Government Coming Down Harder On Kent Hovind
I should preface this by saying that Kent Hovind’s troubles are pretty much of his own making. YEC supporters have encouraged Kent to stop fighting the IRS so he can focus his energy on “creation science”. Eric Hovind is following in his dad’s footsteps in arguing against evolution, but is not a chip off the old block when it comes to tax compliance. The website of his group Creation Today gives links to its Form 990 and even mentions its CPA firm.
With that said I really question the judgement of the government in going after Kent for making one more stupid filing. Frankly, if I was on the jury, they might have a hard time getting a conviction. There is stupid and stubborn and there is criminal. Plenty of tax related crime to fight elsewhere. If Hovind is convicted, he will seem like a martyr. If he is acquitted, it will look like a victory for tax defiers.
There Is An Accountant Art Expert – Who Knew?
Although estate taxes play a major role in art planning, there are numerous other tax issues. If you want to diversify your collection or get the yen to move from say Impressionism to Abstract, you might have significant taxable gains. Although I’ve always believed that 1031 might have application in the art world, Gary confirmed that it is a viable technique. He recommends that you involve an institutional exchange facilitator which might also be doing real estate and equipment since they will have the facility with the proper tax execution. I couldn’t pry a name out of him.
Then there are state tax issues. The New York Times recently ran an article about a sales and use tax dodge that some collectors were using. Works that they bought were shipped on loan to a museum in a state that would not charge sales or use tax. After a few months, the work could be moved to the collectors home and he beats the use tax because the original use was the museum loan. Gary’s firm put out an alert, that nifty as this idea might be it does not work if you bring the artwork into New York, New Jersey, or Connecticut.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.