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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]
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 administrations use various means to reduce evasion and increase the level of enforcement: for example, privatization of tax enforcement [15] or tax farming. [ 25 ] [ 26 ] In 2011, HMRC , the UK tax collection agency stated that it would continue to crack down on tax evasion, with the goal of collecting £18 billion in revenue before 2015 ...
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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.
The interest paid on the borrowed amount is often minimal compared to the potential tax burden of selling off investments, making this a highly effective method for maintaining and growing wealth ...
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 evasion is ...
For example, each taxpayer is granted an automatic six-month extension if they need it — although you still have to pay the taxes you owe by tax-filing date, typically April 15.