Tax Fraud

Tax fraud, in the context of tax evasion law, refers to the illegal act of deliberately falsifying information on a tax return to reduce tax liability. This can include underreporting income, inflating deductions, or hiding money in offshore accounts. Unlike honest mistakes, tax fraud is intentional and designed to deceive tax authorities. Engaging in tax fraud can lead to severe penalties, including fines and possible imprisonment, as it undermines the tax system that funds public services. It’s crucial for individuals and businesses to accurately report their financial information to comply with tax laws.