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Can anyone recommend a good tax lawyer or accountant who can assist an individual with an 83(b) election where the person seeking the election is a U.S. resident but will be working for a Canadian startup?
Feel free to DM recommendations. Thanks in advance!
#Trump May Owe $100 Million From #DoubleDip Tax Breaks, Audit Shows
A previously unknown focus of an #IRS audit is a dubious accounting maneuver that effectively meant taking the same write-offs twice on his #Chicago skyscraper.
The 92-story, glass-sheathed skyscraper along the #Chicago River is the tallest &, at least for now, the last major construction project by #Trump. Through a combination of cost overruns & the bad luck of opening in the teeth of the Great Recession, it was also a vast money #loser.
But when Trump sought to reap #tax benefits from his losses, the #IRS has argued, he went too far & in effect wrote off the same losses twice.
The first write-off came on Trump’s #tax return for 2008. With sales lagging far behind projections, he claimed that his investment in the condo-hotel tower met the tax code definition of “worthless,” because his #debt on the project meant he would never see a profit. That move resulted in #Trump reporting losses as high as $651 million for the year, The Times & ProPublica found.
There is no indication the #IRS challenged the initial claim,…that lack of scrutiny surprised #tax experts…. But in 2010, #Trump & his tax advisers sought to extract further benefits from the #Chicago proj, executing a maneuver that would draw yrs of inquiry from the IRS. First, he shifted the company that owned the tower into a new partnership.…like moving coins from one pocket to another. Then he used the shift as justification to declare $168M in additional losses over the next decade.
…The outcome of #Trump’s dispute could set a precedent for #wealthy people seeking #tax benefits from the laws governing partnerships. Those #laws are notoriously complex, riddled with uncertainty & under constant assault by lawyers pushing boundaries for their clients. The #IRS has inadvertently further invited aggressive positions by rarely auditing partnership tax returns.
Beyond the 2 episodes under audit, reporting by The NYTimes in recent years has found that, across his business career, #Trump has often used what experts described as highly aggressive — & at times, legally suspect — accounting maneuvers to avoid paying #taxes. To the 6 #tax experts consulted for this article, Trump’s #Chicago accounting maneuvers appeared to be questionable & unlikely to withstand scrutiny.
"Welcome to the #Sunak and #Starmer show and welcome to the next four, five, six or seven months of your life."
BBC
I can reveal that neither of them will be presenting the policy choices that are needed on the face of multiple symptoms of systems #collapse.
Instead do take a look at and promote the #GettingReal policy portfolio. https://gettingreal.org.uk
"Mansion" taxes are probably not going to ameliorate inequality anytime soon. Tying much-needed public services, like incentivizing the building of affordable housing, to revenue generated from them is not a good idea.
NEW: IRS Audit of #Trump Could Cost Former President More Than $100 Million
The #tax agency concluded in its long-running investigation that Trump effectively claimed the same massive write-off twice on his failed #Chicago tower.
A fmr White House aide who worked closely w/ #Trump returned to the stand to testify about a significant meeting between Trump & #MichaelCohen his personal lawyer that is at the center of Trump’s #criminal trial.
#Trump’s vanity & actual (despite his “enemy of the people” propaganda) affection for the #NewYorkTimes front page is front & center as the defense displayed a photo depicting then-President Trump saluting on a tarmac — though the article it accompanied is not flattering — the headline: “#Tax Plan Sows Confusion As #Border Tensions Soar.”
Nonetheless, #Westerhout testifies that Trump sent copies of it to many people, indicating he liked the photo (& probably didn’t read it)
#POTUS Biden will champion a new Microsoft #Artificial Intelligence investment in #Wisconsin on Wedn — showcasing the failed #economic commitments of his political rival Trump, whose promises for a #job-rich Foxconn plant in the battleground state never materialized.
The #Foxconn facility was to have dozens of bldgs on a giant plot of land 3X the size of NY’s Central Park. But the project accomplished little more than the #destruction of 100 local #homes & #farms before the co drastically scaled back plans.
In Sept 2020, #Wisconsin state ofcls denied the Taiwanese co special #tax credits, saying it had abandoned its original commitment, employed <520 people & spent just $300M. Local #taxpayers were left w/a tab of >$500M for site prep.
In my column this week I discuss the general idea of injecting progressivity into the property tax regime.
When property values go up, income doesn’t always follow suit. This gives rise to myriad breaks from the FMV—assessment paradigm, which brings with it … problems.
Key it to income. (Property) tax the rich. Full stop.
🇺🇸 🚗 🔌 US updates EV tax credit rules, enabling more electric cars to be eligible
"The U.S. Department of the Treasury and Internal Revenue Service (IRS) updated the EV tax credit rules [May 3rd] with new requirements that should enable more electric cars to become eligible.
Even though it has been in effect for over a year, the US has still been frequently updating its reformed federal incentive for electric vehicles. "
I find this utterly baffling. You're a non-dom and you're complaining that removing that status will mean you have to pay so much tax that you'll leave. Right, well...
From what I've seen, the evidence that the super-rich actually do leave when taxes go up isn't there. So you might leave, but most of your fellows will pay more.
If you aren't paying your tax at the moment, then your argument that you have value to the country is essentially trickle-down economics. You have money, therefore you will spend it or give it to others. Trickle down has been shown to be bullshit.
So. You will leave and take your very small contribution with you. Fine. Most of your friends won't, they will compensate for the loss of your (to you) pittance. If you don't want to pay your share like everyone else, then you are not a loss to this country when you leave. Piss off and don't let the door hit you on the way out.
Sad to see the Guardian giving a platform to this bleating 'tycoon' claiming him & his rich chums will be leaving the UK due to it 'punitive' tax rates...
I'd expect a piece like this to be in the Torygraph... the only defence is that they expect people to see through this rich-person propaganda, but with no critical perspective on his claims or more balanced depiction of the tax system included, that a difficult case to make convincingly.
Random tax question: EU/UK VAT started off as a consumer sales tax but is it now actually more useful (or also useful) as a tool to track domestic and international trade?
And does this perspective also apply to ZA, CA (GST), India, or are there different aims there with VAT?
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Examining Nonprofits Financially: The Value of Reputable Lists and Evaluations (sites.google.com)
With more than 65 years of experience, MST provides thorough tax planning, financial services, and strategic guidance to help businesses succeed.