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. Tax evasion is one of the reasons why they such a huge difference from the amount owed and the amount collected. 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. When one willingly avoids to pay taxes or one unknowingly does not pay their taxes then this can be described as tax evasion.
Both the state and the Federal Government consider tax evasion illegal. People that fail to pay their taxes intentionally get to pay stiffer penalties. There are two common terms used in taxation, and this is tax evasion and tax fraud, and it is important to note that they 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. The punishment for tax evasion is jail term as well as high and hefty fines.
Knowing About IRS Levy
Bank account levy is the most powerful tool that is used by the IRS when it comes to 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. The IRS will set a levy on your bank account without your permission. You can try this service to help you remove a levy on a bank account if you have one.
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. This information is necessary especially for people who work on different side hustles and failed to report it. 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 Avoid And Deal With Tax Fraud
If you are being audited and you think that you may be charged with tax fraud then it is essential that you get professional legal help in this useful company that specialise with tax matters. You should consider getting certified professional accountants from this useful company to try this service help you with tax forms.