Everyone should know that the state of Ohio treats tax fraud and tax evasion as serious crimes. They carry with them steep penalties and repercussions that would exempt no one. These crimes may either fall under the following categories: crimes associated with the filing of returns or violations related to the failure of filing returns. If you want to consult a professional regarding these crimes and their laws, don’t hesitate to contact our accounting services.
So what are these two crimes? Tax fraud is when an individual or business entity willfully and intentionally falsifies information on a tax return to limit the amount of tax liability. It entails cheating on a tax return to avoid paying the entire tax obligation due to him. Some prohibited acts include claiming false deductions, treating personal expenses as business expenses, and not reporting the correct amount of income. On the other hand, tax evasion is when an individual does not file a tax return when they are required to do so. This may sound simple and discreet, but one mishap will lead to a very thorough investigation and a large amount of penalty. By the time the Internal Revenue Service comes in, one would wish to have filed that one lacking return needed from him. So, to be complete and accurate in your tax returns and filing, you can avail of accounting or payroll services from an accounting firm that delivers quality tax services in Ohio.
Always be safe and guarded with your dealings and taxes. Contact us at Damawa Tax & Accounting Services, LLC, for accounting & bookkeeping services in Whitehall, Ohio, and avoid indictment of tax fraud and evasion.