The managers to collect up to 3.4 trillion dollars annually from the United States taxpayers. Although 3.4 trillion dollars is quite significant it is good to note that this is not even a scratch of what is owed to the IRS. The difference of amount owed to the IRS and the amount collected by the IRS is normally brought about by tax evasion. Tax evasion is a huge offence in America and to learn more about it and how you can commit it wittingly and unwittingly visit the page. To begin with we can describe tax evasion as illegal underpayment ends non-payment of taxes. To willingly avoid paying your taxes and to unknowingly not pay your taxes all this is referred to as tax evasion.
Tax evasion is considered illegal by both the state and the Federal Government. People that fail to pay their taxes intentionally get to pay stiffer penalties. There are two common terms which is tax evasion and tax fraud, and these are commonly used interchangeably. The words are usually used interchangeably, but they are also used to describe different actions.
The answer to the question of whether you can be taken to jail due to tax evasion is yes. The punishment for tax evasion is jail term as well as high and hefty fines.
Learning About IRS Levy
The most powerful weapon that is used by the IRS when it comes to tax evasion penalties is usually a levy on your bank account. Bank account levy is usually set in a bank account to siphon portions of the money you owe the IRS. The IRS does not need the owner’s permission to settle a levy on their bank account. If you have a tax levy on your bank account, or you are looking to remove while it is essential that you try this service to help you.
You will also find people asking whether concealing any non-primary income is tax fraud. It is a fraud to conceal any form of income, and the IRS will consider it a fraud when they realize that you have concealed search information. It is important to take note of this as many people are doing side hustles and do not report it as income. A general rule that is given is always to think that the IRS is already aware of what you have and are really and therefore you should always report it.
Ways To Deal With Tax Fraud
Ensure you find legal help from professional firms that deal with tax matters when you have been audited, and you think that you are going to be charged with tax fraud. You should consider getting certified professional accountants from this useful company to try this service help you with tax forms.