The IRS would not penalize a person for reporting & paying taxes on illegal income, but would penalize a person if they did not report all income “earned”, & pay taxes on it. Think Al Capone. I don’t know if Michael Cohen took the payment to Stormy Daniels as a business deduction, but would doubt it as it would stand out in an audit (plus the fact that the Trump organization paid him additional funds to cover income taxes); still I wouldn’t bet any money on it.
From Trump’s history, I would be surprised if the payments to Michael Cohen to cover the check to Stormy Daniels (plus an amount to cover his additional income taxes) were not taken as a deduction on the Trump organization return, especially since there were fake invoices generated to cover the payments. This deduction would not be a legitimate business expense, therefore if this is true, the company’s return understated their income, & underpaid their income tax. I also doubt that Trump personally reimbursed the Trump organization for this personal expense paid for by the company, & if he did not, then this amount would be considered income to Trump personally, & should be reported on his personal return.
You don’t need to clean up the chart before printing it on a tote bag - it’s perfect just as it is! 😆
A picture is worth a thousand words. In this case it is worth much more. I appreciate your efforts to make these complex cases easier to understand.
Excellent discussion and analysis! Not being a lawyer I wouldn’t have thought of any of this and I value hearing seeing you guys discussing it!!👍👍👍
Pancake is a star!
The IRS would not penalize a person for reporting & paying taxes on illegal income, but would penalize a person if they did not report all income “earned”, & pay taxes on it. Think Al Capone. I don’t know if Michael Cohen took the payment to Stormy Daniels as a business deduction, but would doubt it as it would stand out in an audit (plus the fact that the Trump organization paid him additional funds to cover income taxes); still I wouldn’t bet any money on it.
From Trump’s history, I would be surprised if the payments to Michael Cohen to cover the check to Stormy Daniels (plus an amount to cover his additional income taxes) were not taken as a deduction on the Trump organization return, especially since there were fake invoices generated to cover the payments. This deduction would not be a legitimate business expense, therefore if this is true, the company’s return understated their income, & underpaid their income tax. I also doubt that Trump personally reimbursed the Trump organization for this personal expense paid for by the company, & if he did not, then this amount would be considered income to Trump personally, & should be reported on his personal return.
I love your diagrams! When you clean it up, be sure to sign and date it. I’m planning to get it framed. 😍
Can't wait to watch. #freecohenshair
I like your crime charts.
Which charges - by whichever jurisdiction - does Trump need to be convicted of to be prohibited from holding office?