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GAO estimates annual tax fraud losses at $116B to $304B
GAO finds the IRS has no agency-wide antifraud strategy after pegging yearly tax-fraud losses at 2% to 6% of taxes owed, up to $304 billion.
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About tax evasion
Tax evasion or tax fraud is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains than the amounts actually earned, overstating deductions, bribing authorities and hiding money in secret locations.
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