The Law Office of Lance R. Drury
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Tax Evasion Archives

Tax avoidance vs. tax evasion

Everyone has to pay taxes, and everyone usually tries to pay as few taxes as possible. There are a few legal ways to use the tax code to one’s advantage. This is generally considered tax avoidance, and it is not necessarily a bad thing. There are also a few illegal ways to exploit the tax system—and this crosses the line into tax evasion.

IRS may be turning to new tools in bitcoin enforcement efforts

Sometimes, the IRS will put special focus on certain things when it comes to tax enforcement. One area that has been getting increased IRS attention lately is the buying and selling of digital currencies, such as bitcoin. Particularly, the IRS has been on the lookout for people avoiding paying taxes on gains made buying and selling such currencies.

Being dishonest about income can carry major consequences

Income can be a very sensitive subject for a person. There are a variety of reasons why a person might not want others to know how little, or how much, they make, including embarrassment. This may leave a person tempted to tell lies when asked about their income.

Soupman CFO facing tax evasion allegations

Some tax-related allegations can expose a person to more than just a tax dispute with the Internal Revenue Service. Some could land a person in serious criminal proceedings. Among such accusations is being accused of tax evasion. A person’s freedom and many other key things in their life can be at risk when charges of tax evasion are leveled against them. So, when such charges come up, having the advice of an attorney with a comprehensive understanding of the specifics and issues of criminal cases involving tax matters can be critical.

Virtual currencies and IRS enforcement and compliance efforts

Tax evasion allegations could come up in relation to a range of different things. This includes certain uses of virtual currencies (like bitcoin). There are concerns that certain aspects of virtual currencies, like the fact that transactions involving this new type of currency tend to involve anonymous parties, could create avenues for illegal tax avoidance. One wonders if a recent report will end up leading to big changes in Internal Revenue Service enforcement and compliance efforts regarding virtual currencies.

Some tax-lowering methods are legitimate, while others cross the line

One goal many individuals have when it comes to taxes is to have as little tax liability as possible. There are a variety of legitimate techniques out there for trying to reduce one's tax exposure. Pursuing these legitimate techniques is called tax avoidance, and it is perfectly legal.

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