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tax fraud

Tax fraud broadly encompasses all attempts by a taxpayer or entity to falsify information on a tax return or other document in order to reduce their tax liability. This can take the form of wrongly calculating the value of assets , using deductions and credits , or blatantly not reporting income. The key aspect of tax fraud is that it must be proven as a willful or intentional act. Tax fraud typically does not include honest mistakes in reporting income or applying tax law. 

[Last reviewed in October of 2021 by the Wex Definitions Team
]

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