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 ?
We expect a normal agent, with a normal degree of competence in practical and moral reasoning, to be directly sensitive and responsive to moral reasons against certain morally objectionable ways of acting, such as evading taxes, with no need of having a chancy, fortuitous thought, fully unconnected, from a semantic and rational point of view, with those moral reasons.
The investigation into the newspaper owners came after an exhaustive four-month tax audit, which ended in June and led tax authorities to accuse the nation's 23 major media organizations of evading taxes totaling 505.6 billion won (about $339 million) between 1995 and 2000.
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.
If any compliant unit has grievances or issues, he is welcome to meet tax authorities at the FBR house, but we have no place for the illegal tobacco industry, which is evading taxes and causing huge loss to the national kitty.
The US is pressurising Switzerland to conclude a deal on the disputed issue of Swiss banks divulging account data of US citizens evading taxes.
London, May 21( ANI ): Apple has been accused of evading taxes in UK by creating offshore entities that are not tax resident anywhere, a Senate committee has alleged.
Tan, who throughout the Arroyo administration reportedly sold P700 million worth of coffee in Pagcor casinos, allegedly underdeclared her income for the years 2003 and 2004 and will be charged with evading taxes in the Court of Tax Appeals, the DOJ said on Tuesday.
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!
22 Kyodo The Tokyo District Court on Tuesday sentenced a former talent agency president to four-and-half years in prison and fined him 250 million yen for evading taxes with help of tax inspectors and a certified public tax accountant.
Mr Graf is accused of evading taxes to the value of pounds 18m of his daughter's income.