DarterBlue Posted September 29, 2020 Report Share Posted September 29, 2020 28 minutes ago, imaGoodBoyNow said: Here’s my thing shouldn’t it be public Record for us to see a presidents Tax lease I don’t understand why that’s not available so we know who we’re voting for , I can care how much he paid in taxes in 1 year , i want to see atleast 15 consecutive years It is also very unusual for a Corporate return to be under audit for nine years. Usually, even in the case of the largest multinational companies with the most complex issues, they are resolved (settled or dismissed) within three years from the date of the audit. And, most are concluded within eighteen months. Nine years is like 10 standard deviations beyond the normal time it should take. Quote Link to comment Share on other sites More sharing options...
imaGoodBoyNow Posted September 29, 2020 Author Report Share Posted September 29, 2020 4 minutes ago, DarterBlue said: Until Trump, all recent (last 32 years) candidates for President, released at least 5 years of their latest tax returns. While the law did not require it, it had become convention to do so. Trump refused to release his on the grounds that they were under audit. The fact a return is under audit does not preclude it from being released. If I went to the bank to get a loan my returns would be required audit or no audit. The fact that he would not release them raised red flags in the eyes of any CPA practitioner or banker. But he was not legally bound to do so. Hey if trump doesn’t get re-elected he could probably work for $NKLA 1 Quote Link to comment Share on other sites More sharing options...
HSFBfan Posted September 29, 2020 Report Share Posted September 29, 2020 Just now, DarterBlue said: It is also very unusual for a Corporate return to be under audit for nine years. Usually, even in the case of the largest multinational companies with the most complex issues, they are resolved (settled or dismissed) within three years from the date of the audit. And, most are concluded within eighteen months. Nine years is like 10 standard deviations beyond the normal time it should take. He should have just said I am not required by any law to turn over my tax return. He didn't have to say about the audit or anything Quote Link to comment Share on other sites More sharing options...
Troll Posted September 29, 2020 Report Share Posted September 29, 2020 37 minutes ago, DarterBlue said: It is impossible to tell whether he committed fraud or not Logic would dictate if the IRS has audited those same returns for years and have no problem with them That you should not either....unless you believe the IRS lets people cheat 🙄 Of course.... 40 minutes ago, DarterBlue said: but given the nature of the man, and the magnitude of the expenses he wrote off, I would not be the least bit surprised if fraud was committed. feel free to let biased dislikes of character over rule basic logic 👍 42 minutes ago, DarterBlue said: If I were the IRS (and he was not the POTUS), I would certainly have flagged many of those returns for audits. Well you ARE IN LUCK....the IRS did ....as well a a couple other entities as well 👍 Don't sound surprised now...... BTW: your underwear is showing.... 1 Quote Link to comment Share on other sites More sharing options...
Troll Posted September 29, 2020 Report Share Posted September 29, 2020 11 minutes ago, DarterBlue said: It is also very unusual for a Corporate return to be under audit for nine years. Usually, even in the case of the largest multinational companies with the most complex issues, they are resolved (settled or dismissed) within three years from the date of the audit. And, most are concluded within eighteen months. Nine years is like 10 standard deviations beyond the normal time it should take. Sounds like the IRS is really giving him the treatment ...😲 Only problem is.... that sinks your whole cold case of innuendo built on bias...😝 Oh well...back to the chicken little routine on some other front...🤣 1 Quote Link to comment Share on other sites More sharing options...
DarterBlue Posted September 29, 2020 Report Share Posted September 29, 2020 Just now, Troll said: Logic would dictate if the IRS has audited those same returns for years and have no problem with them That you should not either....unless you believe the IRS lets people cheat 🙄 Of course.... There is no indication that all of those returns were audited. The only audit we know of is the open one relating to a $72.9 million refund he got in 2011. feel free to let biased dislikes of character over rule basic logic 👍 Well you ARE IN LUCK....the IRS did ....as well a a couple other entities as well 👍 Don't sound surprised now...... BTW: your underwear is showing.... @troll I have never gotten nasty with you. Many others on this board have drawn me into cussing matches. This is why I now largely ignore them. If you want to go that route, then I suppose you have fired the first shot. Any comments I have made with regards to this matter are professional in nature based on being a CPA for over 33 years. Now full disclosure: I never worked on the Tax side having been both a forensic auditor (in NYC) and a financial statement auditor (NYC and Orlando). With that said, I think my knowledge of tax matters exceeds that of more than 99% of the US population. Please see my comments in red. I think your love for DJT has totally clouded your perspective. But that is just an opinion. 1 1 Quote Link to comment Share on other sites More sharing options...
DarterBlue Posted September 29, 2020 Report Share Posted September 29, 2020 1 minute ago, Troll said: Sounds like the IRS is really giving him the treatment ...😲 Only problem is.... that sinks your whole cold case of innuendo built on bias...😝 Oh well...back to chicken little on some other front...🤣 I believe you are totally lacking in logic today. That is unfortunate. You usually display a logical mind. I guess TDS (which to me is a malady his supporters suffer from) has gotten to you. 1 Quote Link to comment Share on other sites More sharing options...
Troll Posted September 29, 2020 Report Share Posted September 29, 2020 12 hours ago, DarterBlue said: I believe you are totally lacking in logic today. That is unfortunate. You usually display a logical mind. I guess TDS (which to me is a malady his supporters suffer from) has gotten to you. T is audited for years IRS investigates for years FBI investigates for years congress investigates for years Many others investigate for years Much of it is now public But logic is lost on me.... because they all suck and are ALL incapable of doing their audit jobs... and darter has suspicious innuendo that I should listen to... how logical 🙄 PS: the "chicken little routine" was meant to describe your posts and rellevent attitude here...not an attack on your 'character'....just something to bear in mind. 🤷♂️ 1 1 1 Quote Link to comment Share on other sites More sharing options...
AztecPadre Posted September 29, 2020 Report Share Posted September 29, 2020 8 hours ago, HSFBfan said: He didn't. He used the tax laws and his accountants for his benefit. Good for him. The laws worked out for him. If your too dumb to get the right people to make sure you don't give your money to the government than im sorry He has many businesses that lost money. It benefits him We have companies like Amazon general electric and such that made over 100 million in a year and didn't pay a dime to federal taxes due to the tax laws Do the tax laws allow you to pay millions of dollars in consulting fees to your daughter when she is already an employee of the organization and is getting paid a salary by the organization? Just asking. 1 1 Quote Link to comment Share on other sites More sharing options...
AztecPadre Posted September 30, 2020 Report Share Posted September 30, 2020 2 hours ago, DarterBlue said: Please see my comments in red. I think your love for DJT has totally clouded your perspective. But that is just an opinion. It's what he does. He's the resident know it all and an expert in any field he talks about. Pretty much like any rumper on here, they will defend him to the bitter end no matter what he has done and will do. Just imagine if all of the bullshit chump has been caught in from covid downplay to tax evasion to his treatment of pretty much anybody who dare not agree with him, if it had been committed by President Obama? Can't forget the acting and tweeting like a spoiled 8 year old. This klan page would explode!!!! So instead of trying to reason with them, just sit back and let them do their thing. There is no helping those who can't be helped. 3 Quote Link to comment Share on other sites More sharing options...
Mag44 Posted September 30, 2020 Report Share Posted September 30, 2020 4 hours ago, HSFBfan said: Donna Shalala, again, failed to disclose stock sales in violation of federal law https://www.miamiherald.com/news/politics-government/article246072375.html She's a democrat lets see what happens to her. Won't hold my breath And that's a far left paper...Donna is a real thief.. 1 Quote Link to comment Share on other sites More sharing options...
HSFBfan Posted September 30, 2020 Report Share Posted September 30, 2020 4 minutes ago, Mag44 said: And that's a far left paper...Donna is a real thief.. Yep and this is 2x now But don't worry nothing will happen to her She's a democrat they are allowed to do whatever they want. Always have Quote Link to comment Share on other sites More sharing options...
Mag44 Posted September 30, 2020 Report Share Posted September 30, 2020 1 hour ago, HSFBfan said: Yep and this is 2x now But don't worry nothing will happen to her She's a democrat they are allowed to do whatever they want. Always have Sadly and with regret, your correct... 1 Quote Link to comment Share on other sites More sharing options...
Troll Posted September 30, 2020 Report Share Posted September 30, 2020 4 hours ago, AztecPadre said: It's what he does. He's the resident know it all and an expert in any field he talks about. you are too kind LOL 👍 Quote Link to comment Share on other sites More sharing options...
Troll Posted September 30, 2020 Report Share Posted September 30, 2020 4 hours ago, AztecPadre said: Do the tax laws allow you to pay millions of dollars in consulting fees to your daughter when she is already an employee of the organization and is getting paid a salary by the organization? Just asking. It is extremely common for companies to take salaried employees and restructure their compensation as consultants... It is also extremely common to hire relatives and pay them very good salaries... Just answering... PS: must be just your familia, and not you, in the law field... 1 Quote Link to comment Share on other sites More sharing options...
Belly Bob Posted September 30, 2020 Report Share Posted September 30, 2020 On 9/29/2020 at 12:07 PM, Blueliner said: I do notice. I appreciate it. I’m a truly trying to be better. I’m still failing pretty miserably though. But Yes and no. It’s black and white when It comes to the tax code. The rules are laid out. But Ethics must come into play as well. In my humble opinion, if a person is within the tax code and is following the rules and not breaking the law, then I’m good with it. I would speculate that pretty much every person in the country that files taxes annually tries to maximize their return. Most of us simply hans over our financials to an accountant who is paid to maximize your return. Are all of these filers being unethical? I suppose it depends on each individual circumstance. And I think everyone is open to potential criticism...but that doesn’t mean it’s justified. In this case we simply don’t know enough other than the NYT opinion piece. And we know how much the NYT loves Trump. And don’t forget Trump has forked over 1.4 million to the government in donated salary. Lol...not sure If this answers your question or not. 🤣 I don't know anything about Trump's taxes and I'm not criticizing the man for how much or how little he has paid. My point is that it's a mistake do dismiss any such criticism that might be aimed at him for the simple reason that he didn't break the law. Quote Link to comment Share on other sites More sharing options...
Troll Posted September 30, 2020 Report Share Posted September 30, 2020 4 hours ago, Belly Bob said: I don't know anything about Trump's taxes and I'm not criticizing the man for how much or how little he has paid. My point is that it's a mistake do dismiss any such criticism that might be aimed at him for the simple reason that he didn't break the law. Phrased coherently like that, i can easily agree... but any criticism also needs to be warranted.... Criticize away... just make sure it's something worth criticizing about 👍 😄 Quote Link to comment Share on other sites More sharing options...
DarterBlue Posted October 1, 2020 Report Share Posted October 1, 2020 On 9/29/2020 at 7:59 PM, AztecPadre said: Do the tax laws allow you to pay millions of dollars in consulting fees to your daughter when she is already an employee of the organization and is getting paid a salary by the organization? Just asking. By paying her a salary and then separately paying her consulting fees, DJT bypassed paying FICA taxes on the consulting fees of 7.65%. Now, in theory, she should be declaring the consulting fees as income on her company's return. But this income would also bypass FICA taxes to the tune of 15.3% (If she were an independent contractor with a single member LLC or unincorporated she would treat this as income on a schedule C). However, since the funds flowed to a corporation, it would either be subject to Federal Taxes at the corporate rate (if a C corporation), the maximum of which is now 21% (it could be lower depending on the corporation's net income), or if an S Corporation, then her share of the net profit would flow through to her Federal return and she would pay taxes on it at her marginal tax rate. However, you cut it, the treatment resulted in the Federal Government getting stiffed of at least 15.3% and likely more since she would most likely have expenses deducted from this income on her Corporation's Federal Tax return. 3 Quote Link to comment Share on other sites More sharing options...
AztecPadre Posted October 1, 2020 Report Share Posted October 1, 2020 25 minutes ago, DarterBlue said: By paying her a salary and then separately paying her consulting fees, DJT bypassed paying FICA taxes on the consulting fees of 7.65%. Now, in theory, she should be declaring the consulting fees as income on her company's return. But this income would also bypass FICA taxes to the tune of 15.3% (If she were an independent contractor with a single member LLC or unincorporated she would treat this as income on a schedule C). However, since the funds flowed to a corporation, it would either be subject to Federal Taxes at the corporate rate (if a C corporation), the maximum of which is now 21% (it could be lower depending on the corporation's net income), or if an S Corporation, then her share of the net profit would flow through to her Federal return and she would pay taxes on it at her marginal tax rate. However, you cut it, the treatment resulted in the Federal Government getting stiffed of at least 15.3% and likely more since she would most likely have expenses deducted from this income on her Corporation's Federal Tax return. Well written brother. Thanks. He will end up owing so much money, that prison will be a very real possibility for him once he is out of office. Not just him, but his daughter as well. At least she has the high talker husband to pay her way out of it. But trump with over 300 million in foreign loans that are due to be called in the next 3 years or so ain't so lucky. $72.9 million for a refund he got? plus the 26 or 27 million in consulting fees he claimed, yet did not file to whom those "consulting fees" were paid to. His cult members applaud him for not only tax avoidance, but for his tax evasion. They really applaud him for not paying taxes. Along with the many others at the top that do the same. No wonder this country is so deep in debt. Just a big ball of WTF. 1 2 Quote Link to comment Share on other sites More sharing options...
concha Posted October 1, 2020 Report Share Posted October 1, 2020 You'd almost think the resident leftist funky bunch actually had everyone's detailed returns and were corporate tax experts. 🤡 1 Quote Link to comment Share on other sites More sharing options...
DarterBlue Posted October 1, 2020 Report Share Posted October 1, 2020 22 minutes ago, AztecPadre said: Well written brother. Thanks. He will end up owing so much money, that prison will be a very real possibility for him once he is out of office. Not just him, but his daughter as well. At least she has the high talker husband to pay her way out of it. But trump with over 300 million in foreign loans that are due to be called in the next 3 years or so ain't so lucky. $72.9 million for a refund he got? plus the 26 or 27 million in consulting fees he claimed, yet did not file to whom those "consulting fees" were paid to. His cult members applaud him for not only tax avoidance, but for his tax evasion. They really applaud him for not paying taxes. Along with the many others at the top that do the same. No wonder this country is so deep in debt. Just a big ball of WTF. It is not just the debt which is bad, but the infrastructure is falling apart, too. I am not blaming DJT specifically for this as there has been neglect of this for over 20 years and counting. Without adequate infrastructure, we will end up being little more than a third world country with a nuclear arsenal. There is also our educational system which has systematically failed to produce enough engineers and scientists to the point where we end up importing them in mass. Now I am not going to cut off my nose here as an immigrant myself, but there are real costs to doing this. If you read my posts, I am seriously thinking of leaving. Now if I were born here, the thought of doing so, would be much less for the following reasons: 1. I would feel culturally committed to the USA since it was my birthplace. 2. I would see foreign options through a different lens since I was born here. When you are obligated to import large segments of your workforce, particularly in sensitive positions, a country runs the risk of not having a sufficiently loyal and committed workforce, not because these individuals are scum or traitors, but because they were acculturated outside the USA and don't necessarily have the commitment to it that native born individuals would. By all means import some talent, that is a good thing, as you will get new perspectives and ideas. However, being compelled to have to import it on mass due to deficiencies in your own educational system is not a recipe for long term success. These issues, in addition to the debt problem, is currently helping to mire the country's economy and will lead to its downfall if not addressed. The private sector in a dynamic capitalist economy is very good at innovation. However, there are many functions that they do not do effectively because they require collective effort that only the government can provide. The failure of so many Americans to realize this and willingly pay Income Taxes is destressing. I suspect it is because they have never lived in the third world and don't know what it's like to have a resource starved, dysfunctional government. Well they may well be exposed to one sooner than they think if we keep on going down the road we have embarked on. 2 Quote Link to comment Share on other sites More sharing options...
Cat_Scratch Posted October 1, 2020 Report Share Posted October 1, 2020 On 9/29/2020 at 10:53 AM, Troll said: That's why I sugested the "flat tax"... eliminates rich writeoffs and poor leaching... if you think about it 🤔 Totally agree with the Flat Tax for everyone. 1 Quote Link to comment Share on other sites More sharing options...
Troll Posted October 1, 2020 Report Share Posted October 1, 2020 7 hours ago, Cat_Scratch said: Totally agree with the Flat Tax for everyone. amazing how some people actually prefer actual "equality" .....but of course that is entirely ridiculous, and we can't have THAT...🤣 PS: people are always going hate taxes and harbor jealousy, but it would be REALY hard to "blame" the government part of it, if they actually treated people equally... BTW: If the gov wants to replace religion as peoples top governing authority (already has 🤔), they should probably target around the time worn and honored 10% tithe.... That seems to be the historically acceptable and reasonable % or amount (of your life's gains) to contribute to society, just sayin' 🤷♂️ 1 1 Quote Link to comment Share on other sites More sharing options...
DBP66 Posted October 1, 2020 Report Share Posted October 1, 2020 10 hours ago, concha said: You'd almost think the resident leftist funky bunch actually had everyone's detailed returns and were corporate tax experts. 🤡 and you'd think the Trump clowns may see something wrong with Donny deducting $76,000 on his taxes for his comb over??...naa...you guys are too busy drinking your Trump Kool-Aid to notice....🤡 1 Quote Link to comment Share on other sites More sharing options...
paladin4ever Posted October 1, 2020 Report Share Posted October 1, 2020 For those here that know me, I have been a tax professional for close to 30 years now. A couple of things I will point out about all of this. 1. A tax return is sensitive, private information. If the NYT got a copy of the President’s tax return, they obtained it illegally. You cannot get a copy of anything from the IRS unless you (taxpayer) or your representative, with a fully executed Power of Attorney, request it. So someone has violated the law. 2. An audit can last many, many years. I recently completed an audit for open audit years 2005-2012. So it is possible. 2 Quote Link to comment Share on other sites More sharing options...
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