Think Like a Tax Lawyer: Beware of Tax Evasion Schemes That Could Lead to Serious IRS Tax Trouble
Small business owners and sole proprietors have been identified as the largest group that is contributing to the increasing tax gap of $350 billion/year. It is extremely difficult for the IRS to investigate each small business owner to uncover tax evasion acts such as under-reporting income.
In the current economy, the astonishing yearly tax gap is alarming to policymakers who are desperately short of funds. They find that they cannot fulfill promises of helping to stimulate economic growth with public programs at the current tax revenue level. Public schools are suffering from the lack of money as well–leading ordinary Americans to suffer and burden the consequences of the tax gap.
Due to these pressing concerns, the IRS has been given more resources than before to heighten collection efforts in order to close the gap of $350 billion. Therefore, if you are tempted to partake in a tax evasion scheme, you need to prepare yourself for a more aggressive IRS crackdown that could result in your financial paralysis from severe IRS tax penalties.
You don’t have to be a tax lawyer to know the red flags that cause the IRS to suspect tax evasion. If you intentionally fail to report your business cash receipts, including checks that are cashed at the maker’s bank, the IRS has specific audit programs that will investigate this activity. Also, if the amount of income reported on your tax return far exceeds the previous year’s – you will be flagged as suspect! Additionally, if you are one of those “do-gooders” that helps others to file fraudulent tax returns and accept payment for this…that could be a problem.
Tax evasion encompasses any cheating of the government in taxes. Tax evasion is a felony and can carry up to a 5-year prison sentence and/or IRS penalties up to $100,000. Even in the current enforcement climate, taxpayers can learn how to save money by taking advantage of legal tax deductions to reduce their IRS bill.
Additionally, anyone who owes back taxes or is being audited by the IRS will need to know that there are options for negotiating a tax resolution. Working with a tax resolution specialist or tax lawyer can greatly increase your chances of successfully resolving your IRS tax problems. However, it’s important to be informed in the first place so you can avoid becoming a target of aggressive IRS collection efforts that can financially cripple you for life.
For more information on achieving a tax resolution for your IRS problems or back taxes, visit www.taxresolution.com for a free tax relief consultation or call 866-IRS-PROBLEMS.
More Tax Help, IRS News and Tax Relief Tips:
- Evading Taxes on Your Tax Return – The Money You Save is Not Worth the IRS Problems You End Up Causing Yourself
- Discharging Taxes and Penalties in Bankruptcy: How Delinquent Tax Returns Can Affect Your Eligibility
- Tax Help For Taxpayers Short on Cash: Filing a Tax Return Late is Better than Filing a False Tax Return
- Tax Help: How to Resolve Your Back Taxes & Prevent Tax Problems If You’re Short on Cash This Season
- Tax Resolution News: IRS Warns Against Frivolous Tax Arguments That Can Incur Severe Penalties
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