According to local media reports, an Illinois State Senator was recently charged with federal income tax evasion. This story should serve as a reminder to taxpayers that regardless of your career, the IRS and Department of Justice will investigate and prosecute those who willfully commit tax crimes. If you have failed to file a tax return for one or more years or have taken a position on a tax return that could not be supported upon an examination, it is in your best interest to contact an experienced tax defense attorney to determine your best options to come into compliance.
Illinois State Senator Terry Link, having served in the state legislature since 1997, is accused of understating his income on his federal income tax return. According to court documents, Link reported that he earned only approximately $264,000. Federal prosecutors believe that he made significantly more than that.
If Link is convicted of the single count of tax evasion that he was charged with, he could be sentenced to serve up to five years in a federal prison. Additionally, he would likely be required to serve a period of supervised release following his physical incarceration. Finally, if convicted, Link would likely be ordered to pay restitution to the IRS representing the loss of tax revenue that he caused.
The defendant in the story above happened to be a state senator, but the IRS does not limit their investigations and prosecutions to those in the public spotlight. Every year, thousands of everyday Americans are investigated for and charged with tax crimes related to failing to comply with federal and state income tax laws.
Whether you have failed to file a tax return, pay your taxes as required by law, or have taken a position on your tax return that fraudulently lowers your tax bill or generates a fraudulent refund, the potential criminal and civil penalties are incredibly harsh. If you have found yourself out of tax compliance, an experienced tax defense attorney will work with you to develop an effective strategy to get right with the government with an aim at minimizing the potential consequences that could come along with a tax examination or criminal tax investigation. A offshore or domestic voluntary disclosure can get you back into compliance without the risk of criminal tax prosecution if you are willing to knock on the governments door before they knock on yours.
Regardless of your business or estate needs, the professionals at the Tax Law Offices of David W. Klasing are here for you. We are open for business and our team will help ensure that your business is too. Contact the Law Offices of David W. Klasing today to discuss your business with one of our professionals.
In addition to our main office in Irvine, the Tax Law Offices of David W. Klasing has unstaffed (conference room only) satellite offices in Los Angeles, San Bernardino, Santa Barbara, Panorama City, Oxnard, San Diego, Bakersfield, San Jose, San Francisco, Oakland, Carlsbad and Sacramento. During the COVID-19 pandemic, our staff are working from home, but have full virtual meeting capability.
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