The statutes for tax fraud and evasion provide for punishment that includes imprisonment and the federal sentencing guidelines--now advisory--have been adjusted over the years to make imprisonment much more likely if there is a conviction
It is possible if you committed a tax crime, and tax fraud and tax evasion are tax crimes.
Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.
One point which the other didn't include. You will be in a better position to avoid jail and possibly criminal prosecution if you voilunarily disclose underpayment of taxes. You should immediate consult with competent criminal tax counsel to discuss your situation. Good luck.
PS Make sure you also discuss paying the back taxes to reduce civil penalties which may be substantial. However, you should consult with criminal tax defense counsel before filing amended returns. A prosecutor may use amended returns as evidence that tax was due and woing - one of the elemnets of federal tax evasion.
THESE COMMENTS ARE NOT LEGAL ADVICE. They are for educational and information purposes only. We cannot provide legal advice without investigating the facts which we have not done in this matter.