Transactions that are concealed from formal accounting records to avoid taxation or government regulation, often referred to as 'off the books' transactions, can occur in the form of cash payments or barter trades.
The underground economy comprises economic activities that go undetected by taxing authorities, often involving barter or cash transactions. These activities include both illegal operations and those that would be legal if recorded.
Unreported income refers to the improper failure to include certain income on a tax return. This can have significant legal repercussions, including penalties, interest, and criminal charges.
