Over the past several weeks, this column has discussed various defense strategies that may be available to Connecticut residents who are accused of evading taxes. This week, to close out the series on this subject, one more tax evasion defense strategy will be shared. The final defense available has to do with intentional conduct.
As stated in two recently published posts for this column, evading taxes is a crime with serious consequences for Connecticut residents. Of course, it is necessary for the Internal Revenue Service to provide evidence that one has actually committed the crime and any audit requests and charges brought against the accused have to be filed in a specific time frame. In a continuation of the tax evasion defense series, the statute of limitations will now be discussed.
Accusations of evading taxes are serious and should not be taken lightly by Connecticut residents who find themselves in the state's or Internal Revenue Service's line of fire. In a previously written article, this column discussed one of several defense options available when dealing with tax evasion charges. Today, that discussion is continued with yet another defense option: insufficient evidence.
The federal and state governments take taxes very seriously. If you do not pay what you owe on time, you may be accused of tax evasion. Such an accusation is not something to take lightly, as a criminal conviction on a tax evasion charge can have significant consequences. This column will discuss various defense options available to Connecticut residents who are facing tax evasion charges.
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.
It is not uncommon for certain terms to be used interchangeably. Tax fraud and tax evasion are often considered to be one in the same, but the truth is, tax fraud is just a type of tax evasion. Here is what Connecticut laws say about tax evasion and tax fraud.
Connecticut residents who pay attention to the news have probably read an awful lot about Paul Manafort. He was the campaign chairman for President Donald Trump who is accused of bank fraud and tax evasion. Both are serious crimes with significant consequences if prosecuting attorneys achieve a conviction.
If a person fails to fully report his or her income and pay the proper amount in taxes, the government is likely to find out. The Internal Revenue Service does not take tax evasion lightly. While it may take time, Connecticut residents who intentionally, or unintentionally, underreport their income in order to pay less in taxes are likely to hear from the IRS eventually.
Business owners will do what they can to limit their tax liability. In doing so, some may make mistakes that could cost them dearly in the end. Recently, the owner of Pasquale Furano Landscaping -- a 48-year-old male -- recently opted to enter a guilty plea rather than be indicted for tax evasion.
As Benjamin Franklin said, "nothing can be said to be certain except death and taxes." Taxes are never going away. It is every person's responsibility to pay them. There are those in Connecticut who may struggle to do so or may be accused of taking steps to avoid doing so, however. These individuals may then be accused of tax evasion or tax avoidance.