Most Texas residents have strong opinions when it comes to paying taxes. They may feel that they pay too much, that others should pay more or that they should qualify for more credits and deductions. These opinions may be even stronger for business owners who often face a double dose of taxes through their business and personal returns. However, if they take steps to reduce their taxes by bending the rules, they could end up facing tax evasion charges.
One business owner in another state was recently charged with this type of criminal activity. According to reports, the 70-year-old man allegedly provided false information on both his personal and business tax returns in an effort to reduce his tax obligation. The charges specifically mentioned an underreporting of income and inflation of expenses on the returns.
More specific details regarding the case include:
- The fraudulent activity reportedly took place from 2015 to 2019.
- The total losses to the government for the evasion was over $384,000.
- The man chose to enter a guilty plea in relation to one count of tax evasion.
Pleading guilty is sometimes appealing in tax evasion cases because it could mitigate the consequences if the plea is entered as part of a bargain. However, it is important to remember that plea bargains are not always available or the best option for every case. As a result, any Texas resident facing accusations of evasion or fraud in relation to their taxes may want to ensure that they explore all of their available defense options before deciding which route they may wish to follow.