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English definition of “underreport”

underreport

verb (also under-report) /ˌʌndərɪˈpɔːt/
[I or T] ACCOUNTING, FINANCE to say that you have done, earned, sold, etc., less than you really have: Some of the companies clearly underreport. They underreported revenues to secure public money for new stadiums.
[T] US TAX to record that you have earned less than you really have on your tax return (= a document in which income is reported each year so tax can be calculated): He under-reported his income by $548,000.
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(Definition of underreport verb from the Cambridge Business English Dictionary © Cambridge University Press)

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