How To Report Possible Tax Fraud To Irs ?
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There are always some people who break the law. Every year a small proportion of tax payers under report their earnings or possessions to lower the tax. Making a mistake in a tax return does not amount to tax fraud. An intentional act of avoiding paying tax what is due, reporting less income and not filing a return amount to tax frauds.More...
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Definition Of Tax Fraud
Money that is paid to the government by an individual or business is known as taxes. Paying tax is obligatory unless exempted by tax laws. If taxes are not paid in full or part, then it is called as tax fraud. One can do this by false book keeping, concealing the money earned or assets possessed.
Taxes are paid to one more entities such as county, state and federal government. The two major taxes are income tax and sales tax. Tax fraud can be committed in many ways. One can lie on the income earned and declare lesser earnings and lower the tax liability.More...
Laws On Sales Tax Fraud
Some states in the US have no sales tax, while others have introduced a common sales tax rate regardless of the city and zip code. States with no sales tax are Alaska, Delaware, Montana, New Hampshire and Oregon.
The states that have one rate for the entire state are Connecticut with six percent, Washington DC with six percent, Indian with seven percent, Kentucky with six percent, Maine with five percent, Maryland with six percent, Massachusetts with 6.25 percent, Michigan with six percent, Mississippi with seven percent, New Jersey with seven percent, Rhode Island with seven percent, and lastly West Virginia with six percent. Other states have differing rate throughout their respective states.More...
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