Being a non-U.S. citizen does not mean you do not have to pay taxes. At least that is the case for illegal immigrant Lee Ang who owes the Internal Revenue Service (IRS) $22 million in back taxes, interest and fines.
To most people, Ang seemed to have achieved the “American Dream” – he was a successful stock trader in the US, and made millions since the 1990s.
“Ang came to the U.S. in the 1990s through Belize, where he gained citizenship after emigrating there from Singapore, the land of his birth. He came here to go to school and attended New York University. The immigrant initially followed our immigration laws, gaining a B-1 tourist visa, then having that transferred to an HB-1 visa and subsequently parlaying all that to a green card. However, after he graduated from college and began to succeed as a stock trader, he apparently decided that being a legal citizen would cost him too much in taxes and let his green card status lapse,” wrote Warner Todd Huston of breitbart.com.
He received an $11,000 loan from relatives in Singapore that helped Ang get his start in stock trading. Therefore, when his legal status failed to pass, he continued living in the U.S. building his business.
“Even as he made millions, the government discovered he began hiding his assets under the names of other family members residing in the U.S. He also hid much of his income by pretending it was a repayment for the $11,000 loan given him by an uncle residing in Singapore. In fact, he tried to hide upwards of 93 percent of his income in that way. So, Ang claimed that the millions he made weren’t really his but belonged to his uncle and aunt,” wrote Huston.
So when he appeared in front of a judge recently, Lee Ang v. Commissioner of Internal Revenue, the judge was not convinced that Ang would freely exchange his millions in stock earnings as a repayment for only and $11,000 loan. The judge decided that Ang was concealing his income, pure and simple.
With all the focus on repaying his tax debts, Huston points out that “there is no indication that Lee Ang is under threat of deportation as an illegal breaking both our immigration and tax laws.”
If you or someone you know owes back taxes to the IRS,don’t delay and let penalties and interest to compound, contact the tax resolution experts at U.S. Tax Shield today.