For 20 years Rangel never reported rental income. And he calls it an error of omission.
It’s known as income tax evasion in the US Code, a felony. But to Rangel, and his flunkies in the press it’s an error of omission. Of course, to the average taxpayer...
He’ll skate.
He may skate....but I think IRS is going to levy a fairly substantial fine...that will shock even Rangel...then he’ll pay it. If I were IRS...I’d go for the absolute max and let him off the jail time. By the time he pays the tax, the interest, and the fees involved, with the fine....he will have lost more than he ever made off the property.
Al Capone went to jail for this kind of thing.