Liar in chief uses bogus corporations to avoid taxes

[davew]

So having a 1 person corporation to funnel book sales, speaking fees, other income sources to avoid paying taxes seems to be one of those rich people loopholes the new president has been complaining about. I wonder what he is going to do about this?

https://www.lawenforcementtoday.com/...axes-rep-says/

[MooseDog]

The article you linked to is factually challenged. An S-Corp is simply an entity suitable for a one-person business or other entity in which the income passes through to the person.

No S-Corp actually pays any taxes. But...details...

[Poindexter]

I am sure he will be a good guy, admit his wrongs and have his taxes amended and pay all taxes he should rightfully (not legally) pay. After all he is a man of incredible decency. That warm cuddly feeling we all had when he entered the white house was intoxicating. Not like that filth that left the white house. Cnn told me so. I believe them. Anderson, and Wolf and Don Lemon and Fredo and Jake would never lie to me. Never!

[Poindexter]

Originally Posted by MooseDog

The article you linked to is factually challenged. An S-Corp is simply an entity suitable for a one-person business or other entity in which the income passes through to the person.

No S-Corp actually pays any taxes. But...details...

Wall street journal article from last year

https://www.wsj.com/articles/how-the...ax-11597083162


Look everybody uses every ****ing tax loophole they can to avoid paying taxes. No fault in that. It is just hypocritical when you are amongst the lawmakers making tax laws for many years and are barking about the wealthy not paying their fair share and you are the wealthy and taking advantage of the system that benefits the wealthy. It is just means he is full of shit like every other politician. No more, no less.

[mostpost]

Originally Posted by davew

So having a 1 person corporation to funnel book sales, speaking fees, other income sources to avoid paying taxes seems to be one of those rich people loopholes the new president has been complaining about. I wonder what he is going to do about this?

https://www.lawenforcementtoday.com/...axes-rep-says/

I am the furthest thing from a tax expert, but I am able to read. Everything Biden did was completely legal and totally above board. It does not matter if he takes advantage of laws that he advocates changing.when the law is changed he will follow the law. At least he wants to eliminate tax loopholes.

Also, there are many different types of loopholes. Some legitimate, some not so much.

It is the height of hypocrisy for this Republican Congressman to be crying crocodile tears over the fate of Obamacare when you consider how Republicans have tried to destroy the ACA.

[PaceAdvantage]

Originally Posted by mostpost

I am the furthest thing from a tax expert, but I am able to read. Everything Biden did was completely legal and totally above board. It does not matter if he takes advantage of laws that he advocates changing.when the law is changed he will follow the law. At least he wants to eliminate tax loopholes.

Also, there are many different types of loopholes. Some legitimate, some not so much.

It is the height of hypocrisy for this Republican Congressman to be crying crocodile tears over the fate of Obamacare when you consider how Republicans have tried to destroy the ACA.

Funny how you would never write the same about Trump...lol

Trump did the same thing...and was the devil for doing it, according to folks who think like you do.

[mostpost]

Originally Posted by PaceAdvantage

Funny how you would never write the same about Trump...lol

Trump did the same thing...and was the devil for doing it, according to folks who think like you do.

Wrong! I would have no problem with Trump doing this. I have a big problem with Trump undervaluing his assists to pay less taxes, then overvaluing them to obtain bigger loans or more favorable terms.

[PaceAdvantage]

Originally Posted by mostpost

Wrong! I would have no problem with Trump doing this. I have a big problem with Trump undervaluing his assists to pay less taxes, then overvaluing them to obtain bigger loans or more favorable terms.

When Trump goes to prison for tax fraud, you be sure and let me know.

[TJDave]

Originally Posted by PaceAdvantage

When Trump goes to prison for tax fraud, you be sure and let me know.

We don’t jail Presidents. A gentleman’s agreement.

[fast4522]

Originally Posted by mostpost

Wrong! I would have no problem with Trump doing this. I have a big problem with Trump undervaluing his assists to pay less taxes, then overvaluing them to obtain bigger loans or more favorable terms.

You get the Tax bill that often comes prior to the end of the year, when large corporations go for huge loans the majority (90%) of all big money lending happens in November and December. You apply to the government body for a more accurate assessment almost automatically with big money deals are double digit in quantity for your type of business. The government that does your appeal does not come in either way as fast as big banks lend money the last two month of a year. That is just the facts that evaporate you liberal wet dream. But why would a letter carrier know more than zip codes and where the yards with the mean dogs are.

[davew]

Originally Posted by mostpost

Wrong! I would have no problem with Trump doing this. I have a big problem with Trump undervaluing his assists to pay less taxes, then overvaluing them to obtain bigger loans or more favorable terms.

what kind of taxes are paid on personal valuation of assets? do they have wealth taxes somewhere?

[jimmyb]

Originally Posted by mostpost

I am the furthest thing from a tax expert, but I am able to read. Everything Biden did was completely legal and totally above board. It does not matter if he takes advantage of laws that he advocates changing.when the law is changed he will follow the law. At least he wants to eliminate tax loopholes.

Also, there are many different types of loopholes. Some legitimate, some not so much.

It is the height of hypocrisy for this Republican Congressman to be crying crocodile tears over the fate of Obamacare when you consider how Republicans have tried to destroy the ACA.

Part of Biden's infrastructure plans is to allow the racing industry to put nuts back on a gelding so they can collect stud fees. Keep America working he says. He says this will also put an end to kill pens. Win/Win.

[AndyC]

Originally Posted by mostpost

I am the furthest thing from a tax expert, but I am able to read. Everything Biden did was completely legal and totally above board. It does not matter if he takes advantage of laws that he advocates changing.when the law is changed he will follow the law. At least he wants to eliminate tax loopholes.

Also, there are many different types of loopholes. Some legitimate, some not so much.

It is the height of hypocrisy for this Republican Congressman to be crying crocodile tears over the fate of Obamacare when you consider how Republicans have tried to destroy the ACA.

In my view, it could be completely OK or could be an aggressive effort to avoid payroll taxes. Typically in an S-Corp, owner's who provide services on behalf of the corporation need to be paid reasonable compensation for their services. The question is, what is reasonable compensation for the income received for services rendered? Clearly, if all the income was from speaking engagements then all of the income, less corporation admin expenses, should have been paid out as W-2 income.


Book royalties are a little tricky. If the owner is an active writer then royalties would be in the same category as speaking fees. Royalties from older books will not necessarily be classified as income from personal services and can justifiably be passed through without being subject to payroll taxes.


Using an S-Corp should not, theoretically, change your payroll tax outcome when personal services are involved.

[Rex Phinney]

People who don't know how taxes work should STFU about taxes. This includes the writer of this article and about 95% of the people commenting about it.


I hate Joe Biden, but as a Certified Public Accountant who owns an accounting firm this article is comedy.

[davew]

Here is their 2019 form

https://joebiden.com/wp-content/uplo...-Federal-3.pdf

Rex, you are correct. Without seeing the CELTICAPPRI CORP and the GIACOPPA CORP forms, we can not tell income sources and whether payments are reasonable.