For years, it was the first piece of advice that a financial planner would give anyone with more than a million dollars and assets: It was common knowledge that they should move their resources to an offshore bank account where the IRS wouldn't be able to locate those...
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Tax Evasion
IRS issues warning to corporate and wealthy tax evaders
On Behalf of Demetrius J. Karos, Ltd. | Apr 21, 2021 | Tax Evasion
The head of the Internal Revenue Service (IRS) issued a stern warning to corporations and individuals of means last week. He noted that they better either pay up the $1 trillion in taxes he alleges that they owe or otherwise prepare themselves to face the...
Tax fraud leads to prison for 2 former attorneys
On Behalf of Demetrius J. Karos, Ltd. | Dec 23, 2020 | Tax Evasion
Any time there is an allegation of tax fraud, you need to take it seriously. If you’re accused of attempting to evade taxation or manipulating your accounts to pay less than you owe, then you need to make sure you’re protecting your rights and yourself against the...
The intent behind tax evasion
On Behalf of Demetrius J. Karos, Ltd. | Jul 10, 2020 | Tax Evasion
If you find yourself accused of tax fraud of tax evasion, there is one simple question to ask: Did you intend to do it? What you’ll find is that the exact same outcome can have two very different sets of legal ramifications, all depending on what you meant to do. For...
Don’t wait to defend yourself if you’re accused of tax evasion
On Behalf of Demetrius J. Karos, Ltd. | Apr 17, 2020 | Tax Evasion
You do your best on your taxes, but they are complex. You have multiple jobs, some write-offs and file with your spouse. You don’t usually have to pay, but when you do, you pay whatever you’re told you owe. That’s why you were shocked when you were informed that you...
Tax fraud requires intent
On Behalf of Demetrius J. Karos, Ltd. | Mar 24, 2020 | Tax Evasion
Feeling nervous about filing your taxes? Feeling stressed as you fill out the paperwork? Maybe you think that you have done it all correctly, but you’re just worried. It’s the same fear you feel when you pass a police car on the road. You know that the tax authorities...
Will your attempts to limit your taxes constitute tax evasion?
On Behalf of Demetrius J. Karos, Ltd. | Mar 12, 2020 | Tax Evasion
For many successful people, limiting the amount that they pay in taxes is a point of personal pride. Tax avoidance is as American as apple pie in the eyes of many people, including workers, investors and business owners. What you don't pay in taxes goes back into your...
Civil audit, fishy statements, lead to reality stars’ indictment
On Behalf of Demetrius J. Karos, Ltd. | Sep 13, 2019 | Tax Evasion
A couple made famous by their reality television show is now facing several years or even decades in federal prison on tax evasion charges. The couple's accountant also faces charges and has been accused of lying to IRS investigators.For their part, the couple claims...
Businessman’s plea to tax evasion serves as a reminder
On Behalf of Demetrius J. Karos, Ltd. | Jun 21, 2019 | Tax Evasion
A businessman in another state recently pled guilty to federal charges alleging that he engaged in a rather elaborate scheme to avoid paying taxes. The man was involved in supplying building materials as well as other businesses, some of which he operated with his...
Cryptocurrency could be the next tax evasion battleground
On Behalf of Demetrius J. Karos, Ltd. | Jun 7, 2019 | Tax Evasion
Taxing authorities in the United States, in Illinois, and even throughout the world are reportedly cracking down on wealthy individuals and others who are using cryptocurrency to avoid taxes.The authorities in several countries, including the United States, see these...
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