Meaning of “underreport” in the English Dictionary

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"underreport" in Business English

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underreportverb

also under-report uk /ˌʌndərɪˈpɔːt/ us

[ 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” from the Cambridge Business English Dictionary © Cambridge University Press)