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Latest revision as of 06:23, 30 October 2025

Offshore tax evasion is crime in several onshore countries and includes jail time so it should be avoided. On the other hand, offshore tax planning is Not a crime.

In the above scenario, just saved $7,500, but the government considers it income. When the amount has over $600, after that your creditor essential to send that you simply form 1099-C. How could it be income? The internal revenue service considers "debt forgiveness" as income. Exactly how can an individual out of growing your taxable income base by $7,500 using this settlement?

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