THE TAXMAN COMMETH: The Offshore Tax Dodge Could Prove Costly

Written by Phillip Townsend

Continued from page 1

• June 2005: The New York-based Big Four International accounting and consulting giant KPMG has beenrepparttar subject of an IRS investigation seeking information onrepparttar 148376 firm’s clients that used offshore tax shelters and bank accounts.

• June 2005: Eric Bassingthwaite (an alias) operating out of Channel Islands, and Philip Egglishaw, a Geneva-based Swiss attorney, were targeted for their roles in assisting wealthy Australian attorneys, executives and celebrities (all now under criminal investigation) in illegally sheltering more than $300 million is assets offshore.

• July 2005: Inrepparttar 148377 UK,repparttar 148378 HM Revenue & Customs office crackdown on tax evasion and offshore banking resulted in criminal charges for hundreds of client of “offshore” services.

• July 2005: New EU tax rules open up offshore accounts held in several prominent tax havens to scrutiny by government authorities forrepparttar 148379 purpose of collecting taxes.

A word of caution: Beware…thoughrepparttar 148380 taxman certainly can’t catch everyone, their powers and methods are becoming increasingly sophisticated.

Phillip Townsend, an international consultant, has contributed to national and international publications, including Money magazine, GQ, the International Employment Gazette, Expat World, Freebooter, The Monitor (formerly “Mouse Monitor,” published by the now defunct Scope International, UK) and numerous others. His website is

Real Estate Investing - Ten Myths

Written by Steve Gillman

Continued from page 1

4. Some investors have a "knack" for making money. Sort of. More accurately, some just tookrepparttar time and risk to learnrepparttar 148375 market and continue their education.

5. You need to knowrepparttar 148376 "right" people. It helps, so startrepparttar 148377 process. Talk to investors, real estate agents, landlords, etc.

6. You have to be great negotiator. If you learn to runrepparttar 148378 numbers and makerepparttar 148379 offers based on them, you can berepparttar 148380 worst negotiator and still do okay.

8. You need insider knowledge. Understand one deal, and you are on your way. Read and read more, butrepparttar 148381 best "insider" knowledge comes from experience.

9. Fixer-uppers are safe. People haverepparttar 148382 idea that doingrepparttar 148383 work themselves isrepparttar 148384 safest way to assure a profit. Not true. Mis-planned "fix and flips" have bankrupted even experienced investors. Most poorly purchased rental properties will only eat a little money every month.

10. The key is lowball offers. The numbers have to work, and you need a plan. You can offer MORE thanrepparttar 148385 market price and make money investing in real estate, if you understand creative financing - and how to dorepparttar 148386 math.

Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit

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