Source: breitbart.com

Biden, accountant hit with IRS whistleblower claim that prez owes at least $127K

  • President Biden and his accountant are facing new IRS whistleblower complaints alleging that Biden owes at least $127,000 in back taxes.
  • The complaints were filed by Chris Jacobs, a former Republican aide on Capitol Hill, to coincide with Monday’s federal tax filing deadline.
  • Biden and his wife, Jill, avoided paying Medicare taxes on book income and speaking fees in 2017 and 2018 by routing $13.3 million through “S corporations” and counting a small amount as eligible for the federal health care tax.
  • The strategy is commonly used by wealthy people to dodge the 3.8% Medicare levy on large amounts of income and experts say the IRS lacks the resources to aggressively pursue cases of underpayment.
  • In 2017, Biden reported $9.5 million in revenue through his S corporation CelticCapri Corp and reported less than $146,000 as income eligible for the Medicare tax. In 2018, Biden reported $2.7 million in revenue through the S corporation and said $300,000 was eligible for the tax. First lady Jill Biden received smaller amounts through her own S corporation.
  • Jacobs argues that Biden’s decision to increase his taxable compensation in 2018, despite reporting lower overall income, suggests he knew more of the prior year’s haul should have funded Medicare programs.
  • “The fact that in 2018, Mr. Biden doubled his salary to $300,000, even as that year’s profits of his S-corporation declined by more than two-thirds, speaks to a knowledge and awareness that his 2017 salary substantially undervalued his labor in violation of IRS guidelines,” Jacobs wrote.
  • Jacobs added that using a relatively low 30% figure for taxable compensation would put Biden on the hook for $127,000 in back taxes.

Source: nypost.com