Originally Posted by TheDoc (Post 14864646)

Yeppers, that's why some of the richest most powerful people in the world are going down for exactly this. Under our tax code and laws, it is not legal to do this in about 100 different directions.

It is legal for American Corps to open off shore companies, bank accounts, ect. But not in the method talked about above. You faking you own something, making your company/assets fund it, transferring assets to it without paying you and paying tax on it, all of that and much much more is illegal.

I have done my fact checking, and this is why some of the richest, baddest ass, most protected people in the World and in this Country are going down hard for this.

If you want to do it legal, get up, get on a plane and setup a Corporation in another location. Wait until it's setup, then loan it money on your books how it should be or give it the money yourself. Now if it builds up enough money it can buy your assets, legally.

Now, asset protection is a different story. However you don't need an offshore corp to do that. You can do it in Nevada and your own Corps can take leans against personal assets. Simply pay yourself more on the books than you take, creating a dept the Company can't pay, taking a lean against your house. Now that lean has to be paid off before any other lean, and since you own the lean it will never be paid off.


If you get a good tax man and do your money correct, you pay almost no tax as a Corporation. It may be harder, more work, and a pain in the ass. But American Corps pay less "real tax" than almost any other Country in the world.

Originally Posted by JimmyStephans (Post 14864804)

Mon Oct 6, 3:30 AM ET

Los Angeles (E! Online) - A chained-up, choked-up Hélio Castroneves could barely two-step into federal court today.

After surrendering to federal authorities, the 33-year-old former Indy 500 champ and Dancing With the Stars winner was escorted by U.S. marshals into the Miami courtroom in handcuffs and leg irons.

Visibly shaken, Castroneves pleaded not guilty to one count of conspiracy and six counts of tax evasion. He was allowed to go free after posting $10 million bail and surrendering his passport, and plans on racing in Atlanta over the weekend.

"It's been a long day. It's been an emotional day, obviously," he told reporters. "I am not guilty."

The sentiment was echoed by his lawyer, Mark Seiden who blamed the legal tango on bad bookkeeping.

"Hélio is a superb and accomplished professional racing driver. He is not a tax lawyer nor an accountant," Seiden told E! News.

"He relied upon competent professionals for tax advice, and it's our position that he did nothing wrong and will be vindicated when this is concluded."

Castroneves, who lives in Coral Gables, Fla., was indicted Thursday along with his sister and manager, Katiucia Castroneves, 35, and his Ohio-based lawyer, Alan Miller, 71. The trio was accused of using Seven Promotions, a shell corporation based in Panama, to hide more than $5.5 million in income between 1999 and 2004.

According to prosecutors, Hélio claimed he earned only $200,000 in that period. The feds claim he made $2 million alone in sponsorship deals with a Brazilian import-export company. (View the indictment.)

"Using offshore corporations for the purpose of evading taxes is a crime," says IRS Commissioner Doug Shulman. "This case sends a clear message that the IRS is committed to vigorously enforcing the lax laws and stopping offshore tax evasion."

Kati Castroneves and Miller also turned themselves in Friday, but did not enter a plea. They were ordered released on bail of $2 million and $250,000 respectively.

If convicted on all counts, the three face more than 30 years in prison each.

While Hélio was permitted to attend this weekend's race, he will have to skip an event in Australia later this month due to his travel restrictions.

Castroneves and partner Julianne Hough won the fifth season of ABC's Dancing With the Stars last November, sashaying their way by Melanie "Scary Spice" Brown and Marie Osmond.

He recently returned to Dancing as a special backstage correspondent for Entertainment Tonight.

(Originally published Oct. 3, 2008 at 11:51 a.m. PT.)

http://news.yahoo.com/s/eonline/20081006/en_tv_eo/32309

---------------------------------------------------------

Even with a lawyer involved, two time Indy 500 winner and Dancing with the Stars winner has trouble with IRS about this type of stuff.

Tread very carefully for sure.

Originally Posted by Mr. Cool Ice (Post 14864807)

If people are going down it is because they are doing something illegal. It's not rocket science. Easy to make it legit. But then again... this is GFY.

Originally Posted by TheDoc (Post 14864787)

Yeppers, I know how it works, in detail. It may be legal to setup like this but it is not legal to move your money or assets to these offshore companies. It is not legal to use your U.S. company to fund/move promote/push, ect and get that Company money without the U.S. Company paying tax on it. - Private held, not owned, or owned by a Monkey - it's illegal.

If you are moving money from a U.S. Corp, to an IBC, to a foundation, which pays you tax free - that is tax evasion. Period.

And people "ARE" going down for this exact setup.

Originally Posted by TheDoc (Post 14864829)

The entire setup in the idea of how this will be used, like above. Is 100% illegal. You can own a IBC or not, and have a foundation pay you. That is legal.

How you get that IBC/Foundation money - is illegal. Unless you setup, personally fund, grow, and expand, and buy your assets. It's not legal.

You can't take your money, move it, start being paid by a foundation, and not get nailed to the cross for it.

Originally Posted by Mr. Cool Ice (Post 14864847)

Done in that manner, you are 100% correct.

People are going down for THIS EXACT thing. But mostly because they do it all wrong from the get go and don't understand what they are doing.

Though for every 1 guy that goes down hard, there are 100 or 1000 that glide through and will continue to do so. Even done in a manner that is illegal it is still very low risk if one would choose to do such a thing.

Moving the $ from q USA corp to anywhere for any reason will get you looked at. Period.

You really have to live abroad and earn foreign income to take full advantage of the current tax system.

Originally Posted by Mr. Cool Ice (Post 14864863)

Of course not. What you explain is illegal and traceable. That is how people get caught.

Originally Posted by Mr. Cool Ice (Post 14864847)

Though for every 1 guy that goes down hard, there are 100 or 1000 that glide through and will continue to do so.

Originally Posted by danayster (Post 14864734)

This is the sad part, I know for a fact most profitable (1 man run) corporation setups out there pay even less tax than the average middle class worker. Something is screwed up with our system.

Originally Posted by Mr. Cool Ice (Post 14864554)

I'm not saying you don't understand what you are talking about, but it is very easy to set this sort of thing up. Almost too easy (and cheap to set up) if you put in the effort to learn about it. It is not complicated at all. Well, maybe for most GFY minds it is but if you have 1/2 a brain it's not.

Originally Posted by TheDoc (Post 14865350)

Even if you work for the man, if you also own an LLC, mixed with some hard work it can give almost every American some type of tax benefit. It may not rock the doors for everyone, but even a 1% tax relief over your life time is huge.

Originally Posted by acehigh (Post 14863468)

feel free to check: http://www.talkgold.com/forum/f22-.html (a reputable forum in this business area) in where we operate mainly.

Originally Posted by Evil-Dan (Post 14866182)

if your money is at risk in the United States due to the economic downturn, how is a bank in Butt Fuck No Where any better or safer?

Originally Posted by james_clickmemedia (Post 14864186)

Hire a good accountant and pay your taxes and sleep well at night...
Don't pay more than you should, but pay what you should.

Originally Posted by nnweb (Post 14866200)

just a guess but the banks in butt fuck no where did not lend lots and lots of money to broke americans who they KNOW could not afford the bill?

also this guys prices are expensive.

Originally Posted by Pleasurepays (Post 14865715)

your not correct.

you "can" set up offshore companies

you "can" set them up cheaply

you can't set everything up cheaply and not worry about going to prison and fully satisfy the IRS and current tax law at the same time. in fact, the IRS can challenge you just for the hell of it.. then what? those nominee directors/board members gonna step up and go to court for you?

there is so much criteria to meet about being fully insulated from the company and any indirect control over its management, revenue etc that its ridiculous. it can only be properly set up with a true international business doing international business, with competent tax professionals well versed in US and international tax law.

this shit changes dramatically every 6 months as internal revenue codes are updated.

its not a game for kids to play.

Call Deloitte and Touche or anyone else that actually does this shit for real businesses and tell them that you want to move everything offshore and structure things so you have no chance of going to prison and tell them you want to spend 460 Euros and see what they say.

Originally Posted by acehigh (Post 15017176)

I see a great deal of generalization from people who are either ill-informed or uninformed. First of all, most of our clients are not US based, yet face the same issues and in most cases even have a tax effective tax rate than Americans do. Secondly, Europeans have been hiding funds in places like Liechtenstein for almost as long as the US has been a country and they are very skilled at it. There are few things to remember when considering an offshore setup.

1. If you do not tell anyone about an offshore account there is a 99.9% chance no one will find out.
2. If you do not use a US billing address for your offshore credit card AND you do not wire funds to/from your US based bank account then there is a 100% chance no one will find out you have any offshore account.
3. The best offshore jurisdictions such as Liechtenstein, Gibraltar, Cyprus and North Cyrus do not share tax data with other countries unless you own taxes in that country meaning only resident companies.
4. The price you pay for the same offshore setup can vary by up to 2000% +/-. One of the most effective offshore setups for high net worth individuals using a Panama Private Interest Foundation, an offshore IBC in second jurisdiction and a corporate bank account in Liechtenstein can vary in prices from as low as $3500 to as much as $10,000 for the EXACT SAME Structure.

Originally Posted by pornjudge (Post 14863252)

I like to have an offshore account where they have little monkeys roaming around, is that possible?

Originally Posted by danayster (Post 14861813)

Any thoughts from some of the Vets on here regarding this thread?

Originally Posted by 12clicks (Post 15023574)

yes, if you are a US citizen and get caught doing this as a means to avoid paying taxes, you will go to prison.

Originally Posted by WiredGuy (Post 14861837)

Seek legal and accounting counsel.
WG

Originally Posted by DirtyWhiteBoy (Post 15024514)

TAX EVASION will end your ass in jail if you're caught.