Many Oklahoma taxpayers make the mistake of treating the IRS as they would an estranged spouse. Is your wife seeking a big cash settlement in your divorce proceedings? Well, now's the time to sign over the house to your brother and put your Maserati in your three-year-old son's name. Is the IRS hounding you for tens of thousands of dollars' worth of back taxes? Well, what possible harm can it do to use the same obfuscating tactics? A lot, as it turns out!
The IRS Knows All the Asset-Shedding Tricks in the Book
The Internal Revenue Service is the biggest creditor in the U.S.—and quite possible in the entire world—so you can be sure it is familiar with every trick and ruse employed by desperate citizens to avoid paying their taxes.
One popular technique some people use is to (figuratively) turn up the linings of their pockets and say, “Come after me with everything you've got—I'm flat broke!” Of course, this individual is not really broke, but has attempted to shed his assets by:
- Retitling his house or car to a close family member
- Giving away tens of thousands of dollars to a charity, real or bogus
- Emptying all his bank accounts, and placing the assets in accounts under someone else's name
- Sending all his money to offshore accounts, in a manner which supposedly can't be traced by the IRS
- Filing a fraudulent bankruptcy claim, by using some of the same techniques listed above
The trouble with these techniques is that the IRS keeps tabs not only on your finances, but on the finances of everyone you know. If you sign over your house to your girlfriend, for example, it will be only a matter of time before the government finds out—and the same applies to transparent ruses like making sudden, unaccustomed, and overly generous charitable donations. There is simply no way to make your money “disappear” without alerting the feds!
Don't Shed Your Assets—Call an Experienced Tax Lawyer
At the law firm of Travis W. Watkins, PC, we know that the best way to deal with a back tax bill is head-on, not with overly complicated schemes which the IRS will see through immediately. Do you have questions about your taxes? Call our Oklahoma tax experts today at 800-721-7054 today to learn what we can do for you!