When a person in Missouri and in other areas of the country experience professional success in their personal business, they likely feel a great deal of pride and fulfillment. However, during periods of success a business owner can also experience an extra workload in addition to additional cash flow. Unfortunately, this could potentially lead to oversights. While often unintentional, oversights on tax returns could ultimately result in accusations of tax evasion, among others.
IRS wage garnishment can be painful
Overwhelming debt affects every aspect of your life. You may have trouble eating and sleeping, or you may deal with your worries by eating too much and sleeping all the time. Certainly, your relationships may suffer if you allow the stress of your debt to make you irritable or affect your mood. Falling behind on your bills may be such a distraction that you have difficulty focusing at work. However, did you know that debt can also affect your pay?
Family avoids prison following federal tax evasion case
When people in Missouri are accused of crimes, they must make several decisions that will impact the rest of their lives. Upon examination of the evidence against them, defendants must choose whether to fight the charges against them or plead guilty. In some cases, people who are not guilty of the crimes of which they have been accused will take the latter action simply because they may accept that there may be sufficient evidence to convict them. In fact, a family in another state has recently opted to plead guilty to tax evasion allegations.
Can you get relief from the penalties the IRS assessed?
When you filed your income tax return, you may have not been able to pay the taxes the IRS says you owe. More than likely, you had your reasons, but that didn't matter to the IRS. In addition to assessing interest on the amount owed, you also discovered that the agency assessed penalties against you as well.
Business owner admits to tax evasion
Life for many families can be complicated. With all the responsibilities that fall on the shoulders of people in Missouri and across the country in their dual role of parents and business owners, the fact that something might fall through the cracks is not far-fetched. Unfortunately, if a person were to fail to submit an income tax filing, it is possible that federal prosecutors will view this oversight as deliberate tax evasion rather than a simple oversight regardless of the circumstances.
Would fast track mediation be a good solution in your situation?
The Internal Revenue Service may have a significant amount of power when it comes to collecting taxes, but that does not mean it is always right. If you disagree with an assessment, you may be able to appeal the decision.
