but reporting approx $80,000 per year. What happens if the Irs / Gov finds out that someone has been witholding income reporting for approx 10 years at $50,000 per year?
2007-07-24 13:44:02 · 3 answers · asked by locknkey 3 in Business & Finance ➔ Personal Finance
i am not sure..but yeah, i think you would go to jail..or pay back taxes..or both..you shouldn't try to cheat the government, they where the first cheaters
2007-07-24 13:51:48 · answer #1 · answered by roses_are_black 2 · 1⤊ 0⤋
I gather what you are saying here is that someone (perhaps YOU) under reported income to the tune of one half million dollars over ten years ?
I hope this person looks good in jail stripes. This isn't a 'normal income tax mistake'. This qualifies as tax fraud, and may well result in jail time if discovered.
2007-07-24 14:03:17 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
It's actually a short answer...that person will DEFINITELY owe back taxes plus penalties, and will probably be indicted for felony tax evasion and sentenced to actual jail time if convicted.
2007-07-24 16:52:55 · answer #3 · answered by Michael S 2 · 0⤊ 0⤋