[taxabletalk] Russ: Another Don't Try This at Home Story

[Email subscription to blog articles]

Posted by Russ:
Another Don't Try This at Home Story
http://www.taxabletalk.com/posts/1251080306.shtml


   Back in July 2007, [1]the IRS demanded that Richard M. Arnold of El
   Reno, Oklahoma, pay back taxes in the amount of $317,000. This wasn't
   his first brush with the IRS; back in 1999 the IRS filed a $300,000
   lien on his property.
   Most of us, when we have tax problems, will work with the IRS, hire
   reputable representation, and attempt to resolve the problems. While
   it's possible that Mr. Arnold did this ([2]the news story isn't clear
   on that), he did one thing that was sure to cause grief if discovered.
   He used an entity he created in Panama to purchase a $78,000 SUV in
   Oklahoma.
   Let's see how bad this is. Offshore companies, assets moved offshore,
   hiding assets from the IRS...well, I think you get the idea. Mr.
   Arnold pleaded guilty last week to the charge of concealing property
   upon which levy was authorized for the purpose of evading or defeating
   the assessment or collection of federal taxes. He'll be sentenced
   later this year and could get three years at ClubFed.
   If you get into tax trouble realize that taking money you've moved
   offshore and purchasing luxury items is a good way of getting in deep
   trouble.

References

   1. http://dockets.justia.com/docket/court-okwdce/case_no-5:2007cv00753/case_id-66073/
   2. http://newsok.com/el-reno-man-pleads-guilty-to-tax-evasion/article/3394462