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Tax Shelters and Avoiding Paying too much in Taxes

Topic of taxes is mirepresented and often abused by many governments and various self-proclaimed "authorities". The United States of America was one of the few countries where income tax was constitutionally illegal, until amendments to The Constitution officially "legalized" taxes. Yet, subject of tax law is murky, filled with abuse from enforcement officials, and is not widely known to the general public.

It is ABSOULUTELY LEGAL to pay as little taxes as you legally can. I can bet a farm on this statement, and you can check with any I.R.S. agent or accountant that it is a true and legal statement. IRS's position is to make it "un-american" if you pay less taxes. Hence, as a business owner, you must know various ways of protecting yourself from "helpful" IRS advice. Also be aware, that in independent studies, IRS agents have been found wrong in about 50% of the time, so if you come up with an idea that is great for your business and also saves you from paying too much in taxes - consult a trustworthy accountant, not an IRS agent.

Various Tax Shelters That IRS deems "Illegal"

There are a number of Tax Shelters that have been created over the years by accountants, including HUGE accounting companies such as KMPG, Andersen, Ernst & Young, PriceWaterHouseCoopers. The following schemes are well-known to IRS agents, and you will be really hard-pressed defending them in court:

  • BOSS ( Bond and Option Sale Strategy )
  • Son of BOSS ( Foreign Currency Option Tax Shelter )
  • COBRA ( Currency Options Bring Reward Alternatives )
  • PICO ( Personal Income Company )
  • FLIP ( Foreign Leveraged Investment Program )
  • OPIS ( Offshore Portfolio Investment Strategy )
  • SC2

  • On December 27th 2007 The New York Times reported: "A civil court has ruled that a popular tax-avoidance scheme known as Son of Boss was abusive and any deductions claimed for it were invalid, an important victory for the Internal Revenue Service in its battle against questionable tax shelters sold to wealthy individuals. The decision, by the United States Court of Federal Claims, covers one of the most widely used aggressive tax shelters of the late 1990s through recent years.". IRS already collected $3.2 Billion dollars, and plans to collect close to $6 Billion dollars in back taxes avoided via Son of BOSS shelter. Don't let it to be you, seek advise of a PROFESSIONAL TAX ACCOUNTANT or ATTORNEY before accepting questionable schemes.

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