Almost Impossible to Trace
Don't try this at home.
Suppose you set up some offshore companies. You take invstors' money and buy gold coins (making the money harder to trace). Add a few shell companies, here and abroad, ignore those pesky IRS (and Treasury) regulations requiring you to disclose foreign bank accounts, mix it up, and you end up with a wonderful scheme to hide assets from the IRS.
Almost. The IRS found out. The perpetrators are finding their way to federal institutions. The Portland Oregonian reported today that the scam cost the IRS over $22 million in unpaid taxes. Terry Neal, of Gresham, OR, will have five years to consider his crimes (in prison) and was also fined $50,000. His co-conspirators received lesser sentences (but did get jail time). And the IRS ended up seizing most of the gold, and did collect over $176,000 from selling it.
The moral is the usual one: If it sounds too good to be true...
News Story: Portland Oregonian
Suppose you set up some offshore companies. You take invstors' money and buy gold coins (making the money harder to trace). Add a few shell companies, here and abroad, ignore those pesky IRS (and Treasury) regulations requiring you to disclose foreign bank accounts, mix it up, and you end up with a wonderful scheme to hide assets from the IRS.
Almost. The IRS found out. The perpetrators are finding their way to federal institutions. The Portland Oregonian reported today that the scam cost the IRS over $22 million in unpaid taxes. Terry Neal, of Gresham, OR, will have five years to consider his crimes (in prison) and was also fined $50,000. His co-conspirators received lesser sentences (but did get jail time). And the IRS ended up seizing most of the gold, and did collect over $176,000 from selling it.
The moral is the usual one: If it sounds too good to be true...
News Story: Portland Oregonian