Tax Evasion
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 Says:
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. Related Terms:
Abusive Tax Shelter
Custom Adjustable Rate Debt Structure - CARDS
Form 1078
Internal Revenue Service - IRS
Retention Tax
Tax Avoidance
Tax Haven
Tax Liability
Tax Shelter |