unreported income

unreported income definition - business

unreported income

The difference between income that is reported voluntarily and income that should be reported. Although primarily applied to income taxes, unreported income is applicable to other issues, such as divorce proceedings. See also tax gap.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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