Many people think that hidden assets are buried in offshore accounts or maybe it’s stashed in a mattress. But there is a lot more hidden right here in the United States than people realize. Hiding assets is done in many ways such as failing to report income, hiding money in foreign bank accounts, creating trusts using an alias, using offshore companies, and more. In fact, it actually seems to be easier for debtors to hide assets in the United States. However, since they’re on our turf, it, in turn, makes it easier for your investigator to uncover hidden assets.
Hidden assets in the US
Hidden assets are usually a result of divorce, legal actions and international tax evasion. Hidden assets can also include property that is not reported to the Internal Revenue Service (IRS). In the United States, hidden assets can be located in a number of places including offshore accounts and other financial institutions around the world.
Many people hide assets to try to reduce their tax burden or fraudulently underreport and misreport information to the IRS. This makes it very difficult for the IRS to track down all of these assets. This can result in serious consequences for the taxpayer, including criminal prosecution and civil penalties.
A large percentage of businesses are cash-based operations. Some companies do not report all cash transactions and many individuals do not report all their income so they can avoid paying taxes. These cash transactions have helped create a black market for money, which is often referred to as “underground” or “secret” money.
The underground economy operates outside the legal system and it can be difficult for authorities to track down these activities because they take place behind closed doors and without any official documentation being filed with the government office that collects taxes from individuals and businesses operating legally within the country’s borders.
The old adage, “Where there’s smoke…there’s fire,” is true. If you suspect there are hidden assets then, in all likelihood, there are hidden assets. If you’re beginning an asset search, make sure to include the search of all domestic possibilities. If your debtor has assets hidden in the US, they’ll usually be easier to find than if the hidden assets are in offshore accounts.
Are you looking to conduct a hidden asset search? Active Intel Investigations provides a variety of asset search investigation options to meet the needs of your case. Get started on a convenient electronic or assisted DIY asset search, or have Active Intel do the full asset search investigation for you.
Want to discuss your case with a licensed private investigator? Schedule a no-obligation consultation with TelaClient.com.
