NationStates Jolt Archive

What do you do ?
Lets say you have 20 million in a off shore account and you just got notice of IRS audit. what do you do ? Reseal the envelope get out of dodge. Fight it in Court and likely go to Jail or lose the millions you have in an off shore account. Cut a deal to pay the IRS all, most, or more then what you owe ?

Cut a deal to pay the IRS most of what I owe.

Cut a deal to pay the IRS most of what I owe.

And if they want more with fines and interest and what have you ?
Given that depends on how much more they think you owe.

Leave the country.

Seriously, cut a deal to pay it. There's fewer and fewer nonextradition nations worth running to these days and a court battle is only going to cost you even more money and drag every bit of dirty laundry you have out into the public's eye.

Leave the country.

If I were close to retirement that my option. Specially make sure the US doesn't have an extradition treaty with the country I keep my money in. then marry a local girl for citizenship for added protection.

Seriously, cut a deal to pay it. There's fewer and fewer nonextradition nations worth running to these days and a court battle is only going to cost you even more money and drag every bit of dirty laundry you have out into the public's eye.

I guess i would send a accountant and a tax attorney to to the audit to see how much they think I owe. If it barely put a dent in what I have hidden away maybe I would just cut a deal.

Well, in some countries 20 mil is enough to fund a revolution...

What do you do ?
3 years after a plea bargain.

Leave the country.
And go where -_-

And go where -_-

Switzerland get citizenship and renounce US citizenship. they have an opt out clause in their extradition treaty for Swiss citizens.

Switzerland get citizenship and renounce US citizenship. they have an opt out clause in their extradition treaty for Swiss citizens.
Yeah it takes 12 years to get Swiss citizenship.

Yeah it takes 12 years to get Swiss citizenship.

they don't have expiated citizenship for a few million dollars ?

they don't have expiated citizenship for a few million dollars ?
Then you wouldn't have any money, so what would be the point?

Then you wouldn't have any money, so what would be the point?

20 million - 5 million is still 15 million.

20 million - 5 million is still 15 million.
Would it be worth it?

You'd have to live in Switzerland, for one thing.

Would it be worth it?

You'd have to live in Switzerland, for one thing.

is that so bad? Wont have to worry about getting invaded.

Wwwsd?

is that so bad? Wont have to worry about getting invaded.
They're fuckin peasants, man.

They're fuckin peasants, man.

Cool i will by a plot of land and be their feudal over lord.
Nothing like getting to practice Droit de seigneur.

They're fuckin peasants, man.



We're all fucking peasants, man.

We're all fucking peasants, man.

Except for me I am your feudal lord now. Remember to send your teenage daughters to me for Droit de seigneur.

We're all fucking peasants, man.
Lies and foreign propaganda.

Bribe the proper IRS officials. Everyone takes bribes. That's the very reason people work for the government and run for offices.

Lies and foreign propaganda.

*points sword at you* kneel and rise a knight.

What do you do ?
Lets say you have 20 million in a off shore account and you just got notice of IRS audit. what do you do ? Reseal the envelope get out of dodge. Fight it in Court and likely go to Jail or lose the millions you have in an off shore account. Cut a deal to pay the IRS all, most, or more then what you owe ?

In the highly, highly unlikely event I have 20 M€?

Be a real Italian and do like my PM. Have my secretary bribe a Guardia di Finanza officer and a foreign lawyer to give false testimony in court, duh!

In the highly, highly unlikely event I have 20 M€?

Be a real Italian and do like my PM. Have my secretary bribe a Guardia di Finanza officer and a foreign lawyer to give false testimony in court, duh!

like you would skip on your taxes.

We're all fucking peasants, man.

No, I'm not fucking anybody :(

No, I'm not fucking anybody :(

That makes two of us. :p

Plead guilty and take the punishment.

Would it be worth it?

You'd have to live in Switzerland, for one thing.

Living in a country with one of the highest standards of living and GNPs on the planet while being in the possession of a significant sum of money ?
Gee. The horror of that prospect frightens me.

$20 million would be enough to buy a small nuclear device on the blackmarket.

I'd buy one and hold the US government to ransom.

Drive by the IRS local office throwing bundles of money quite forcefully at the heads of the IRS officials.

They're fuckin peasants, man.
lol, excuse me?

I see my Tax thread spawned. It depends on the age really. As you say if you are close to retirement let's say you could just bail the country. However I would think it's better just to lawyer up and make the best of it. Yes, you would lose some money if they found out you were actually avoiding taxes. The best way to solve this situation is not be in it. Cleverly moving money off shore without raising eyebrows is the best way. There are ways to do this. Mostly has to do with property.

Bribe the proper IRS officials. Everyone takes bribes. That's the very reason people work for the government and run for offices.

A worse offense than tax evasion. Not a good plan.

It is only not-good if you get caught, you see?

Bribe a politician- I mean, contribute lots of money to a politician's reelection campaign.

$20 million would be enough to buy a small nuclear device on the blackmarket.

I'd buy one and hold the US government to ransom.

I think Obama will keep gitmo open just for you.

A worse offense than tax evasion. Not a good plan.
May be a worse offense, but the whole point is that you don't get caught. Those supposed to catch you have their share.

A worse offense than tax evasion. Not a good plan.

May be a worse offense, but the whole point is that you don't get caught. Those supposed to catch you have their share.

And you might get a Senate seat too.

Take my money, disappear into Africa and live like a god. With $20 mil I could probably buy Zimbabwe.

Take my money, disappear into Africa and live like a god. With $20 mil I could probably buy Zimbabwe.

How are you doing today Mr. president?

Probly move somewhere, Maybe buy an African Country, or a plot of land on a random island in Oceania...


Maybe hire a Blackwater Contingent to be body guards, lol...

Call an enrolled agent/tax lawyer and hide under my bed.

What do you do ?
Lets say you have 20 million in a off shore account and you just got notice of IRS audit. what do you do ? Reseal the envelope get out of dodge. Fight it in Court and likely go to Jail or lose the millions you have in an off shore account. Cut a deal to pay the IRS all, most, or more then what you owe ?
I'll claim it's an honest mistake, pay the back taxes, and they'll appoint me Secretary of the Treasury.

Call an enrolled agent/tax lawyer and hide under my bed.
As long as we're talking taxes, maybe this is a fair question and not too far off topic...

We just sold the first house that we ever put into rental service. We spent quite a bit on fixing up the house, but never saved the receipts as we didn't think about making it a rental property. Time passed, we sold the house and I want to adjust the purchase price to reflect the increased basis.

Without receipts, am I hosed?

As long as we're talking taxes, maybe this is a fair question and not too far off topic...

We just sold the first house that we ever put into rental service. We spent quite a bit on fixing up the house, but never saved the receipts as we didn't think about making it a rental property. Time passed, we sold the house and I want to adjust the purchase price to reflect the increased basis.

Without receipts, am I hosed?

Your credit card company might be able to produce those records if you paid with credit card. Other then that call a Tax lawyer. I would also sell before Capital gains goes up.

Your credit card company might be able to produce those records if you paid with credit card. Other then that call a Tax lawyer. I would also sell before Capital gains goes up.
We're talking 1993... I think I'll claim what is reasonable and fight it, should it come to that.

Not be an asshole in the first place and pay my taxes.

As long as we're talking taxes, maybe this is a fair question and not too far off topic...

We just sold the first house that we ever put into rental service. We spent quite a bit on fixing up the house, but never saved the receipts as we didn't think about making it a rental property. Time passed, we sold the house and I want to adjust the purchase price to reflect the increased basis.

Without receipts, am I hosed?
I'm not entirely sure you're allowed to write off improvements. I know you can't write them off on your personal home, although you may be able to capture tax credits for installing "green" things, but it's murky on what counts and such for those and they're new so if you're improvements were a few years ago, it's a no-go. I believe* that you can write off improvements to a rental as a business expense, but only repairs or things to make it livable, remodels for cosmetic reasons/comfort aren't things you get to deduct, so much as depreciate out....which the IRS should give you a list of things and how long they take to depreciate. As far as having already sold the house, you can't really do much about it now. The appraised value of the house is a good basis, if you made the right type of improvements the appraised value would be more than what you paid for it (although not all tax adjusters will accept that). If you can find the appraisal you should be okay.

You should always keep receipts, I just have to say that as an enrolled agent, it's my job to scold.


*rental property isn't my preferred area of tax law so I might be misremembering, I took classes on it but I tend to push those people onto other agents when I get called.....also truck drivers.....too many whacked out rules for those things.

EDIT to add: The improvements should have been made after the house was a rental and not before.

As long as we're talking taxes, maybe this is a fair question and not too far off topic...

We just sold the first house that we ever put into rental service. We spent quite a bit on fixing up the house, but never saved the receipts as we didn't think about making it a rental property. Time passed, we sold the house and I want to adjust the purchase price to reflect the increased basis.

Without receipts, am I hosed?

Unless G&D's method of being able to pull receipts doesn't work you may as well be s.o.l. however ask your accountant this question. You could be in trouble in a audit situation if they ask for the receipts.

Pay your taxes rather than avoiding them in the first place. Especially if you vote for a party that likes to raise taxes.

First? Get a lawyer.

What do you do ?
Lets say you have 20 million in a off shore account and you just got notice of IRS audit. what do you do ? Reseal the envelope get out of dodge. Fight it in Court and likely go to Jail or lose the millions you have in an off shore account. Cut a deal to pay the IRS all, most, or more then what you owe ?

since such a mistake would be a mistake (it's happened to me before.. just not with millions) I would just pay the fines and penalties.

I'm sorry, if your'e avoiding taxes you deserve to pay up. See there's this whole thing called "Tax Evasion". It's kind of illeagal in the States.