While it’s possible—and common—to make mistakes on your taxes without major consequence, intentionally deceiving or avoiding the IRS is much more serious matter. These crimes, known as tax evasion, are considered felonies and can carry severe penalties. If you’re concerned about this criminal matter, here are a few questions about the subject that help illustrate the subject.

What Are the Different Types of Tax Evasion?

This crime can either be classified by the evasion of assessment or the evasion of payment. In the former, a party is charged with intentionally deceiving the IRS. For example, they may underreport income or make illegitimate deductions. Evasion of payment, meanwhile, doesn’t mean the party failed to pay the money owed. Instead, it indicates the taxpayer’s attempt to conceal assets so they won’t be taxed.

What Are the Penalties?

There are several penalties a party may face if they’re found guilty of evasion. Depending on the circumstances of the crime, an individual can receive anywhere from one to five years in prison. They may also be responsible for paying up to $250,000 in fines.

How Can You Avoid Evasion Charges?

The best way to avoid these charges is to always be honest in the income, assets, and deductions you report. Having your filing prepared by a professional can help ensure your records are reported accurately. Since it’s possible for tax preparers to commit evasion on your behalf, it’s always important to make sure your professional is licensed and charges a flat or hourly rate rather than by percentage.

What Should You Do if You’re Charged?

If you’re charged with tax evasion, it’s the burden of the IRS to prove that you have intentionally deceived the agency. To make sure your case is presented in an honest, fair manner, hiring a skilled attorney is recommended.

When you want to complete your taxes with confidence, turn to the trusted and licensed professionals at US Tax Express. Serving clients in the Charlotte, NC, area, these consultants will carefully review your financial records to ensure your income, assets, and deductions are correctly reported to the IRS. With a full understanding of current laws, these specialists will make sure your return is fully compliant as well as help you maximize your deductions for additional savings. To learn more about these services, visit the firm online or call (704) 817-9517.