Posted on 10/31/2022 11:00:27 AM PDT by ChicagoConservative27
The Trump Organization cheated tax authorities for 15 years by bankrolling big perks for top executives — including apartments and luxury cars, Manhattan prosecutors said as the real estate company’s criminal trial got underway Monday.
Former President Donald Trump’s firm used the perks to pay its executives — without reporting those benefits — as part of an alleged scheme to avoid paying taxes between at least 2005 and 2021, Assistant District Attorney Susan Hoffinger said in her opening statements in Manhattan Supreme Court.
“This case is about greed and cheating, cheating on taxes,” Hoffinger told jurors.
“The scheme was conducted, directed and authorized at the highest levels of the accounting department at the company.”
The ex-president’s namesake company benefited from the alleged plot by keeping its “trusted” chief financial officer, Allen Weisselberg, happy and avoiding some taxes, the prosecutor said.
(Excerpt) Read more at nypost.com ...
This arrangement became a tax problem when the CFO sold his home in the Hamptons and moved into the apartment as his primary residence. In that case, he is supposed to report the rental value of the apartment on his tax as taxable income.
TRANSLATION: “Trump utilized perfectly legal tax law to pay no more than he was required... and we’re pissed about that!!!!!!!!”
“Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.” - Judge Learned Hand, Helvering v. Gregory, 69 F.2d 809, 810-11 (2d Cir. 1934).
Oops, I meant that as a reply to #1, not to you.
So a company paid a lot of money on “perks” to avoid paying less money in taxes? What sense does that make for a company?
“I’m gonna buy a 100,000 dollar excavator to save $50 on taxes. That’ll show em.”
I knew a guy who worked for the IRS briefly. He hated the job. He was all set to audit some multi-millionaire who had questionable returns. His boss got a call from a Congress-critter in DC. The audit was canceled.
Remember when they got ahold of his taxes for one year and the idiot leftists claimed that he only paid $500 in taxes? When in fact, he had overpaid the previous year and $500 was the difference.
They lie. They cannot be allowed to have his taxes.
So Trump’s tax attorney’s committed fraud for how long?
Ping
The IRS audits him every year. If he was cheating they would have nailed him.
So does the Southern District of New York think that the IRS is totally incompetent?
Whether paid as salaries or paid as employee expenses, the business still subtracts it as expense. It is not part of taxable, pre-tax profit.
Additionally there were the City, County, and State tax authorities that never said - and still have never said - there was any cheating...
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