Rice Business Report April Rice Business Report 2019 | Page 18

RICE BUSINESS REPORT APRIL 2019
Everything You Need To Know About Penalties For Tax Evasion in the US
By Sharmistha Biswas
The IRS (Internal Revenue System) has framed certain laws about paying the
taxes for individuals, married couples, business owners, and so on residing in
the US. They offer individual forms and ensure complete support while filing for
taxes. But when people intentionally take illegal attempts to avoid paying the
taxes are charged under the tax evasion penalties
Here in this post, you will get to know about everything pertaining to the penalties of tax escaping
What is Tax Evasion
Evading taxes using illegal means is a criminal offense in the eyes of the IRS. Tax avoidance can be
broadly categorized in two sections. The first and the most common tax evasion is when many US resi-
dents hide the actual income and pay lesser taxes. Later on, after a thorough inspection by the IRS spe-
cialists, they are charged with the penalties for the huge due taxes that are left to be paid. The second
category is strictly meant for those who intentionally escape paying taxes.
As a matter of fact, all the US business owners and citizens have the right to take proper steps for de-
creasing their taxes by including their loans, deductions, and the charity they have done so far. But that
can only be done lawfully, under the surveillance of a tax attorney.
But, if someone intentionally and willfully avoids paying taxes is entering the realm of a crime. If you
want to maintain a fair tax filing and tax payment, try to appoint a civil attorney to pay the taxes on
time and avoid being charged with the tax evasion penalties
Prosecution Process
The CID (Criminal Investigation Division) of the IRS is appointed for the federal prosecution of those
charged with the tax evasion penalties. It is the responsibility of the CID to investigate the case thor-
oughly and decide whether the case will be sent to the Tax division of the U.S Department of Justice for
the trial.
This body of the United States Government with some of the finest judges handles the federal crimes. If
you are charged with the tax avoidance, you will be presented in front of the jury that will charge you
for committing the federal crime by escaping the taxes. According to the federal law, there is the six-
year statute of limitations for the tax evasion that means the jury has six years from the moment of the
crime has been committed by you and prosecutes you
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