Tax Day is officially behind us unless you are one of the 20 million taxpayers requesting to extend your return. Better yet, rest easy tonight knowing that your tax filings for 2020 and previous years are now closed and not subject to audit unless you significantly underreported income or filed fraudulently (which, naturally, you wouldn't do).
Speaking of which, a professor of taxation delivers a brilliant lecture to his students on the nuances between tax avoidance and tax evasion. He asks his best student, Chris, to briefly summarize the distinction. With confidence, Chris responds in one word: Jail.
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