From Longman Business Dictionaryunderreportun‧der‧re‧port /ˌʌndərɪˈpɔːt-ˈpɔːrt/ verb [transitive]1ACCOUNTINGto calculate a figure wrongly, and so produce a figure that is less than the real oneThe study estimated that the U.S. underreports its exports of goods by $10 billion to $20 billion annually.2American EnglishTAX to say that your income is less than it really is on your TAX RETURN —underreported adjectiveAbout $100 billion in taxes weren’t paid because of underreported income.
