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In our last article, we wrote about hiding assets the old-fashioned way. For much of this writer’s career, the game was “cash”. The pizzeria, the auto body shop, the produce vendor. They lived in 3,500 square foot houses and drove luxury cars. Nevertheless, the tax returns showed a mere $30,000 in income, a remarkable achievement.
In the last 20 years, the cash world has measurably changed. I have worked alongside fellow lawyers who told me that I could turn them upside down and empty their wallets without finding more than $20 in cash. When I stand in line at the convenience store today people in front of me are buying cigarettes and a sandwich with a debit or credit card. The dry cleaner and yes, even my local pizzeria will take plastic for any transaction over $5.00. So cash is dead, right?
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