SAN DIEGO, March 22, 2011 /PRNewswire/ -- Skimming, the illegal business practice of failing to account for some sales, is one of the many temptations of running a business, but there are a lot of ways for this to go wrong. For starters, it is a form of tax evasion, says tax attorney William D. Hartsock, Esq.
"Taking a little cash off the top or failing to ring up cash transactions may seem harmless, but doing this in order to officially report a lower total on your taxes constitutes tax evasion," said Mr. Hartsock. "Whether or not you knew it was illegal, the IRS WILL prosecute your for tax evasion, so it's essential to find a tax attorney immediately."
Technically defined as the illegal practice of a business or corporation failing to account for some sales, frequently with the intent of tax evasion or cheating a partner, skimming business funds is often seen as a two-for-one crime – it reduces the amount of taxes a company must pay to the government while giving them extra cash tax-free. However, IRS corporate audit programs routinely look for evidence of skimming.
"My number one recommendation to avoid being caught skimming taxes is to not do it at all," said Mr. Hartsock. "But if for whatever reason you are accused of doing it, I can't emphasize enough how important it is to hire a tax attorney – whether you are innocent or not. In fact, no matter what you're being accused of, even if it's just a routine tax audit, you should never speak to the IRS without a tax attorney present."
For over two decades, the attorneys at TaxLawFirm.net have provided quality, professional legal counsel to both individuals and businesses going through matters related to bankruptcy taxes. For more information or to schedule a consultation, call 858-481-4844, or visit www.taxlawfirm.net today.
Full press release located here http://www.taxlawfirm.net/press-releases/skimming-taxes-is-tax-evasion.htm
William D. Hartsock, Esq. is a Certified Tax Law Specialist, international tax lawyer and tax bankruptcy attorney specializing in IRS tax problems. Mr. Hartsock and the tax lawyers at TaxLawFirm.net represent clients throughout California and many other countries. They specialize in quality, professional legal counsel for both individuals and business in need of federal and state tax audit assistance as well as offshore tax support.