Category "Hide Money From the IRS"

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“You? A Tax Evader?”

It’s no secret that governments worldwide are broke. One country after another is cutting social benefits and taking other measures to reduce government spending.

Take France, for instance. It’s under pressure from the EU to reduce its budget deficit to 3% of GDP. That’s the maximum permitted under the Maastricht Treaty, the agreement underpinning the EU. Currently, it’s at about 4%.

Congress’s Plans to Lock You in

So, it’s hardly surprising that in May, Sen. Orrin Hatch (R-Utah) introduced legislation that would seize the passport of any US citizen with “seriously delinquent tax debts.” The proposal, part of an omnibus trade bill, isn’t new. Indeed, this is the fourth year in a row that Hatch, or other Big Government apologists, have introduced this measure. They’re worried you will learn how to hide your money from the IRS properly and legally.

The proposal requires no hearing or any other due process to grab your passport. All that’s needed is for the IRS to issue a “Notice of Levy” for any amount greater than $50,000.This is a letter informing you that the IRS thinks you owe it money.

JP Morgan private banker: “We can’t make money anymore…”

A few years ago they passed the Foreign Account Tax Compliance Act (FATCA)– a major part of their crusade to stamp out tax evasion and bring in more tax revenue.

FACTA is meant to not allow you to hide money from the IRS.

FATCA is now in full force. Banks all over the world have been forced to enter into information sharing agreements with the IRS, meaning that they have to report on all of their customers and force them to fill out meaningless forms.

Taking the Mystery out of Panama Foundations

A Panama foundation takes the best elements of an asset protection trust and an offshore company, or IBC, to create a legal entity to passively hold the assets of those who formed it. A foundation has no owners, so assets of the foundation, such as corporations, shares of stock, real estate and bank accounts, are held for the foundation’s beneficiaries (e.g. your heirs). Traditionally they were used to protect the wealth of the family and to make sure that its assets were passed on to succeeding generations.