What are the consequences for tax evasion?

In South Carolina, tax evasion is a white collar crime and carries with it serious penalties. Tax evasion is when an individual or business willfully attempts to evade or not pay taxes due to the state. The penalties for tax evasion depend on the amount of taxes that were not paid and the type of taxes that were avoided. For individuals that are convicted of tax evasion, the consequences can involve serious fines and possible prison time. Fines can range from a few hundred dollars to thousands of dollars depending on the amount of money not paid in taxes. In addition, individuals convicted of tax evasion could face up to 5 years in prison. Businesses that engage in tax evasion may be subject to fines, the closing of the business, or both. Depending on the amount of taxes that the business attempted to avoid, the fines imposed can be quite large and can lead to financial instability or even bankruptcy. The federal government takes tax evasion very seriously and there may also be additional federal charges and civil fines brought against the individual or business. These can be as steep as $100,000. The best way to avoid tax evasion fines and possible prison sentences is to comply with state and federal tax regulations. This means filing an accurate tax return and paying the amount of taxes that is due in a timely manner. Doing so is the best way to avoid any run-ins with the law.

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What are the consequences for tax evasion?

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