OFF REVENUESBy BUUMBA CHIMBULUTHERE are loads of ways people and corporations can cheat the government out of its taxes, unfortunately and tax fraud is among them.This is abusing the tax and super systems for financial benefit.Tax fraud cheats the government out of millions of dollars every year and is punishable by fines, penalties, interest, or prison time.Tax fraud includes: hiding cash wages, avoiding tax, using complex offshore secrecy arrangements, falsely claiming refunds and benefits.Other examples of tax fraud include claiming false deductions; claiming personal expenses as business expenses; using a false Social Security number; and not reporting income.This type of fraud essentially entails cheating on a tax return in an attempt to avoid paying the entire tax obligation.Tax evasion, or illegally avoiding payment of taxes owed, may be construed as an example of tax fraud.There are serious consequences for tax crime. These include penalties, criminal convictions, fines, and prison sentences.Tax fraud poses a risk to […]
TAX FRAUD REAPING
