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March 08, 2004
Tax Evasion Update
The man who was caught illegally benefiting from an EDC company has made his local news. You can read the whole article here. The article makes some interesting points (and some mistakes I think) and it also names the company, which the prosecutors did not do. If this really is the tip of the iceberg than I think it could start to put a little chill on the local economy and the real estate market. I may be speaking against the tide here but from what I have heard there are a lot of people who are gaming the system like this - and convictions have a way of scaring people. This is not to say that there are plenty of companies that have come to the VI and use the EDC laws properly, but in the very long run I still can't see how this program is not going to be looked at harder by Washington and the IRS.
Posted by afinta at March 8, 2004 10:46 AM
