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 ?
Categories: Tax Policy and Administration, Collection procedures, Cost analysis, Cost effectiveness analysis, Debt collection, Delinquent taxes, Government collections, Internal controls, Performance measures, Risk assessment, Risk management, Tax evasion, Tax nonpayment, Tax violations, Taxes, Taxpayers
Categories: Tax Policy and Administration, Delinquent taxes, Federal taxes, Health care fraud, Health care programs, Income taxes, Medicare, Noncompliance, Personal income taxes, Tax administration, Tax evasion, Tax law, Tax nonpayment, Tax violations, Taxes, Withholding taxes
Categories: Tax Policy and Administration, Audits, Delinquent taxes, Federal aid to states, Federal funds, Federal grants, Federal taxes, Housing programs, Hurricane Katrina, Hurricane Rita, Payments, Tax evasion, Tax law, Tax nonpayment, Tax violations, Individuals and Households Program