- Tax Cheat
- An individual (or group) who, through fraud, dishonesty or avoidance, does not pay the amount of tax that would be obligated if tax rules were properly followed. A tax cheat may improperly use tax shelters or purposefully miscategorize earnings and expenses under the pretense that the government will not miss the lost revenue because of the obligation's size relative to all taxes collected. Those found to be cheating on their taxes may be subject to fines, penalties or imprisonment.
The Internal Revenue Service (IRS) allows taxpayers to report individuals and organizations that they suspect are tax cheats. As an incentive, it provides a potential reward if it is found that those being reported did, in fact, underpay taxes.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
cheat — [tʆiːt] verb [intransitive, transitive] to deceive someone, break rules, or behave dishonestly, especially in order to make money for yourself: • Not all publishers want to cheat authors. • There are stiff penalties for stockbrokers who cheat… … Financial and business terms
cheat — I n. 1) a downright; notorious cheat 2) a tax cheat II v. 1) (D; intr., tr.) to cheat at (to cheat at cards) 2) (D; intr.) to cheat on ( to deceive ) (to cheat on one s wife) 3) (D; tr.) to cheat out of (he cheated us out of our money) 4) (misc.) … Combinatory dictionary
tax fraud — A willful act done with the intent to cheat in the assessment or payment of any tax liability. Examples include keeping two sets of books or using a false Social Secutiry number. Category: Back Taxes & Tax Debt Category: Business, LLCs &… … Law dictionary
cheat — cheat1 [ tʃit ] verb * 1. ) intransitive to behave dishonestly or not obey rules, for example in order to win a game or do well in an examination: Kids have always found ways of cheating on tests. You can t do that it s cheating. a ) to do… … Usage of the words and phrases in modern English
cheat — I UK [tʃiːt] / US [tʃɪt] verb Word forms cheat : present tense I/you/we/they cheat he/she/it cheats present participle cheating past tense cheated past participle cheated * 1) a) [intransitive] to behave dishonestly, or to not obey rules, for… … English dictionary
cheat — 01. He [cheated] on the test; he kept looking at my paper every time the teacher turned her back. 02. My father [cheated] on his income tax by not declaring all the tips he received as a taxi driver. 03. His wife found out he had been [cheating]… … Grammatical examples in English
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