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Furthermore, while tax avoidance is in principle legal, if the IRS in its sole judgment determines that tax avoidance is the 'principal purpose' for an expatriation attempt, 'covered expat' status will be applied to the requester, thereby forcing an expatriation tax on worldwide assets to be paid as a condition of expatriation. [88]
People sometimes use the terms “tax avoidance” and “tax evasion” interchangeably, but in the eyes of experts and the government there’s one big difference between the two: legality.
Tax Justice Network – research into "the negative impacts of tax avoidance, tax competition and tax havens" Tax Me if You Can – PBS Frontline documentary into tax avoidance; The Tax Gap Special report from The Guardian about tax avoidance by big business; US Justice Dept Press Release on Jeffrey Chernick, UBS tax evader
Tax evasion or tax fraud is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income ...
Tax avoidance is legal — as long as you claim legitimate deductions that qualify with the IRS. Evading tax, however, falls into the same category as tax fraud because in both cases cheating the ...
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Tax evasion is separate from tax avoidance, which is the legal utilization of the tax regime to one's advantage to reduce the amount of tax that is payable by means that are within the law. For example, a person can legally avoid some taxes by refusing to earn more taxable income or buying fewer things subject to sales taxes .
‘Tax avoidance is a key skill to building wealth’: Scott Galloway reveals 2 legal tactics the rich use to reduce their tax bills ... This new tax went into effect in the state on Jan. 1, 2022 ...