December 14, 2018

The IRS Could Come for Trump

“The New York State tax authority is “vigorously pursuing” an investigation into decades of alleged tax fraud by the Trump family, after the New York Times reported that Donald Trump and his parents avoided nearly $500 million in taxes, partially by underreporting assets and using shell companies.

The Times report relies on tens of thousands of documents and names individuals and businesses who aided the Trump family in the alleged deception, detailing how the family paid what amounted to a 5% tax rate on the transfer of over $1 billion in wealth through the 1990s. Trump called the report “boring” and “long-told,” but didn’t deny the facts; the White House said that “the [Internal Revenue Service] reviewed and signed off on these transactions.”

Could America’s state and national coffers get back any of the millions that the Trump family allegedly owes? Technically, yes. Practically, it’d be tough, say tax experts.

The statute of limitation for prosecuting criminal fraud, which requires a high level of evidence and could result in a jail term, has passed; it’s three to six years for federal offenses and several years for New York State offenses. But there is no statute of limitations for civil fraud prosecutions, which if successful would let the agency claw back the money, under New York State or federal tax law.”

Read more

JJ Best Of The Web

"There's nothing democratic about forcing through a Brexit deal that voters in 2016 probably wouldn't have approved."

" Good negotiators use leverage (something they have, which their adversary wants) to obtain what are called “concessions” (something their adversary has, which they want). The result is what experts call “compromise.”"

"Some Israeli researchers and politicians are critical of a decision by the Hebrew University to teach more classes in English, but administrators believe such a switch is necessary to maintain the institutions status."

"A rumor that the TV show 'Friends' was leaving Netflix almost broke the Internet this week. Why do we love this show so much?"

"The U.S. economy is growing at the fastest pace in five years... So why are Wall Street and some economists suddenly worried about a recession?"

"What if Twitter is mostly a closed ecosystem, relevant only to and within itself? What if its ability to shape the real world is, as they say, greatly exaggerated?"

"Progressives are constantly checking their “white privilege,” but what about ideological privilege? Particularly for women, the prevailing assumption is that you aren’t normal unless you’re a liberal Democrat."

"Whether you want to dip into a novel that evokes Midge Maisel’s New York City or pick up a sparkling history of 1950s comedy, we’ve got some recommendations for you."

"Amid America’s reckoning with sexual harassment and violence, gender inequity, and discrimination, sex education is as fraught as it’s ever been."

"Bimbo Bakeries USA, which produces the Arnold, Sara Lee, Stroehmann and Freihofer brands, to remove certification, says exploring ‘alternative solutions’"

"Changes in colony behaviour due to past events are not the simple sum of ant memories, just as changes in what we remember, and what we say or do, are not a simple set of transformations, neuron by neuron."

"The Harry Potter series is a work of fiction. So, maybe we should just put the witchcraft debate aside and read it from a different perspective... there are a lot of lessons we can learn from the series that we also see in the Torah."