What Happens if You Lie on Your Taxes?

Full Video Transcript

Thinking about fudging the numbers on your tax return? There are many reasons why you shouldn’t. Intentionally providing false information on your tax return is considered tax fraud, a serious offense with significant consequences. If you are charged and convicted of tax fraud, potential penalties can include hefty fines, interest on unpaid taxes, and even imprisonment. Before any criminal penalties, the IRS can also conduct audits and impose civil penalties, which can be up to 75% of the unpaid tax. If you’ve made a mistake or are facing allegations of tax fraud, it’s crucial to consult with a tax attorney. They can provide guidance on how to address the issue and potentially negotiate with the IRS. To learn more about your rights and and obligations under U.S. tax laws and to find a tax lawyer near you, head to LawInfo.com