₪₪₪ What kind of trouble can someone get into for filing different sets of tax returns (FAKE) to BANK/IRS?
I know someone who used fraudulent tax returns with banks, so they could get loans (this person built and sold homes, and always payed back the loans on time and never had any problems, till now).
With the IRS, he was filing that he made hardly any money, so he wouldnt have to pay high taxes, meanwhile, all the money that was being made was being dumped into other business projects, ie: more houses, and paying off interest with private investors/banks/etc
This was back in 2001.
This person did not file their tax returns, because they built about a dozen homes, pre sold, and then all of a sudden the market for homes skyrocked, making it almost impossible to finish off the homes, because lumber/contractors were doubling their prices for their services. He finished the homes off for the home owners, however he had to file bankruptcy. This is nice guy…so please dont be harsh with your words, he did this starting out in his early 20′s b/c an older person said it was low risk/etc…however, the man im writing about said that once he started doing this, it became impossible to get out of it, it was just like a hole digging deeper and he just continued to keep up with the fast pace of life/business.
So due to the bankruptcy he filed late on 2001, and now he is being audited by the IRS…. a purchase was made that year through a bank….he borrowed partial from a bank, the property was a tiny fixer upper cabin that was traded out on a home.
If they find out there were double sets of tax returns… what will most likely happen? Is this common? Thanks for your time.
With the banks he was saying he made about 300K per year.
Category: IRS Problems
