Tax Evasion

What Does Tax Evasion Mean?
An illegal practice where a person, organization or corporation intentionally avoids paying his/her/its true tax liability. Those caught evading taxes are generally subject to criminal charges and substantial penalties.

Investopedia explains Tax Evasion
There is a difference between tax minimization/avoidance and tax evasion. All citizens have the right to reduce the amount of taxes they pay as long as it is by legal means.

Filed Under: Laws, Regulations, Taxes

Related Terms

Abusive Tax Shelter
Controlled Foreign Corporation - CFC
Custom Adjustable Rate Debt Structure - CARDS
Form 1078
Internal Revenue Service - IRS
Retention Tax
Tax Avoidance
Tax Haven
Tax Liability
Tax Shelter
More Related Terms

Related Links

Special Feature: Income Tax Guide - Don’t miss out on tax benefits and significant savings this year! Our Income Tax Guide has everything you ever wanted to know about tax but were afraid to ask.
Tax Tips For The Individual Investor - We give you seven guidelines to help you keep more of your money in your pocket.
Reporting A Tax Cheat - If you report a tax evader to the IRS, you could be eligible for a reward.
Pros And Cons Of Offshore Investing - Tax loopholes are shrinking, but there are still plenty of viable prospects. Get the big picture.
Surviving The IRS Audit - Keeping thorough records and knowing the penalties make this experience easier than you'd expect.
IRS.gov - The source of all things tax related in the United States
Why did Tyco's financial statements attract the SEC's attention in 2002? -
Taking A Look At Tax Havens - These tax-free zones might sound appealing, but the consequences often aren't.

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