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Is hiding money from the IRS illegal?

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I'm sure I know the answer to this but I would just like a clear answer.

I worked for a locksmith company, and some people paid for the services with checks and cards while others paid with cash, my boss told me for the people who pay with cash do not write out a receipt because they don't want to tax the cash money, at the time I didn't think much of it, but I later went to work for another locksmith and this time I was required to always write a receipt for tax perposes. So obviously the previous company was hiding a ton of cash from the IRS to avoid being taxed for it, and it's weird how they were so open about it seeing as how I was a new guy and that's part of why I didn't think anything of it. So if the IRS finds out what kind of trouble are they looking at?

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asked Jul 30, 2017 in Business and Finance by Judy

1 Answer

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Some small businesses do that, but it's illegal.

i worked for a guy who discussed selling his business to his nephew. He told the nephew how many thousands of dollars in cash he took home each year that never got rung through the register.
answered Jul 30, 2017 by Max Hoopla

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