Ex-Trump Organization CFO says Trump family was in the dark on tax fraud scheme

NBC News ^ | 17 Nov 2022 | Reiss, Winter, Atkins and Gregorian

[Bikkuri]

"I wouldn’t expect to see that kind of idiocy here on FR."

I would. Recently, it doesn't surprise me at all :/

[MD Expat in PA]

P.S. … Maybe the tax laws and regulations have changed, but I have regularly received “non-cash” income in the past from employers — premiums for group life and disability insurance, for example. These were always reported on my W-2 form after the end of every year, but I don’t recall ever paying any payroll taxes on any of them.

Group Term Life insurance paid by your employer if over $50,000 in benefit is reported in your Box 1 wages and is taxable income to you, often called imputed income. The amount will appear in box 12c of your W-2 and also included in your income for boxes 1, 3, and 5.

[Vaduz]

Trump is right the system is rigged owned and operated by the democrat party.

Media mum

[Armscor38]

But the company is not paying Medicare tax. If found guilty, the Trump Organization could be fined a hefty sum.

[Honest Nigerian]

After reading all the comments ... I just want to remind people about how TurboTax Tim Geithner was allowed to skate for misreporting his income AND UNDERSTATING his tax bill. IMO he committed TAX FRAUD!!; he blamed the whole “confusion” on TurboTax software.
The facts showed that Geithner had signed papers indicating he understood he would be SELF-EMPLOYED and would be receiving compensation on a 1099 and that he would have to pay self-employment tax.
He got off with having to pay the underpaid tax and some interest.
Shortly after that an IRS Agent/Officer told me that her job had become much more difficult because the taxpayers with whom she dealt were very aware of how the “system” was just a rigged game that was unfavorable to the “common person”.

[Alberta's Child]

1. The Trump Organization is being prosecuted by the State of New York, not the Federal government. New York has no claim on any Medicare taxes.

2. If the market rental rate for the apartment is $10,000/month, the employer’s share of the Medicare tax on the benefit would be less than $1,800 per year. The IRS probably wouldn’t even bother pursuing a case for that little money, and would simply order the Trump Organization to pay any outstanding tax liabilities along with penalties and interest for prior years.

[Armscor38]

Thanks!