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Inside This Issue
pg 1 ∙
Align Your Team Behind a Vivid Vision
pg 2 ∙
Food for Thought: Who Is Your Future Self?
pg 3 ∙
The Big Ugly IRS Disconnect
pg 4 ∙
Member Spotlight: Thorpe Petersen, CPA
pg 5 ∙
Don’t Miss Out on Early Bird Pricing for the Tax Resolution Success Summit
pg 6 ∙
Shout Outs!
pg 8 ∙
Hunter Biden Hit With Criminal Tax Evasion Charges
Prosecutors allege Biden “spent millions of dollars on an extravagant lifestyle rather than paying his tax bills.” The cash, the indictment says, went for “drugs, escorts and girlfriends, luxury hotels and rental properties, exotic cars, clothing, and other items of a personal nature, in short, everything but his taxes.” Biden has pleaded not guilty to the charges. Court filings show a loan from a friend enabled him to pay $2 million in delinquent taxes in 2021. The tax case was close to resolution last July (2023) until a plea deal, in which Biden agreed to plead guilty to two misdemeanor tax charges, fell apart. The current nine-count criminal indictment, issued in December, stems from Biden’s lucrative corporate consulting relationships, private equity deals, and legal fees tied to his business dealings with a Ukrainian energy company, Burisma, and a Chinese private equity fund. Prosecutors allege that
Biden “subverted the payroll and tax withholding process of his own company” and filed fraudulent returns claiming “false business deductions in order to evade assessment of taxes to reduce the substantial tax liabilities he faced.” The 56-page indictment mentions Hunter Biden’s 2021 memoir, “Beautiful Things,” which describes his personal struggles with substance abuse and addiction. The younger Biden has since said publicly that he hasn’t used drugs or alcohol since June 2019. Biden’s attorney claims prosecutors bowed to Republican pressure in pursuing the indictment, asserting that Biden has paid his taxes in full. We won’t know for months whether Biden will do prison time or be exonerated. The trial is tentatively set to begin in June. Whatever the outcome, the indictment underscores an important fact: Ties to power offer no shield against the long reach of the IRS.
Hunter Biden Faces Possible Prison Time in $1.4 Million Tax Case IRS TERROR TALE OF THE MONTH
Hunter Biden, son of President Joe Biden, is in big trouble with the IRS, and he’s been charged with nine counts brought by special counsel David Weiss of the Justice Department that include failure to file and pay taxes, evasion of assessment, and fraudulent tax returns. According to Weiss, Hunter Biden “engaged in a four-year scheme to not pay at least $1.4 million” in taxes that he owed from 2016-2019. The charges carry a maximum penalty of 17 years in prison.
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