An entertainer in Branson, Missouri, has been sentenced to five years' probation on charges of tax evasion. In addition, the star of "Six" has been ordered to pay over $200,000.
Tax evasion allegations could come up in relation to a range of different things. This includes certain uses of virtual currencies (like bitcoin). There are concerns that certain aspects of virtual currencies, like the fact that transactions involving this new type of currency tend to involve anonymous parties, could create avenues for illegal tax avoidance. One wonders if a recent report will end up leading to big changes in Internal Revenue Service enforcement and compliance efforts regarding virtual currencies.
One goal many individuals have when it comes to taxes is to have as little tax liability as possible. There are a variety of legitimate techniques out there for trying to reduce one's tax exposure. Pursuing these legitimate techniques is called tax avoidance, and it is perfectly legal.
There are many methods out there for trying to reduce tax liability. Some of these methods are perfectly legal. Others constitute illegal tax evasion.