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What are the penalties for false tax return statements?

| Apr 24, 2016 | Criminal Tax Violations |

According to the Internal Revenue Service, voluntarily filing a tax return containing false statements is a felony. If you are charged with this offense, you could face up to $250,000 in fines (the fines are raised to $500,000 for businesses). Furthermore, you could face a prison sentence of up to three years in addition to costly fines. As a result, it is crucial for you to carefully review your case and understand all of your options if you have been accused of filing a tax return containing false statements in Minneapolis, Minnesota, or anywhere else in the U.S.

If you file a tax return which has information that you know is incorrect or untrue, you could face the aforementioned penalties. Furthermore, submitting other types of documents and statements with false information carries the same penalties. You may also face as many as three years behind bars and $250,000 in fines if you voluntarily assist, procure or advise an individual who files a tax return which contains false information, even if the individual is unaware that his or her return contains information that is not true.

For many Americans, filing taxes can be very complicated and frustrating. If you ever find yourself in hot water over tax-related matters, the consequences can be significant and could change your life in a number of ways, which is why handling tax issues properly is so important. Please know that this post was written to provide information on the penalties for filing tax returns with false statements and should not be taken as legal counsel.