this post was submitted on 07 Aug 2024
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I don't know what an FRN is (something stupid, I assume), but damn, I wish I had the kind of money where I owed a million bucks in income tax. I'd pay it gladly and go back to my spring holiday in Tuscany.
I'd guess since he said it was from intellectual property I bet it was a scam where he claimed something like "5 million intellectual property income" to secure a loan from a bank. So now the IRS is coming after him because he claimed income to a bank but didn't pay taxes on it.
You are probably right, but there are also plenty of rich people who will do anything to get out of paying taxes, even by convincing themselves they found the cheat code.
I don't think people who are actually wealthy get tax advice from the fiscal voodoo magic crowd on Facebook. More likely they hire a CPA, lawyer and business manager to make all the tax evasion happen legally.
Remember, that wealthy does not mean smart.
https://en.wikipedia.org/wiki/Wesley_Snipes#Charges