tax evasion

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Tax evasion

Illegal by reducing tax burden by underreporting income, overstating deductions, or using illegal tax shelters.

Tax Evasion

An illegal act or practice of not paying one's true tax liability. One may do this directly simply by not paying taxes in a given year. More often, however, the term refers to a person or company hiding assets or income in certain vehicles deemed to be improper by the IRS. It is important to note that tax evasion is different from tax avoidance, which is the minimization of one's tax liability through legal means, though it is generally acknowledged that there is a fine line between the two. See also: Shell corporation, Tax haven.

tax evasion

The illegal avoidance of taxes. The intentional omission of a gain from the sale of stock in reporting income to the Internal Revenue Service is an example of tax evasion. Compare tax avoidance.

tax evasion

any efforts by taxpayers to evade TAX by various illegal means, such as not declaring all of their income to the tax authorities or falsely claiming reliefs to which they are not entitled. Compare TAX AVOIDANCE.

tax evasion

any efforts by taxpayers to evade TAX by various illegal means, such as not declaring all their income to the tax authorities or falsely claiming reliefs to which they are not entitled. Compare TAX AVOIDANCE. See MOONLIGHTER.

tax evasion

The use of fraud or other illegal means to hide income or reduce taxes.Contrast with tax avoidance.

References in periodicals archive ?
It is "in the interest of sound international tax policy that there not be offshore havens that people can use to evade taxes.
The numbers were then provided by ANDERSON's co-conspirator to others to assist them in hiding income from the IRS and thereby evade taxes.
The Court of Appeals upheld the deficiencies, relying on the plain language of the statute that the intent to evade taxes did not have to be the taxes of the partner preparing or signing the return.
Once it becomes socially acceptable to evade taxes, we're on a slippery slope," he said.
Argentina has urged HSBC Holdings (LSE: HSBA) to repatriate money that it says the bank's Argentine branch moved offshore to help clients evade taxes.
S tax laws make it difficult to evade taxes, with other artists like rapper Lil Wayne, R.
Swiss banking giant UBS has banned travel for over 1,000 financial advisers as the company reviews its policies, following a scandal in which the bank admitted helping some of its customers evade taxes.
ABERNATHY took a number of steps to evade taxes, including making extensive use of cash in conducting his bookmaking business, systematically destroying bookmaking records, and, of course, failing to file the tax return.
It also charged that two Arkansas advisers to the Hubbell family - Michael Schaufele, an accountant, and Charles Owen, a lawyer - had played important roles in a conspiracy to evade taxes.
Under that case law, to prevail in establishing fraud, the IRS must show by clear and convincing evidence that the taxpayer "intended to evade taxes which it knew or believed it owed, by conduct intended to conceal, mislead, or otherwise prevent the collection of such taxes.
Last year, Swiss lawmakers started pressuring Dougan to resign after the bank pleaded guilty to helping clients evade taxes.
New Delhi, Feb 23 (ANI): The Communist Party of India (Marxist) on Monday called on the ruling United Progressive Alliance (UPA) to furnish the details of Indians who have illegally stashed away funds in Swiss bank accounts to evade taxes.