Trump taxes + IRS

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April 5th, 2019 at 12:37:50 PM permalink
rxwine
Member since: Oct 24, 2012
Threads: 188
Posts: 18632
What many people think.

1) IRS audits.
2) Notifies of discrepancies.
3) Trump lawyers and accountants iron out mistakes if any, pay any underpaid tax, or receive credit.

In the end, Trump pays taxes legally owed. If he pays less, it is still legal. So fine.

What is more likely.

1. IRS audits.

note: accountants/lawyers of Trump have created intentionally complex financial web intended to hide millions of dollars. Completely legal. IRS agents can spend more than a year trying to untangle web. So, when Trump says no one will understand if he releases them, he probably means it.

2. IRS notifies of discrepancies goes back and forth with Trump team. This can run into years.

3. IRS eventually offers settlement because contrary to popular belief they fight everyone endlessly, or come take your assets. Not true when it comes to people wealthy enough intending to prevent it.

So, in the end, Trump has taken all legal shelters, and additionally has likely avoided millions of dollars in taxes he should have still paid through the ability to stymie the IRS with both legal maneuvers and complexity.

What's that quote Duff likes so much from Animal Farm ---- some animals more equal than others. Most people have totally different experiences with the IRS.
You believe in an invisible god, and dismiss people who say they are trans? Really?
April 5th, 2019 at 12:40:40 PM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 146
Posts: 25010
He'll never release them, and SCOTUS will
uphold it. There has to be evidence of
wrong doing, wild speculation is not
enough. It's an obvious fishing expedition.
If you take a risk, you may lose. If you never take a risk, you will always lose.
April 5th, 2019 at 12:45:08 PM permalink
rxwine
Member since: Oct 24, 2012
Threads: 188
Posts: 18632
Regardless, this is what I think is going on with him. And why he won't release them.
You believe in an invisible god, and dismiss people who say they are trans? Really?
April 5th, 2019 at 1:44:27 PM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 146
Posts: 25010
Quote: rxwine
Regardless, this is what I think is going on with him. And why he won't release them.


Who cares. If you were a multi billionaire
you wouldn't release them either. Total
-EV for you.
If you take a risk, you may lose. If you never take a risk, you will always lose.
April 5th, 2019 at 2:39:57 PM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 135
Posts: 18136
Quote: rxwine


So, in the end, Trump has taken all legal shelters, and additionally has likely avoided millions of dollars in taxes he should have still paid through the


"Tax Shelters" largely no longer exist and have not since 1986.

Don't believe the IRS does not "fight" wealthy people. The IRS is as ruthless as the mafia when it comes to collections.

What is most likely is they have to negotiate what is what. What is an improvement vs what is a repair? Is "goodwill" being written off? If so, how was that value arrived at? Has all cash received been reported as income (see : Skylar White/Breaking Bad)?

I know what a mess this can be on one rental property. Multiply it by a million for Trump's empire.
The President is a fink.
April 5th, 2019 at 3:09:44 PM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 146
Posts: 25010
Quote: AZDuffman
"
Don't believe the IRS does not "fight" wealthy people. The IRS is as ruthless as the mafia when it comes to collections.
.


The CPA I was using a few years ago
said the IRS has pitbulls when it comes
to dealing with wealthy people. That's
where all the big returns are for time
spent. They don't get diddly from
harassing $30K a year people.
If you take a risk, you may lose. If you never take a risk, you will always lose.
April 5th, 2019 at 3:12:42 PM permalink
rxwine
Member since: Oct 24, 2012
Threads: 188
Posts: 18632
Quote: AZDuffman

The IRS is as ruthless as the mafia when it comes to collections.


That's the MYTH, unless you're a billionaire.


Georg Schaeffler.

Quote:
key points in the Schaeffler case. The billionaire’s lawyers and accountants first crafted a transaction of unusual complexity, one so novel that they acknowledged, even as they planned it, that it was likely to be challenged by the IRS. Then Schaeffler deployed teams of professionals to battle the IRS on multiple fronts. They denied that he owed any money, arguing the agency fundamentally misunderstood the tax issues. Schaeffler’s representatives complained to top officials at the agency; they challenged document requests in court. At various times, IRS auditors felt Schaeffler’s side was purposely stalling. But in the end, Schaeffler’s team emerged almost completely victorious.


The IRS told Schaeffler’s lawyers it was willing to accept tens of millions out of a 1.2 billion claim.
You believe in an invisible god, and dismiss people who say they are trans? Really?
April 5th, 2019 at 3:19:45 PM permalink
rxwine
Member since: Oct 24, 2012
Threads: 188
Posts: 18632
Besides that you have to ask yourself who has the A-team. The pay at the IRS OR billionaires.

pay at the IRS doesn''t buy you the A-team.

IRS is the b team when it comes to billionaires.
You believe in an invisible god, and dismiss people who say they are trans? Really?
April 5th, 2019 at 3:27:43 PM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 25
Posts: 6227
Quote: rxwine
Besides that you have to ask yourself who has the A-team. The pay at the IRS OR billionaires.

pay at the IRS doesn''t buy you the A-team.
Some of them folks aren't doing it for the money. They are Sadists who will never have another means to have that much power over others. Or so it seemed.
The last official act of any government is to loot the treasury. GW
April 5th, 2019 at 3:43:21 PM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 135
Posts: 18136
Quote: rxwine
Besides that you have to ask yourself who has the A-team. The pay at the IRS OR billionaires.

pay at the IRS doesn''t buy you the A-team.

IRS is the b team when it comes to billionaires.


You don't get it.

1. The IRS never runs out of time or money to get you. They have all the power of the feds behind them.

2. The best CPAs go to the IRS to make their bones. A team of prospects 10 times the size. No matter if you have a few of the best pitchers in the game, the team with the farm system ten times as deep will come out on top if the game keeps going on.

They want you, they will get you.
The President is a fink.
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