How Tax Fraud Can Impact You & Your Business
Willfully misrepresenting how much your Pennsylvania business owes in taxes to the IRS can land you and your business in hot water. The IRS takes a dim view of businesses engaging in tax fraud and doesn’t hesitate to prosecute when it uncovers evidence of such activity. You need to get legal representation from a white-collar crime attorney the moment you get notified that you’re under investigation and protect yourself and your business.
Being prosecuted for tax fraud by the IRS can result in the loss of your business, fines that reach the six figures, and the loss of your personal property. You may also be subject to jail time. However, the right representation and defense may prevent these issues from becoming reality, allow you to keep your business open, and get results that go in your favor.
Defining Tax Fraud
Tax fraud comes in different forms that range from improper deductions to not remitting payroll taxes and underreporting income. The core concept of tax fraud is not paying what you owe to the government for business income and FICA taxes for employees. When the IRS discovers that you haven’t been honestly reporting taxes, it can take legal action to recover the money you didn’t pay, add penalties and interest, and also take you to court to face criminal charges.
How the IRS Can Punish You and Your Philadelphia Business
The IRS has always been an agency to fear when it comes to being prosecuted for tax fraud. The agency’s Criminal Investigation Unit regularly makes arrests and refers cases for civil or criminal prosecution of individuals and business owners to the federal courts. Your business can be shut down and your assets are frozen without warning when you’re the target of an investigation or prosecution, effectively cutting you off from your income and ability to run your business.
Not only are you limited or unable to earn, but you also face fines and potential jail time if you don’t have a good reason for why you didn’t report your business taxes in full. Additionally, the Pennsylvania Department of Revenue may also decide to investigate your business’s tax returns for fraud, further compounding the problems for you and your business.
Don’t Talk to the IRS Before Talking With a Lawyer
It’s a natural urge to try to explain yourself to the IRS and try to get out of the situation without punishment. The truth is, this is the worst possible thing you can do because anything you say can be used against you in court. You have a Constitutional right to not incriminate yourself, which means you don’t have to talk to the IRS until you’ve obtained legal representation.
Retaining a lawyer is the best course of action you can take when you find out the IRS has put you under investigation. A tax fraud attorney has in-depth knowledge of how the IRS operates, knows which defenses are most effective, and speaks on your behalf so you don’t run the risk of self-incrimination.
Getting Help From the Law Offices of Richard J. Fuschino Jr.
There are any number of reasons why you underreported your taxes or took deductions you weren’t entitled to, but you have the right to defend yourself against the IRS’s accusations. Retaining a criminal defense attorney who is familiar with how the IRS operates is your first step toward settling the situation in your favor. At the Law Offices of Richard J. Fuschino, Jr., we can help you with your situation, and we will work hard to get you the best possible outcome. Call us today to set up a consultation and learn more about the benefits of legal representation in front of the IRS and how it can save you and your business.