If you are a small business owner who is preparing to file your company’s tax return, you have until tomorrow to do so. If you are an individual filing your personal tax returns, you have until Monday, April 18th. Either way, it is important to protect yourself against tax errors because you do not want to mistakenly be charged with tax fraud.
Continue reading to learn what you need to know about Indiana tax fraud before Tax Day is upon us this year, plus who to trust for aggressive legal defense if ultimately indicted on any type of white-collar criminal charge.
Important Tax Fraud Facts
Tax fraud is also known as tax evasion. A person can be indicted and charged with tax evasion if they intentionally or knowingly neglect to file their taxes, pay their taxes in full, or provide dishonest data (or omit required data) on their returns for the purpose of evading payment. In order to be convicted of tax evasion, the IRS must prove that you deliberately and knowingly demonstrated one of these fore-mentioned acts.
Most Common Types of Tax Fraud Crimes:
▷ Under Reporting Income
▷ Falsifying Tax Return Data (inflating business expenses, overstating size of household, etc.)
▷ Underpaying Taxes
▷Not Paying Taxes
▷ Deceiving the Department of Revenue (DOR)
▷ Misrepresenting Economic Circumstances
Indiana Tax Fraud Penalties Upon Conviction:
Those who are convicted of Indiana tax fraud will be sentenced depending on the severity of their crimes. Penalties range from jail and prison time to fines, restitution, loss of certain freedoms, and more. Most Indiana tax fraud convictions are sentenced as Class A misdemeanors or Level 6 felonies.
▷ Level 6 Felony = Six Months to 2 ½ Years in County Jail – Fines up to $10,000
▷ Class A Misdemeanor = Up to 12 Months in County Jail – Fines up to $5,000
Tax Errors Do Not Make You a Criminal
If you mistakenly underpaid your taxes, provided incorrect information on your return, or forgot to file your tax return altogether, you are not committing a crime of fraud. In such cases, you would simply need to contact the proper IRS authorities and notify them of your mistake. From there, they will give you the instructions you need to follow to correct your error. You will likely have to pay a small penalty fee, generally $100 to $300.
Are you looking for qualified criminal defense that can reduce or dismiss your white collar crime or fraud charges in Indiana? Contact the Law Office of David E. Lewis at 317-636-7514 to schedule a meeting with an Indianapolis fraud crime lawyer you can trust. We represent all white collar crime cases in Indiana.
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Information About Felony Tax Evasion Crimes and Convictions
Frequently Asked Questions About White Collar Crimes
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