November 30, 2007, Newsletter Issue #39: Tax Fraud Penalty
Tip of the Week
By willfully providing the IRS with fraudulent information on your tax return, you are taking part in a potentially criminal penalty situation. Depending upon the severity of the fraudulent information, you may be facing court dates, restitution, and possible imprisonment.
In a situation involving your tax return containing any underpayment of tax due to fraud, the IRS will penalize you a hefty 75% of the underpayment tax amount due.
If you file a joint income tax return, you need to know that this IRS tax fraud penalty (involving underpayment of tax) does not apply to your spouse unless, of course, your spouse is a party to the fraud committed.
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