zzzz Posted May 22, 2008 Report Share Posted May 22, 2008 All you people out there with offshore accounts who haven't been paying taxes...now may be the time to pay up. Link Link to comment Share on other sites More sharing options...
dullnight Posted May 22, 2008 Report Share Posted May 22, 2008 Nice IRS... a huge scandal occured in Germany when recently the government appeared to have bribed some Liechestein bank staff out of information. A friend who has worked for Lazare and moved to Merrill Lynch claims it's only a matter of a couple of months before they can figure out someone's possessition of a european offshore account (not sure if he meant only Switzerland, Liechtestein, Luxembourg, and I think also Austria and Monaco welcome discreetly foreign money). He said it gets much more complicated when it comes to middle east accounts and suspect it's the same with Asian accounts. Anyway offshore corporation are not very expensive to maintain and offer a more opaque set up. You guys shouldn't surrender easily to the government. Link to comment Share on other sites More sharing options...
Steve Posted May 22, 2008 Report Share Posted May 22, 2008 Millions, if not billions will be or already have been gone from Lichtenstein banks. Rightfully so as well. Its an industry based on trust and it was violated. I think the IRS wants to scare people more than anything. There are simply too many people to track down. The IRS is well aware of Americans within the country that owe taxes. Its an american pasttime to cheat on your taxes. They simply don't have the manpower to track everyone down, so they go after the ones who cheated for a lot of money and have the means. They are paying a guy anywhere from 40k to 60k a year with so many cases on his or her's desk. They aren't going to pay a guy 50k to chase 1k from some guy making 20k a year. Its not worth it. They will though go after the one making 100k and lying about 10k. The red flags are computer generated scenarios on what those with that income and job make and compares to prior years, etc. There is further computer screening and at some point a human being takes a closer look. Initially there are litterally millions of returns that are deemed out of the ordinary. There are also certain things they decide to go after, no matter the income. There are many tax attorneys that know what the IRS is looking for. Lots of former agents, with ties to the organization now working private practice. You can hide money and not get caught. Thousands of mafiosas, drug dealers, etc. in the U.S. that the IRS can't get to because they pay enough to keep it hidden. Its the DEA or the FBI that catch these guys and let the IRS know about the unreported income. Rarely is it the IRS that catches these guys. Eff the IRS anyway. If you are due money from a previous year, you can only go back 3 years to collect the money. However, the same IRS can go back 7 years to collect money. If they go back 7 years and find that you actually don't owe from 7 years ago like they thought but they owe you, they don't pay you. How they can go back 7 years to collect and you can only go back 3 shouldn't be legal. Also, it violates the constitution with its guilty till proven innocent approach. Link to comment Share on other sites More sharing options...
cavanami Posted May 22, 2008 Report Share Posted May 22, 2008 Our buddies at the IRS...if they catch you with a bank account outside the USA and you have not been reporting earnings on it, they can confiscate the entire account!!! This is one hell of a penalty!!! Link to comment Share on other sites More sharing options...
Steve Posted May 22, 2008 Report Share Posted May 22, 2008 What we have to remember is that its not illegal to have a bank account outside the country. The IRS just has to know about it and you have to report any earnings on interest or gains if its a stock market account. You can earn (I think) up to 80k outside the U.S. without paying any income taxes on it if you're working and living overseas but you still have to file a tax report even if you don't have to pay taxes on it. The IRS wants to know what you have and what you're making, even if you don't pay. Its illegal NOT to file a tax return unless you have no income whatsoever I think. They've never prosecuted if you are due and haven't filed though. They also have tens of billions of moneys that are going to be over 3 years old soon that haven't been claimed. So it kinda evens out, plus the billions that people over pay on taxes. The IRS is full of it, its the poor and middle class that over pay and don't know the loop holes half the time. Link to comment Share on other sites More sharing options...
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