I’d guess since he said it was from intellectual property I bet it was a scam where he claimed something like “5 million intellectual property income” to secure a loan from a bank. So now the IRS is coming after him because he claimed income to a bank but didn’t pay taxes on it.
You are probably right, but there are also plenty of rich people who will do anything to get out of paying taxes, even by convincing themselves they found the cheat code.
I don’t think people who are actually wealthy get tax advice from the fiscal voodoo magic crowd on Facebook. More likely they hire a CPA, lawyer and business manager to make all the tax evasion happen legally.
I’d guess since he said it was from intellectual property I bet it was a scam where he claimed something like “5 million intellectual property income” to secure a loan from a bank. So now the IRS is coming after him because he claimed income to a bank but didn’t pay taxes on it.
“Intellectual property” could easily mean “money made plumbing sinks.” Normal english words mean nothing to a sovcit.
Seems to me they own a buisness that they haven’t paid taxes on for years and were sued by IRS and likely defaulted.
You are probably right, but there are also plenty of rich people who will do anything to get out of paying taxes, even by convincing themselves they found the cheat code.
I don’t think people who are actually wealthy get tax advice from the fiscal voodoo magic crowd on Facebook. More likely they hire a CPA, lawyer and business manager to make all the tax evasion happen legally.
Remember, that wealthy does not mean smart.
https://en.wikipedia.org/wiki/Wesley_Snipes#Charges