A company that falsifies its books and records is guilty of committing a white collar crime that falls under accounting fraud. It is possible that the company may have been a victim of accounting fraud by an embezzler, or it may itself be under investigation for hiding losses, tax evasion and misleading investors. Either way, legal representation is required to assess the company's liability and decide how to contest or settle the matter.
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A company looking to improve its public image and stock price may do some creative accounting to keep losses off the books and show a profit to attract investors. They may conceal debts and liabilities and add false value to assets for obtaining loans. But when it comes to tax evasion and fraud, it is usually the other way around where companies conceal their assets and profits to reduce the income tax they need to pay.
Sales tax can be avoided by purchasing items in cash without a bill or making use of false billing to show a reduced price for purchased goods and items. The IRS is often called in during investigations of False Claims Act violation complaints. For example, this happens when a medical care provider creates false bills to get reimbursed from Medicare and Medicaid for medication that was not provided to patients.
Do you have additional legal questions regarding accounting fraud? Our tax lawyers can help! Contact a local taxation law attorney today for more information.