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DEFINITION
SPONSOR: http://www.MarcinkoAssociates.com
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Tax avoidance—An action taken to lessen tax liability and maximize after-tax income.
Tax evasion—The failure to pay or a deliberate underpayment of taxes.
Underground economy—Money-making activities that people don’t report to the government, including both illegal and legal activities.
Voluntary compliance—A system of compliance that relies on individual citizens to report their income freely and voluntarily, calculate their tax liability correctly, and file a tax return on time.
MORE: https://apps.irs.gov/app/understandingTaxes/whys/thm01/les03/media/ws_ans_thm01_les03.pdf
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Filed under: "Ask-an-Advisor", Accounting, Glossary Terms, Marcinko Associates, Taxation, Touring with Marcinko | Tagged: accountant, Accounting, CPA, EA, economy, IRS, Marcinko, tax, tax avoidance, tax evasion, Taxation, underground economy, voluntary tax compliance | Leave a comment »
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