There are a lot of schemes that people use to hide assets. In this video, New Jersey divorce accountant Robert A. Bonavito discusses hidden assets in matrimonial cases.
When a lawyer is hired in matrimonial cases, one of the primary reasons is to search for hidden assets. They can be hidden in overseas bank accounts, companies and safety deposit boxes as gold bullion. But lately, many assets are being hidden at the Internal Revenue Service (IRS).
How do you hide money at the Internal Revenue Service when you’re getting divorced? It appears that people are going to the personnel departments and asking them to increase the federal and state withholding on their paychecks. This reduces the net check they’re getting, so all of their income is not being reported. When they file their return at the end of the year or after the divorce, they get that refund back.
The second way people hiding money at the IRS is through refunds. If a couple is getting divorced and they have a $15,000 refund, the monied spouse would do the tax return. Instead of taking the $15,000 they’ll apply it to the following year or the next year, and once the divorce is over, they will then take that $15,000.
So, what happened? The IRS held that money until after the divorce was done. If you don’t hire an experienced lawyer or you didn’t take a really good look at the tax returns, a lot of times this is missed.
For more information, visit http://www.rabcpafirm.com/?utm_source=youtube.com&utm_content=txrRhe1_VTA
Robert A. Bonavito, CPA PC
http://www.rabcpafirm.com/?utm_source=youtube.com&utm_content=txrRhe1_VTA
1812 Front Street
Scotch Plains, NJ 07076
Telephone: (908) 322-7719
Fax: (908) 322-7792
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