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What to Know If Your Business is Facing Tax Evasion

WEINER LAWInsightsBusiness Tax EvasionWhat to Know If Your Business is Facing Tax Evasion

Tax Evasion

They say that in life only two things are certain: death and taxes. While we often don’t have much control over the former, we do have some control over the latter. Indeed, paying taxes is a fact of life for individuals and businesses in New Jersey and across the country. But the process of doing so can be time-consuming and easily error-prone — considering taxes often must be paid on the federal, state, and local levels.

Willfully evading paying taxes can constitute fraud. Federal tax crimes are subject to substantial penalties and state tax authorities can prosecute their own tax crimes aggressively as well. New Jersey is no exception, where convictions can carry hefty penalties. Should your business be under IRS or state scrutiny for noncompliance, the experienced attorneys at Weiner Law Group will provide effective criminal defense representation and aggressively work to reduce any potential criminal liability you may incur.

Red flags: common tax evasion tactics

  • Under-reporting business income: All business income must be reported, including barter, cash transactions, and payroll.
  • Hiding interest: One of the most common strategies to avoid paying taxes is by hiding funds in offshore tax havens.  To combat this, the IRS enforces FATCA, The Foreign Account Tax Compliance Act that requires foreign financial Institutions and other non-financial foreign entities to report on the assets held by their U.S. account holders.
  • Falsifying records: Deliberately misleading or false documents, entries in books records or invoices; using false Social Security numbers
  • Over-reporting expenses: Claiming personal or other expenses as business expenses

Tax evasion charges

While tax evasion implies intent, your business may be subject to penalties from federal and state authorities for tax strategies they consider to be illegal — but of which you were unaware. To rectify this, knowledge is power:

  1. Know the federal and state tax laws for income and employment taxes. Knowing what deductions are legal and record keeping requirements for those deductions are a big factor in avoiding an audit.
  2. Know the latest payroll tax reporting and payment requirements
  3. Know if you need professional assistance with your businesses finances and hire tax professionals to help prepare your taxes.
  4. Know how to maintain accurate records of all income and expenses, especially if you have a cash-based business.

Early legal intervention and aggressive representation are key

Weiner Law Group LLP provides the best possible white-collar criminal defense because your career, and your livelihood, may depend on it. If your business is facing tax evasion, contact us right away and we will aggressively litigate on your behalf for the best possible outcome. To learn more, call our office at 866-899-1138 for a free consultation.