define tax avoidance
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REDUCTION tax avoidance-the minimization of tax liability by lawful methods. minimisation, minimization-the act of reducing something to the least possible amount or degree or position.
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Deferred tax Deferred tax. An asset that may be used to reduce any subsequent period's income tax expense. Deferred tax assets can arise due to net loss carry-overs, which are only recorded as asset if it is deemed more likely than not that the asset will be used in future fiscal periods.
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Call avoidance Call Avoidance is a popular strategy implemented to reduce inbound call volumes to contact centers in the customer service industry, particularly in the consumer market.t is based on the fact that person to person service calls are time consuming and costly and should be accessed only when there is no viable option.
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- U4 Issue 2014:2 Tax-motivated illicit financial flows: A guide for development practitioners www.U4.no v Abstract Tax revenue can help governments finance development and decrease reliance on foreign aid. But tax-motivated illicit financial flows – tax evasion, tax avoidance and transfer pricing – undermine these efforts.
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Income Tax: Fraud vs. Negligence Income tax fraud is the willful attempt to evade tax law or defraud the IRS. Tax fraud occurs when a person or a company does any of the following: Intentionally fails to file a income tax return. Willfully fails to pay taxes due. Intentionally fails to report all income received.
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What is 'Tax Wedge' Tax Wedge. What is a 'Tax Wedge'. A tax wedge is the difference between before-tax and after-tax wages. The tax wedge measures how much the government receives as a result of taxing the labor force. 2. A measure of the market inefficiency that is created when a tax is imposed on a product or service.
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- Employment Tax Evasion Schemes. Tax evasion is not always the fault of private individuals, however, and there are a number of schemes that can result in both the IRS and the private taxpayer are victims of fraud perpetuated by an employing company.
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Cost Reduction and Cost Avoidance Cost Reduction and Cost Avoidance Cost reduction can be generally defined as the act of cutting costs to improve profitability. Cost reduction is often confused with cost avoidance, which is more properly defined as the act of eliminating costs or preventing their occurrence in the first place. Both types of cost control, which are two sides of the cost containment coin, are important and necessary for a company that wants to achieve and maintain profitability, especially in a weak economy.
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- The primary objectives of your tax planning should be the following: 1  Reduction in overall tax liability. 2  Economic stability. 3  Growth of economy. 4  Litigation minimization. 5  Productive investment.
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Tax break Tax break. Tax break is a term referring to any item which avoids taxes, including any tax exemption, tax deduction, or tax credit. It is also used in the United States to refer to favorable tax treatment of any class of persons.
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- shelter verb (AVOID TAX). › [T] US If you shelter ​income, you ​legally ​avoid ​paying ​taxes on it: Their ​accountant ​suggested some ​novel ​ways of sheltering ​their ​retirement ​income. (Definition of shelter from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press).
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- withholding tax. Word forms: plural withholding taxes. variable noun. A withholding tax is an amount of money that is taken in advance from someone's income, in order to pay some of the tax they will owe.
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- Page 2 Tax avoidance as an ethical issue for business At a time when government spending cuts are having a real impact on the everyday lives of people, some say it is morally indefensible for multinational corporations be avoiding paying their fair share of UK taxes.his has attracted much negative media coverage as well as attention from campaign and public interest groups such as UK Uncut and the Tax Justice Network. The result is that corporate tax has become a major business ethics issue (see Box 2).
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Tax evasion In the United States of America, Federal tax evasion is defined as the purposeful, illegal attempt to evade the assessment or the payment of a tax imposed by federal law. Conviction of tax evasion may result in fines and imprisonment.
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Commitment Designed to assist attorneys representing respondents or minors in civil commitment proceedings, the North Carolina Civil Commitment Manual (second edition) reviews North Carolina mental health and substance abuse laws pertaining to inpatient and outpatient commitments and admissions.
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- Tax basis. Definition: In the context of finance, the original cost of an asset less depreciation that is used to determine gains or losses for tax purposes. In the context of investments, the price of a stock or bond plus the broker's commission. Nearby Terms. Tax avoidance Tax base Tax basis Tax books Tax bracket.
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Part 25. Special Topics Avoidance vs. Evasion. Avoidance of tax is not a criminal offense. Taxpayers have the right to reduce, avoid, or minimize their taxes by legitimate means. One who avoids tax does not conceal or misrepresent, but shapes and preplans events to reduce or eliminate tax liability within the parameters of the law.
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DEFINITION of 'Taxpayer Relief Act Of 1997' A tax credit that is not limited by the amount of an individual's ... A tax break is a savings on a taxpayer's liability. A tax break ... A tax credit that can't reduce the amount of tax owed to less ...
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Tax exemption An aspect of fiscal policy. Tax exemption refers to a monetary exemption which reduces taxable income. Tax exempt status can provide complete relief from taxes, reduced rates, or tax on only a portion of items.
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Tax resistance Tax resistance is the refusal to pay tax because of opposition to the government that is imposing the tax or to government policy or as opposition to the concept of taxation in itself. Tax resistance is a form of direct action and if in violation of the tax regulations, a form of civil disobedience.ax resisters are distinct from tax protesters who deny that the legal obligation to pay taxes exists or applies. Tax resisters may accept that some law commands them to pay taxes but they still choose to resist taxation.
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What is the difference between Tax Fraud and Tax Evasion? Tax evasion is a subset of tax fraud. Tax evasion is typically used in the criminal context, as in someone who is charged with the crime of tax evasion in violation of 26 USC § 7201. Tax evasion usually entails a deliberate act of misrepresentation of taxable income to the IRS.
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Unrelated Business Income Tax Unrelated business income tax is a tax on all income earned from an unrelated business activity, minus tax deductions as a result of producing that income. An activity is unrelated business if it meets all three requirements: It is a trade or business.
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Definition of 'withholding tax' Definition of 'withholding tax'. withholding tax. A withholding tax is an amount of money that is taken in advance from someone's income, in order to pay some of the tax they will owe.
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DEFINITION of 'Proxy Tax' DEFINITION of 'Proxy Tax'. A tax on lobbying or political expenses that exceed an allowable amount set by the IRS. The proxy tax rate is set at the same rate as the highest corporate tax rate for that particular year.
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Fraud and Tax Crimes: Do You Really Have to Worry? Chapter Highlights. 1  Tax fraud is more than carelessness or honest mistakes and can be punished by the IRS either civilly or criminally or both. 2  The IRS seldom puts tax cheaters in jail but often imposes heavy fines. 3  See a criminal or tax attorney if the IRS is investigating you for a tax crime.
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When And Why Would You Need An IRS Tax Attorney â The Inside Scoop Tax evasion and tax fraud are criminal offenses that the IRS charges citizens with when they refuse to file tax returns, pay taxes, or reveal all of their sources of income. These criminal charges bring with them fines, interest on tax owed, prosecution fees, incarceration, and public humiliation.