Race driver Castroneves proclaims innocence, readiness for Fla....
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#1 Mar 2, 2009
Did Helio receive the money and then pay his father's Panamian company? If so, that money is taxable to Helio. Did Helio earn the money and instead of receiving it himself, direct the payor to pay this Panamian entity? If so, that money is taxable to Helio because it was earned by him.
Did the Panamian entity perform the services that resulted in the earned income? If so, then this money is NOT taxable to Helio.
I'm sure there are more facts, but the bottom line is that if Helio earned the money and simply paid it over to his father, then he is still taxed on that income as a resident of the U.S.
#2 Mar 2, 2009
Hey, our government is broke (thanks to the spending cowboy known as BO); so throw Helio behind bars. I bet 3/4 of these athletes who work in America but live in the Caribbean owe money to the IRS.
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