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 ?
In that instance, Beg's fraud on the company would have caused the company to file a false return, but a court could not assume that the company intended to evade a tax by filing that false return.
Toronto-based Conquest Vehicles said that the Evade will be significantly lighter than flagship vehicle Knight XV.
A Belgrade prosecutor appealed Friday against the acquittal of 10 people who had been charged with helping Mladic evade justice, demanding a retrial, the Tanjug news agency reported.
Her fascinating analysis documents the transnational and cross-racial networks immigrants forged in order to evade U.
Huffer, who trained at La Grange Stables in Newmarket, appeared for sentencing on two charges of attempting knowingly to evade duty and VAT.
Offshore havens allow rich people and businesses to evade taxes.
Stopping vehicles that seek to avoid roadblocks and using false signs warning of drug checkpoints ahead for the sole purpose of justifying the detention of motorists making obvious attempts to evade nonexistent roadblocks are rather controversial, yet legally defensible law enforcement strategies.
And this poem will be embryonic I sit at a bus stop Knowing how tragic, yet strong Black masculinity can be Bob Costas will say your numbers Can't touch Mays' or Aaron's And yet you'll sneak into their club More successful than when you tried To evade reporters When you got 3000 hits 40 homers a year was not your mantra Like Hank, even Mays only hit 50+ twice Yet, you stood, black and polished as the Louisville slugger you swung When Cal Ripken, Jr.
16 Kyodo Police on Tuesday arrested the president and two employees of oil refiner-wholesaler Shinko in Fukuoka Prefecture on suspicion of conspiring to evade tax totaling 410 million yen.
Cardinal Roger Etchegaray, who heads the Vatican's main committee on the year 2000, said that the effort will attempt to determine specific facts about the Inquisition and dispel myths about the church's efforts but not evade the church's responsibility.
Earlier in the book, he writes, "The Irancontra affair involved various attempts to evade or subvert laws, established procedures, and intragovernmental traditions (thin reeds, these) of civility.