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 ?
Graf's father and manager, Peter Graf, was arrested in August on suspicion of evading taxes on his daughter's earnings between 1987 and 1992.
He was convicted in December of evading taxes on $8 million and was sentenced to nearly six years in prison.
Stern and Michael Lahey, Special Agent in Charge of the Boston Office of the Criminal Investigation Division of the Internal Revenue Service announced the guilty plea today of EDWARD VIGEANT, 152 High Street, Whitman, Massachusetts, to two federal charges of evading taxes during the calendar years 1996 and 1997.
Under South Korean law, the punishment for those found guilty of evading taxes of more than 500 million won is five years to life imprisonment.
Mr Graf is accused of evading taxes to the value of pounds 18m of his daughter's income.
US authorities are conducting an investigation against 10 Swiss banks suspected of assisting American clients in evading taxes.
THE Reddy brothers of Bellary, who have been maintaining that they are ' innocent', have finally been exposed by the Income Tax Department, which has accused them of evading taxes amounting to ` 87 crore
It has been brought in to the notice of senior officials that some cigarette manufacturing factories are evading taxes, so FBR has decided for auditing of these factories.