Posted on 08/18/2022 9:37:42 PM PDT by SeekAndFind
My company paid for my lease car when I did business for them and allowed me to use the car personally even outside of business, should I have declared this as income for the purpose of taxation?
And oh yeah, my company also paid for my hotel expenses including meals when I visited their HQ out of state ( also paid for my airfare ). Are these income as well?
I never declared them. Been doing this for years. Am I guilty of tax evasion?
There will be a reckoning for these people in the future.
Do you HONESTLY BELIEVE there will ever be a reckoning for these people??
This case concerns whether Weisselberg and other Trump employees evaded paying income taxes on nonwage compensation received from the Trump Organization.
In the case of Weisselberg, the nonwage compensation included: leased Mercedes-Benzes, an apartment on Manhattan’s Upper West Side, as well as tuition for private schools for his grandchildren.
Weisselberg worked for the Trump Organization for over 50 years, having begun his career working for Trump’s father. Weisselberg, as the saying goes, is like a family member. So you can appreciate how it might seem like a shady area of existing and current tax law regarding whether these nonwage benefits are taxable as ordinary income under the current Tax Code.
And keep in mind, of the Tax Code, even for accountants and tax lawyers, is so ridiculously complex and contradictory that it has been shown time and time again that if you were to line up five experienced CPAs and five expert tax attorneys and asked them each to calculate the taxes owed on a moderately complex income tax return, you’d get ten different answers.
The other question is this — have the Feds ever targetted any other executives on this same charges other than those of the Trump Organization? If so, I’d like to see a few examples. If not, why not?
They've gone over the edge, and are playing with fire.
He agreed to testify. Under oath. Whether that is “against the Trump organization” remains to be seen.
For many years Forbes magazine created a moderately complex business return and sent it out to 50 companies to be prepared.
I do not believe that they ever had two tax returns in agreement, and none ever matched the sample return that they prepared in house.
When you have the tax code written by lawyers and accountants, do not ever expect that the resulting tax laws will lower their billable hours.
Add in any international tax issues and you have a several thousand dollar expense for doing your taxes. For most companies, it really is cheaper to hire staff to manage it, with a small mountain of cash to pay for the audits.
*** 87,000 new IRS agents, and how many new IRS employees to answer the phones? Why, none at all ***
The legal department had a field day and threatened to go public about Uncle Sam going after hourly workers for accepting a teaspoon of ice cream.
That was a number of years ago.
And the answer is probably yes on the car.
You might want to talk to your company's legal about it.
The IRS is guano crazy.
87,000 armed IRS agents would like to have a talk with you.
Actually, I think technically you are supposed to declare the amount of personal use of the car. But don’t quote me on that.
I certainly don’t, or at least not in this life. The reckoning, will be in eternity. For these turkeys, that will be a million time worse, than the worst thing they could imagine in a million lifetimes. Now, that’s really bad, but it’s the only reckoning they will ever get.
Is this federal tax evasion, or state of New York? I have not heard anybody in the media identify that.
As far as what is compensation and what is not, remember that we are talking about tax law. That does NOT have a firm relationship with reality; it’s more like a passing acquaintance. Think of “it’s just Lunch”
Yes, and I've just reported you!
(Heh-heh!)
Regards,
This is one where I disagree and the tax laws were broken. The tuition is especially problematic as I see under no circumstance that these should have been paid by the company and not reported as taxable. Now, how he is being treated versus how others that might do something similar is the question.
Are they normally criminally charged and jailed or just audited and have to pay taxes and penalties, that I do not know.
if the company is paying personal expenses it is compensation
business expenses are not
associated w Trump=jail
not associated w Trump=write a check
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