Expert Advice > White Collar Crimes
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- What is the statute of limitations for tax evasion?
The statute of limitations for tax evasion is six (6) years. It begins to run on the date of the last affirmative act of evasion. Sometimes the last affirmative act of evasion is the filing of a false tax return. More commonly, however, the last evasive act is lying to a federal agent during an audit or investigation. Thus, lying to a federal agent in 2004 to conceal an evasive tax return filed in 1999 extends the statute of limitations period from 2005 to 2010.
REMEMBER YOUR RIGHT TO REMAIN SILENT!
- Can I be convicted of tax evasion for failing to file a tax return if I think I don't owe any tax, even if it later turns out I do?
No. To convict a person of tax evasion, the government must prove 1) you actually owe tax, 2) you took an affirmative act to evade tax, and 3) you did so willfully. You may have to pay interest and civil penalties if you mistakenly fail to pay income tax, but you have not committed a crime.
- What constitutes the crime of "insider trading?"
"Insider trading" is trading in a corporation's stock by a corporate insider on the basis of "material nonpublic information." A person who receives material nonpublic information from a corporate insider may also be guilty of insider trading if the corporate insider ("tipper") has breached his fiduciary duty to shareholders by disclosing information to the tippee and the tippee knows or should know that there has been a breach.
- What is the statute of limitations for tax evasion?
The statute of limitations for tax evasion is six (6) years. It begins to run on the date of the last affirmative act of evasion. Sometimes the last affirmative act of evasion is the filing of a false tax return. More commonly, however, the last evasive act is lying to a federal agent during an audit or investigation. Thus, lying to a federal agent in 2004 to conceal an evasive tax return filed in 1999 extends the statute of limitations period from 2005 to 2010.
REMEMBER YOUR RIGHT TO REMAIN SILENT!
REMEMBER YOUR RIGHT TO REMAIN SILENT!
- Can I be convicted of tax evasion for failing to file a tax return if I think I don't owe any tax, even if it later turns out I do?
No. To convict a person of tax evasion, the government must prove 1) you actually owe tax, 2) you took an affirmative act to evade tax, and 3) you did so willfully. You may have to pay interest and civil penalties if you mistakenly fail to pay income tax, but you have not committed a crime.
- What constitutes the crime of "insider trading?"
"Insider trading" is trading in a corporation's stock by a corporate insider on the basis of "material nonpublic information." A person who receives material nonpublic information from a corporate insider may also be guilty of insider trading if the corporate insider ("tipper") has breached his fiduciary duty to shareholders by disclosing information to the tippee and the tippee knows or should know that there has been a breach.
