Whether you are currently facing allegations of tax fraud or you worry about the possibility of such a case arising in the future, it is important to realize the potential penalties associated with tax fraud. In addition, reviewing statistics on this offense can provide a clearer understanding of the prevalence of these charges and those who find themselves in this position.
If you are facing federal charges related to tax fraud, you need to understand what is at stake and carefully go over your options. Remember that every case is unique and make sure that you prepare.
Data on the prevalence of tax fraud charges
According to the U.S. Sentencing Commission, the number of people charged with tax fraud has decreased in recent years. During fiscal year 2020, 324 faced tax fraud charges, compared to 494 during fiscal year 2019. Between fiscal years 2016 through 2018, more than 500 people faced tax fraud charges each year. From fiscal year 2016 to fiscal year 2020, tax fraud offenses went down by 45.5%.
Reviewing the penalties for tax fraud
The USSC reports that among those charged with tax fraud, 68.7% found themselves sentenced to prison. Moreover, tax fraud offenders had, on average, a 16-month prison sentence. The average age of those charged with tax fraud was 52 and men accounted for 73.1% of offenders.
If you have found yourself in this position, you could feel overwhelmed and worry about your future. Time behind bars, a shattered reputation and harsh financial penalties are a serious concern for many people in this position, and you need to carefully go over the details of your case.