying their taxes. This could also occur if one allegedly failed to file his or her tax return, a company overstates its expenses or a family overstated the size of their household. If the IRS suspects any of these activities, an investigation could occur.

For those accused of tax evasion, it is important to consider defense options, For example, it is very possible that mistakes were made. The IRS understands that these forms are long and it is possible for non-accountants to make mistakes that result in underpaying. While errors are possible, this could still result in a fine. However, it should be noted that this is not considered to be tax evasion and the accused could avoid the time involved in a criminal trial and the harsh penalties that could result, such as hefty fines and even jail time.

Those accused of a financial crime like tax evasion should take the time to explore their situation further and understand what defense options they might have. My initiating a criminal defense, the accused has a better chance of having the charges reduced and even dismissed.