Will I have a problem if I do not report the income of my small business? 5 Answers as of August 14, 2011

Are there any penalties for a green card holder who owns an LLC and does not report all income for business (keeps cash) on federal tax return and also states that he is a citizen of the US?

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David Hoines Law
David Hoines Law | David Hoines
Potential criminal tax fraud.
Answer Applies to: Florida
Replied: 8/14/2011
Steven J. Fromm
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
The US tax code requires a taxpayer to report income from whatever source derived. Cash receipts are taxable income and must be reported. Tax returns are also signed under penalties of perjury so you must not lie on the tax return about anything to avoid civil and/or criminal prosecution.
Answer Applies to: Pennsylvania
Replied: 7/18/2011
Tomas Ayuban
Tomas Ayuban | Tomas Ayuban
Yes, you will have a problem. You have a requirement to declare your worldwide income on a U.S. Tax Return.
Answer Applies to: Florida
Replied: 7/14/2011
Law Offices of Sanford I Millar, A Professional Corporation
Law Offices of Sanford I Millar, A Professional Corporation | Sanford Millar
The following is note to be construed as legal advice or the establishment of an attorney client relationship. The signing of a knowingly false return with the intent to avoid or evade income tax is a state and federal felony. Conviction on either account may be grounds for an immigration action and result in either the revocation of the Green Card and/or denial of citizenship and deportation at the conclusion of the sentence.
Answer Applies to: California
Replied: 7/14/2011
The Schreiber Law Firm
The Schreiber Law Firm | Jeffrey D. Schreiber
Failure to report all income is subject to penalties, and if found to be done to evade taxes, is also a crime.
Answer Applies to: California
Replied: 7/14/2011
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