Loophole Lotto
Next time you write a check to the IRS, you may wonder whether you really have to.
By Sandra Boncek Hume •
Opinions expressed by Entrepreneur contributors are their own.
Death and taxes may be the only sure things, but don't tellthat to Dick Simkanin or Al Thompson. Both have decided to do awaywith the hassle of income tax. Why? They say it's to keep frombreaking the law.
After years of scrutinizing tax regulations, Simkanin, 56, andThompson, 54, came to a few conclusions, the most notable being acontroversial reading of the Internal Revenue Code's section861 as saying that only foreign-owned businesses are liable to payfederal income tax. Eventually, both entrepreneurs made a decision:no paying the IRS and no withholding from employees'paychecks.
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