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This is true, but you can be asked to pay gigantic fines. IRS wanted me to pay more than 50k in fine (luckily they were wrong and accepted that right away). So maybe jail is hyperbole, but it can get pretty serious.

50k fine or 50k back taxes plus fine?

It's called hyperbole.

I think you mean tax evasion. Hyperbole is completely different.

If that's true, then what's the point of paying business taxes? When the IRS finds out, you just pay less than you would otherwise, and much later.

Having a tax lien on your business is not fun. Neither is going through the settlement process. You also are not guaranteed a settlement and could end up owing the full amount plus interest. At best they let you pay it over time. At worst they take your property and liquidate it. But jail time is unlikely unless you had malicious intent.