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How to Use the IRS to Actually Keep Your Money - Based on Real Events
It came as a joyful discovery to me that in certain situations you can actually use the IRS to protect your money without them in fact keeping it. I recently learned of a person - with a craftily creative CPA - who was able to protect over $400,000 that was in danger of being lost forever. And they could not have done it without the help of Uncle Sam's tax-hungry pit-bull, the IRS. Here's the true story of how and why they did it. I happen to know the CPA in this story and I can tell you that not only does he have a large knowledge base, but also a highly creative mind. That will be clearly evident to you as I recount this true tale that he shared with me a short time ago. A small business owner was being threatened with a lawsuit which he considered frivolous and he was very concerned that if a judgment was placed against him, he might lose over 400,000 of his personal money he had in savings outside of his company. The unconventional solution suggested by this shrewd CPA was to send the money to the IRS as an over-payment in estimated taxes. You see, the IRS does not recognize civil judgments (no one can place a lien on tax revenues after the tax pit-bull has a hold of that money), so the plaintiffs could not touch that money if they won in court, which is what happened. As part of the judgment against him, a lien was placed on the man's property, but the property could not be seized like his cash. Brilliant! It gets better. The next year, after the losing initial lawsuit, they carried the over-payment forward and simply had the IRS deduct the current year's tax payment from it. This gave the business owner time to appeal the first court's decision. Over the course of two years, the business owner was able to go back to court on appeal to fight the judgment against him...and he won. He had the liens removed from his property and, of course, he had the IRS send him back the amount he had overpaid, with interest. How's that for a happy ending? Shayne Hall is an entrepreneur, sales, marketing, and financial services professional living in Lafayette, Louisiana. You can read about him at http://www.shaynehall.com. Shayne is also a Branch Manager with United First Financial, empowering people to take full control of their financial life and win the money game. Learn more at http://www.gpstozerodebt.com. Article Source:
http://EzineArticles.com/?expert=Shayne_Hall
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