tax evasion

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Tax evasion

Illegal by reducing tax burden by underreporting income, overstating deductions, or using illegal tax shelters.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

tax evasion

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

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
My own judgment (and of course Pereboom's) is that Joe is blameworthy, not only for his low attentiveness to moral reasons against evading taxes, but also for deciding to evade taxes (and for doing so).
And there are more than three million anonymous corporations--which are designed to conceal the origin and destination of goods in trade and to evade taxes by hiding profits and assets.
The nation is now asking the bank to bring back USD3.5bn after it accused the bank last November of helping more than 4,000 clients to evade taxes by hiding money in secret Swiss accounts.
The former UBS global wealth management chief Raoul Weil was arrested in Italy for allegedly helping wealthy American clients, with $20bn in assets, to evade taxes in US between 2002 and 2007.
He also added that it is 'ethically wrong' for any corporation to evade taxes.
Murtaza Mughal said that masses will never pay taxes voluntarily in the unfair tax system as they know that politicians having billions evade taxes, get exemptions and look for foreign donors for help.
president Camino Benedicto and its treasurer Juanito Benedicto for violations of Sections 254 and 255 of the National Internal Revenue Code or for attempting to evade taxes and failing to supply the bureau with correct and accurate information in its tax returns.
The banker had previously worked for UBS AG (NYSE: UBS) (ZHR: UBSN) (UBSN.VX), which has been in dispute with US tax authorities over allegations that its bankers helped Americans evade taxes.
The business community asked the Kyrgyz government to tighten fight with entrepreneurs, who evade taxes.Law abiding tax payers have to pay a lot, while tax evaders live without problems, said Saparbek uulu Alisher, Executive Director of the Association of Markets, Trade and Services Enterprises, at the round table discussion on fiscal policy today."It is necessary to identify such entrepreneurs and punish for tax evasion.
The authorities in Mannheim, Germany, say there are signs that the tenors - Jose Carreras, Luciano Pavarotti and Placido Domingo - and Caballe may have helped a local concert promoter to evade taxes.
Asada took the bribes in return for helping the accountant's clients evade taxes.
6229(c) provides that "if any partner has, with the intent to evade taxes, signed or participated directly or indirectly in the preparation of a partnership return which includes a false or fraudulent item," the SOL is extended to six years for all other partners.