Tax Liability Hack of The Elite
Lawful money redemption cannot be applied retroactively and one cannot file amended returns showing such without a penalty being assessed. So, there may be back-taxes and liabilities still owed for the years prior to discovering this tax secret. All future lawful money refunds will be applied to these prior obligations until paid off, at which time the refunds will again be sent to the address or bank specified on the return.
If there is extra money available, paying the obligation in whole will result in fewer penalties, fines and a lower total amount owed. But instead of cutting the IRS a check right away, put that money into an Indexed Universal Life Insurance Policy (ULIP) with a cash value option. In most cases, cash value life insurance isn't taxable. Then take a 0% interest loan on the policy. Apply that money to the tax liability and its instantly wiped out! This is the reason why wealthy people have so much life insurance. It doesn't just to ensure their life - it also protects their assets.