I'd rather give all my money away than give it to the IRS. What's the worst they can do to me?

Do you really want the answer to that question?

The fact is the IRS can do a lot to you, especially if a revenue officer determines that you deliberately (and fraudulently) disposed of all your assets to wriggle out of paying your back tax debt. Retitling your home in the name of a parent or child, draining your bank accounts and sending the money offshore, or even liquidating all your assets and donating the proceeds to charity may be emotionally satisfying, but even the most inexperienced IRS revenue officer will see right through your tax-avoiding gambit.

Let's say you've pulled this trick off, and effectively, legally, and permanently disposed of all your assets. You may be happy living on a friend's couch, but it's not as if the IRS will let you off the hook simply because it has no chance of collecting its money. Eventually, you will have to start working again (you gave away all your money, remember?), and any employer that pays reasonably well will probably deduct payroll taxes. Even if you don't need to find a job, the IRS may choose to initiate criminal proceedings for tax fraud, in which case you'll spend the next 5 or 10 years not on a friend's couch, but in a small cell in a minimum-security prison.

Granted, very few people choose to give away all their assets just to spite the IRS. But, if you think you can deter the IRS by reassigning your bank accounts or retitling your home, you need to be set straight by an experienced tax lawyer. Call the Oklahoma tax experts at Travis W. Watkins, PC (800-721-7054) to learn more today!