White collar crimes come in numerous forms, but among them is one that tends to occur more during tax season: tax evasion. Tax evasion happens when a person intentionally avoids filing for or paying their taxes. Someone committing tax evasion might use fraudulent information to minimize taxes or fail to file at all.
Avoiding your tax obligations is a significant crime. As a kind of fraud, you can be charged and could face serious penalties or prison time. Whether you file tax forms with false information or transfer property illegally to avoid having to pay taxes, you could be in deep trouble if your taxes aren’t correct.
Will you face charges for tax evasion if you did your taxes wrong?
Not usually. In most cases, the Internal Revenue Service (IRS) is able to identify mistakes and how they happened. If you just made a mistake and are willing to pay the taxes you owe, then there shouldn’t be a problem.
You should know that any taxes you owe could be expensive, and there may be fines or penalties. It could be possible for you to repay the IRS in installment payments or to ask them to settle for less than you owe.
If you are audited and find out that you did your taxes incorrectly, don’t panic. Making a mistake doesn’t automatically mean that you’re going to face tax evasion charges. However, if you did intentionally fail to file or manipulate your taxes to pay less, then you will want to take the time to discuss your options with your attorney.