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 ?
"We wanted EVADE to set a new standard for our company in terms of pushing the boundaries from engineering to design to incorporating new user experiences without compromising the integrity of some of the key highlight design features offered by our armored Knight XV.
"You can convert profits to losses, put money in phony loans, buy businesses without people knowing who you are, and evade all laws regulating money.
The government's ability to defend the seizure would be enhanced greatly if the motorist's efforts to evade the checkpoint involved a violation of traffic regulations.
The Congress is disturbing the House to evade themselves from questions relating to PNB scam," he said.
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.
Regarding reports of terror outfit Daesh, also known as Islamic State, emergence in Pakistan, Durrani said terrorist outfits had been changing their names to evade police action.
Two other people were wounded in the shooting, the source added.In a statement, the Army said soldiers manning a checkpoint in Ain al-Shb, near the town of Arsal, "fired at the van carrying Syrian passengers after the driver would not heed orders to stop despite being warned several times and tried to evade [inspection]."
Mike O'Grady, HMRC assistant director of criminal investigation, said: "Using household appliances as a cover, this gang was on track to evade PS50m a year if they succeeded."
Conquest Vehicles Inc in a partnership with Indian-based leading automotive dealer Magus Cars Ltd launched the company's first unarmored SUV EVADE in India at a price of a[sup.1]85 million, making it the most expensive SUV available in the country.
Thomas McCague was convicted at Liverpool Crown Court, in his absence, in 2005 for conspiracy to evade fuel tax and money laundering.
But on this occasion the seal pup managed to evade spectacular the huge predator, known as Mel, on the beach.