Big discrepancies in Joe Biden's tax returns...

Poor Richard Saunders said:
LOL. You don't seem to understand how the law works when it comes to calculating a reasonable salary.
BLS publishes a list of average salaries for occupations.

If my LLC has income of $100,000 and I pay myself $20,000 in salary and take $80,000 in disbursements, the IRS is going to look at that as avoiding taxes since I am paying myself well below normal for a company president.
If my LLC has an income of $100,000,000 and I pay myself a salary of $2,000,000 and take $98,000,000 in disbursements, the IRS will consider that $2,000,000 to be a comparable salary to other company presidents.
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and if you have your son pay your bills for you out of the LLC but you declare no salary you are avoiding taxes......
 
Poor Richard Saunders said:
Paid employees are not required for an LLC. I have seen numbers reported that over 40% of LLCs are single owner companies with no employees.
It does 2 things. It limits the liability of the owner. (It's called a limited liability company for a reason.)
It also allows the owner to use tax advantages available to businesses but not to individuals. (one of the claims in NY was how the Trump children were also being paid as if vendors through an individual LLC as well as being paid as Trump Company corporate officers to avoid taxes.)

I seem to recall that Biden was running his speaking engagements through an LLC to take advantage of the tax deductions. Candidates for President lose the ability to be paid for speaking engagements. The fact that his income dropped when he could no longer be paid for speaking is hardly surprising or illegal.
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That's not what happened though. For 2017 and 2018 Biden reported to the IRS $12.6 million in income on his tax returns. When he filed for Presidency and made disclosures to the FEC about his finances for the same years he listed only $7.4 million in income. Where'd the other $5.2 million disappear to?

That is, he told the IRS one thing, and then told the FEC something different about the same period of income. Why the discrepancy?
 
T. A. Gardner said:
That's not what happened though. For 2017 and 2018 Biden reported to the IRS $12.6 million in income on his tax returns. When he filed for Presidency and made disclosures to the FEC about his finances for the same years he listed only $7.4 million in income. Where'd the other $5.2 million disappear to?

That is, he told the IRS one thing, and then told the FEC something different about the same period of income. Why the discrepancy?
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Do you have a link to these supposed FEC documents?
Financial disclosure document list what are often wide ranges. They certainly don't list a single accurate dollar amount.
 
T. A. Gardner said:
"Material participation" usually means the same thing as aid and abet in terms of crimes. For example, if you are the get away driver, you are materially participating in the crime you are driving those who committed it away from.

In the Biden's case, the mere fact that Hunter took payola, bribes, and other gifts and cash from clients and his dad even just by being on the call or meeting Hunter's clients over dinner or a photo op was materially participating in whatever Hunter was doing. It's not like daddy dearest didn't know Hunter was in "business." He clearly did.

Non-passive income is income earned by participation. That is, you get a wage, payment for services, or other payment for doing something within the business.
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Seem to me that those terms relate to his speaking engagements and book deals.
 
T. A. Gardner said:
I repeatedly said when Trump wouldn't release his, that that was his choice and nothing more.

What I pointed out here is, that Joke for the years 2017 and 2018 reported $12.6 million in income to the IRS. Then, when he had to disclose his finances in detail to the Federal Election Commission, he told them for the same period he made only $7.4 million. Where'd the other $5.2 million go?
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Where did you get that info about his report to the FEC? I mean for those two years. I don't recall hearing that Biden was pursuing a campaign for prez in the years 2017 and 2018. He didn't announce until April 2019.

Edit: I've been looking into this and the FEC says "According to the FEC, an individual becomes a federal candidate and must begin to report his or her campaign finances once he or she has either raised or spent $5,000 in pursuit of his or her campaign. Within 15 days of this benchmark for status as a candidate, the candidate must register with the FEC and designate an official campaign committee to be responsible for the funds and expenditures of the campaign. This committee must have an official treasurer and cannot support any candidate but the one who registered the committee. Detailed financial reports are then made to the FEC every financial quarter after the individual is registered with the FEC. Reports are also made before primaries and before the general election.[5]
 
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christiefan915 said:
I have copies of the 2017 and 2018 tax returns stored, and FEC reports for 2020, 2021 and 2020 are on the WH website. So I'd like to know about the alleged FEC reports for 2017 and 2018, which was before he became a candidate.
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LOL. An opinion from a Right Wing website rarely offers a modicum of fact.
 
Poor Richard Saunders said:
LOL. You don't seem to understand how the law works when it comes to calculating a reasonable salary.
BLS publishes a list of average salaries for occupations.

If my LLC has income of $100,000 and I pay myself $20,000 in salary and take $80,000 in disbursements, the IRS is going to look at that as avoiding taxes since I am paying myself well below normal for a company president.
If my LLC has an income of $100,000,000 and I pay myself a salary of $2,000,000 and take $98,000,000 in disbursements, the IRS will consider that $2,000,000 to be a comparable salary to other company presidents.
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:laugh: Nope they will consider that a falsely low salary for someone that is skilled enough to earn 100,000,00)
. Look at how much CEO's make these days.

This is what the IRS says is reasonable salary for a S Corp owner that makes 1-2.5 million a year => $1,572,621<=
https://www.collective.com/blog/mon...2Ea2ynFrO82S12rOstffjHuvukJcEkRRoC8SUQAvD_BwE

Biden paid himself a salary of $145,000 on over 10 million. That is not even close to what the IRS deems a reasonable salary.
 
It's kind of fun to see Republicans go down the rabbit hole of trying to "get even" because of the Trump impeachments & indictments.

But also a drag. We need more serious people in DC.
 
T. A. Gardner said:
This should be it, but it might be the wrong year even if it's the correct form.
https://www.whitehouse.gov/wp-content/uploads/2021/05/Biden-Joseph-R.-2021-Annual-278.pdf
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Did you bother to look at the form.
Income amounts were listed as ranges. A range of $2,501-$5000 for income from an investment.
The ranges get bigger when the dollar amount gets larger: $50,001 - $100,000

The claim that the financial form showed an income of $7.4 million is completely false since the financial form shows ranges. It could have been a range from $5 million to $10 million for all we know from seeing a form.
 
ExpressLane said:
:laugh: Nope they will consider that a falsely low salary for someone that is skilled enough to earn 100,000,00)
. Look at how much CEO's make these days.

This is what the IRS says is reasonable salary for a S Corp owner that makes 1-2.5 million a year => $1,572,621<=
https://www.collective.com/blog/mon...2Ea2ynFrO82S12rOstffjHuvukJcEkRRoC8SUQAvD_BwE

Biden paid himself a salary of $145,000 on over 10 million. That is not even close to what the IRS deems a reasonable salary.
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That's some funny stuff. Did you read your link?
Theaverage salary for a company making 1-2.5 million per year is $110,911
The average income for a company making an income of between 1-2.5 million is => $1,572,621<=

Thanks for making yourself look stupid. Keep up the good work!!

But keep supporting Trump because he would never do anything even close that what you are accusing Biden of doing.

S&P Global Market Intelligence reported that Trump received $583,000 of salary and $4.83 million of “other compensation” from his hotels and casinos in 1995, which was reflected in a 10-K filing for Trump Hotels & Casino Resorts Holdings LP. Last Sunday, The New York Times published the front page of Mr. Trump’s 1995 New York State tax return, which showed that he reported only $6,108 of wages that year. How can these figures be reconciled?
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https://perma.cc/38TT-JXCU
 
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