What happens if you plead guilty to tax evasion?

On Behalf of | Jun 26, 2020 | Tax Evasion

Being charged with committing a tax crime can be a frightening thing to experience. Tax evasion, for example, is a serious crime that can have significant consequences if one is convicted. For some Connecticut residents, choosing to plead guilty rather than go through a formal trial may be the best option. What happens when one pleads guilty?

Recently, the business owner of a construction company located in Old Saybrook was accused of failing to report hundreds of thousands of dollars of taxable income over the course of four years. The income is said to have come from his company earnings and gambling winnings. According to the Internal Revenue Service, this individual owed nearly $200,000 in federal taxes.

Rather than having his case drag out in court, the 48-year-old male decided to plead guilty. He has already paid restitution in full, which totaled $394,474. On Sept. 16, he will find out if he will have to serve time behind bars. The maximum prison sentence for this crime is five years.

Not all Connecticut residents who plead guilty to tax evasion end up being incarcerated. Some walk away only having to pay restitution, along with any interest and penalties; some end up on probation, and few end up going to prison. By pleading guilty, it may be possible to have some charges reduced or dropped entirely. So, it has its benefits in certain cases, but it is not something one should rush into. Those accused of tax evasion can turn to legal counsel for guidance and assistance with tackling the matter.