tax evasion
Hiding owed money
Tax evasion is the illegal nonpayment or underpayment of taxes, typically through deliberately misreporting income, inflating deductions, or hiding money in undisclosed accounts.
Distinguished from tax avoidance, which uses legal methods to minimize tax burden, tax evasion is a crime: He served three years for tax evasion.
They caught Al Capone on tax evasion, not murder.
Bank deposits in other countries
- shell companiesLegally registered but inactive businesses
- unreported incomeMoney not disclosed officially
- falsificationDeliberate alteration of truth
- concealmentAct of hiding something
underreporting · money laundering · hidden assets · structuring · under-the-table · Swiss bank · Cayman Islands · trusts
Pursuing legal charges
- indictmentFormal charge from jury
- convictionFirmly held belief
- felonySerious criminal offense
- sentencingImposing legal punishment
prison · jail · guilty · offense · unlawful · criminality · lawbreaking · misdemeanor
Federal tax collector
- examinationMethodical assessment or review
- scrutinyClose, careful examination
- recordsStored data or albums
- documentationWritten proof or instructions
discrepancies · forensic accounting · CPA · assessor · returns · filing · receipts · deductions
Exploitable gap in rules
- shelteringProtecting from elements
- schemeCalculated strategy, often secretive
- strategyPlanned approach to goals
- creditsUnits toward graduation
Reversal of position
- Panama PapersExposed secret shell companies
- multinationalOperating across multiple countries
- wealth managementOverseeing affluent clients' finances
- corporate fraudOrganizational financial deception
KPMG · Enron · executive · white-collar · financial advisor
offshore accounts
Bank deposits in other countries
- shell companiesLegally registered but inactive businesses
- unreported incomeMoney not disclosed officially
- falsificationDeliberate alteration of truth
concealment · underreporting · money laundering · hidden assets · structuring · under-the-table · Swiss bank · Cayman Islands · trusts · cryptocurrency
prosecution
Pursuing legal charges
- indictmentFormal charge from jury
- convictionFirmly held belief
- felonySerious criminal offense
sentencing · prison · jail · guilty · offense · unlawful · criminality · lawbreaking · misdemeanor · penalty
IRS
Federal tax collector
- examinationMethodical assessment or review
- scrutinyClose, careful examination
- recordsStored data or albums
documentation · discrepancies · forensic accounting · CPA · assessor · returns · filing · receipts · deductions · compliance
loophole
Exploitable gap in rules
- shelteringProtecting from elements
- schemeCalculated strategy, often secretive
- strategyPlanned approach to goals
inversion
Reversal of position
- Panama PapersExposed secret shell companies
- multinationalOperating across multiple countries
- wealth managementOverseeing affluent clients' finances
corporate fraud · KPMG · Enron · executive · white-collar · financial advisor
- tax crimesundeclared income, unreported income, hidden income, underreporting, customs fraud
- legal offensesfraud, theft, perjury, assault, battery
- violationsviolation, infractions, infraction, breach, consent violation
- accounting termsassets, cash, expenses, equity, retained earnings
- taxationtaxable income, VAT, withholding, deductions, deduction
- fraud detectionscam, phishing, identity theft, credit card fraud, insurance fraud
tax evasiontax compliance
Following taxation laws
tax avoidance · tax optimization · tax planning · civic duty · tax shelters
tax, evade, taxing, taxed, evasion, taxes, evasive, taxation, evading