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Tax Evasion

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Tax Evasion
An illegal practice whereby an individual intentionally avoids paying their true Tax liability.
    
Illegal practice of intentionally evading taxes. Tax minimization/avoidance and Tax evasion are different.  All citizens have the right to reduce the amount of taxes they pay as Long as it is by legal means.
    
Taxpayers who evade their true Tax liability may underreport income, overstate deductions and exemptions, or participate in fraudulent Tax shelters. If the taxpayer is caught, Tax evasion is subject to criminal penalties, as well as payment of back taxes with Interest, and civil penalties. Tax evasion is different from Tax Avoidance which is the legal use of the Tax code to reduce Tax liability.
Posted by  Privatebanking.com
 
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