Paying taxes is often unavoidable, especially for business owners. In fact, someone who runs a Connecticut business likely has numerous taxes to pay, including state employment taxes, income taxes and federal unemployment taxes. While it may be tempting to hold back taxes and claim them as profits, business owners who do so are subject to heavy penalties if the government catches up with them. Two restaurant owners are currently facing criminal charges for tax evasion and other accusations.
Connecticut residents who have found themselves in the position of being unable to meet their tax obligations may have found themselves in trouble with the Internal Revenue Service. How exactly? They may have received notice that tax liens have been filed against them. Here are some things people need to understand about tax liens.
The IRS has a reputation for being ruthless and terrifying. While this may not necessarily be true, it may seem so if you have fallen behind on your taxes. The fact is that the IRS does have power that other creditors do not have to collect what it wants you to pay. However, the agency also offers numerous options to satisfy any debt it claims you owe.
When accused of any sort of crime, the first person Connecticut residents may think to call is a criminal defense attorney, which is understandable. While they can help on some level, when accused of tax crimes, a tax attorney with experience handling tax crimes cases may be a better option. The consequences associated with conviction on such crimes can be significant. Having someone who has a strong knowledge of tax law can certainly prove valuable to your case.
Aside from paying taxes, the one thing just about everyone dreads is being picked for an audit. Tax audits, under certain circumstances, can have significant consequences. However, many people who are picked for audits really do not have a lot to worry about. The biggest cause of worry for most Connecticut residents really comes from not knowing how audits work.
When going through the divorce process, taxes are probably the last thing on a person's mind, but they should not be. Divorce, and all that it entails, can cause some serious income tax issues for Connecticut residents. Take selling the marital home, for example.