Wall Street Journal explains Hunty biden's vast tax fraud

Unless you're a tax attorney or a CPA or run a business, you know almost nothing about tax law for businesses.

Understandable.  The rules cover probably 20 feet of shelf space.  Short answer is, businesses are allowed to deduct legitimate business expenses from its income.  But the law is quite clear that if you  have your business pay a personal expense for you, the business can't claim that as a business expense.  Moreover, you're required to report that amount as income to you, and it's taxable.

Unless you're Hunty biden or someone equally connected.

The reason this matters is that the testimony of the two IRS whistleblowers to the House committee is filled with arcane points of tax law that mean nothing to the average voter.  Fortunately the Wall Street Journal just published a piece that explains Hunty's tax violations clearly.  You need to read it to understand how brazen, how egregious Hunty's tax fraud was--and how brazen was the decision by the heads of the DOJ and IRS to drop charges against him.

The whistleblower says records show that in 2014 one of Hunty's companies ("RSB") bought a $142,000 Porsche for Hunter’s benefit and deducted it as a business expense.  The whistleblower says Hunter didn’t report this as income.

In Hunty's income bracket that should have triggered a tax bill of about $60,000.  If you or I failed to pay income tax by that amount, the government would demand a payment with penalty and interest.  But as you'll see, rulers at the IRS delayed any action against Hunty until the six-year statute of limitations had passed.  So Hunty skated on $60,000 of taxes.  And that was just the start.

The IRS team recommended that Hunter be prosecuted on felony charges of tax evasion for 2014 and false tax filings and a misdemeanor charge for 2015 of failure to pay tax. But the U.S. Attorney delayed until the six-year statute of limitations expired. Hunter thus won’t pay taxes on more than $400,000 in unreported income for these years.
   Whistleblower Shapley says: “The purposeful exclusion of the 2014 and 2015 years sanitized the most substantive criminal conduct and concealed material facts.”

Also notable are Hunter’s filings in 2018 and 2019, for which the IRS team also recommended felony charges of tax evasion and false returns. The second whistleblower testified that Hunter underreported his income for 2018 by anywhere from $267,000 to $500,000—depending on how conservatively the IRS counted. He did this, claims the whistleblower, by claiming bogus business deductions.

The whistleblower says this included deducting thousands paid to “no-show employees”—including “a prostitute” that Hunter claimed was a “West Coast assistant.” His company paid $10,000 for Hunty's membership in a Los Angeles sex club, but claimed it was a "deposit for membership in a golf club."  Brazen tax fraud.

Hunty had his business pay $30,000 for one of his kid’s tuition at pricey Columbia University.  So two frauds here: 1) It wasn't a business expense; and 2) it was properly income to Hunty, and should have triggered a tax liability of around $12,000.  Hunty didn't declare it as income.  He paid no penalty, nor any tax.

Hunty also had his company deduct as a "business expense" a hotel room for a person agents believed to be “one of his drug dealers” and hotel rooms for his then- girlfriend.  Obviously not legitimate business expenses.

The IRS agents say they also saw correspondence showing Hunter in that year claiming income from foreign sources as a loan.  The agents said this is a very common tax dodge.  To test for legitimacy agents look for loan documents, a stated interest rate, and...wait for it...documents showing regular repayment.  I know you'll be surprised to learn that Hunty had none of these things.

After studying Hunty's tax returns and business records the IRS team recommended he be charged with felonies for 2014, 2018 and 2019. They also recommended misdemeanor charges for “failure to file or pay” for five out of six years.

All of this clear fraud and tax evasion was forgiven with a sweetheart plea deal: no jail time, no nothing.

Now for the irony:  preznit Porridgebrain is on video bleating that "the rich" don't pay their fair share of taxes. Guess he doesn't consider Hunty rich, despite Hunty paying $12,000 per MONTH to rent a house in Malibu on the California coast.

Starting to understand the brazen violation of the rule of law for the bidens yet?  

If you're a Democrat, you're utterly fine with the entire thing, cuz Joe is *your party's* nominal head, eh?

Source: Wall Street Journal

https://www.wsj.com/articles/hunter-biden-fair-tax-share-fraud-irs-special-agent-whistleblower-charges-misdemeanor-scheme-d8813133?mod=djemalertNEWS