Questions About Tax And Tax Evasion Penalties
The IRS Collect 3.4 trillion dollars annually from the taxpayers in the United States. 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. It learn more about what tax evasion is and to know that it can be committed both wittingly and unwittingly and to learn more about it visit the page. The illegal underpayment or non-payment of taxes is referred to as tax evasion. 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. The tax evasion and tax fraud are two common terms that can be used interchangeably. Although used interchangeably the terms can be used to describe different actions, visit the page to learn more.
Many people wonder if they can be taken to jail because of tax evasion and answer to this question is yes. You May end up serving time in jail and also paying hefty fines as a result of tax evasion.
Understanding IRS Levy
The IRS uses bank account levy as a tool for tax evasion penalties. The bank account levy is usually a way that the government sets aside phone on your account to ensure that take a portion of your income on a monthly basis to pay back what you owe to the IRS. It is important to note that you did not have to give the IRS permission for them to place a levy on your bank account. If You have a tax levy that you want to be removed from your bank account you can try this service to help you.
Another common question is whether concealing any non-primary income is tax fraud. Well the answer to this question is yes and whenever you consume any form of income then the IRS will count it as fraud. When work on a side hustle that brings in money it is essential that you learn to report it as income. It is important to know that the IRS will probably have knowledge of all the income you have made that particular year and it is therefore important to report it.
Ways To Deal With Tax Fraud
Getting professional legal help from this useful company is essential for anyone who has been audited and feels like they will be charged with tax fraud to help you deal with such a case. When you are preparing the tax forms it is essential that you get certified accountants to offer their services such from this useful company.