Trump Executive Could Face Charges as Soon as This Summer

dnyuz.com ^ | 6/16/21 | DNY

[Pete from Shawnee Mission]

No, I am not an attorney. In a well run country that follows laws probably not. These people want to destroy Trump and they will damage anywone close to him to do that. If they think they can get away with it in their jurisdiction they will probably try.

[qaz123]

It is hard for me to imagine just how corrupt these people are, on every level, from the county all the way to the top, and the threat he posed to them.

Their hatred for him is beyond comprehension.

[BiglyCommentary]

Even as the investigation has heated up, it remains unclear whether the prosecutors will seek an indictment of Mr. Weisselberg

"Unclear" means TRY HARDER Weisselberg to conjure up dirt on Trump or else.

[The Duke]

Yes

[Svartalfiar]

In general the IRS has 3 years assess taxes unless there is a 25% omission of gross income. (Or you fail to declare that you are on the board of, or are more than 50% owner in a foreign corporation on a specific form. Failure to do this opens you up for a something like 10 years worth of back audits if the IRS chooses to do so.)

I'm pretty sure they have the full ten years for anything. I just got a letter from them stating that I somehow still owe $300 from my 2015 taxes... No explanation or anything, just a letter that I owe them the $$$.

[Pete from Shawnee Mission]

Check your letter. Its probably on an unpaid balance due rather than a new assessment. (10 years for collection of balance due rather than assessment of additional tax IIRC.)

lite reading!

https://www.irs.gov/irm/part25/irm_25-006-001r

25.6.1.2 (10-01-2001)
What is a Statute of Limitation

A statute of limitation is a time period established by law to review, analyze and resolve taxpayer and/or IRS tax related issues.

The Internal Revenue Code (IRC) requires that the Internal Revenue Service (IRS) will assess, refund, credit, and collect taxes within specific time limits. These limits are known as the Statutes of Limitations. When they expire, the IRS can no longer assess additional tax, allow a claim for refund by the taxpayer, or take collection action. The determination of Statute expiration differs for Assessment, Refund, and Collection.

“General Assessment Period

The general rule is that the assessment of tax must be made within three years after the return is filed. See IRC § 6501(a).”

25.6.1.9.5.3 (09-20-2016)
25% Omission

The tax may be assessed within six years after the original return was filed (IRC Section 6501(e)), if the taxpayer omits:

More than 25% of the gross income reported on original Form 1040, 1041, 1042,1120, 990-C, 990-T or 990-PF (IRC Section 6501(e)(1)(A)(i))

More than $5,000 in income attributable to foreign financial assets required to be reported on Form 8938 (disregarding the dollar reporting threshold), regardless of whether or not the specified foreign financial assets are reported on Form 8938 or another IRS form per IRC Section 6501(e)(1)(A)(ii) (the Form 8938, Statement of Foreign Financial Assets reporting requirement applies only to tax years beginning after March 18, 2010)

More than 25% of tax on original Form 720 and Form 5330 for excise tax (IRC Section 6501(e)(3))

Includable items in excess of 25% of the gross estate on original Form 706 (IRC Section 6501(e)(2))

Gifts in excess of 25% of the total gifts on original Form 709 (IRC Section 6501(e)(2))...

etc.

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Note that in cases of a determination of Fraud by examination the assessment Statute is extended indefinitely. This is the IRS’s lawyer’s call, not something that the SDNY can do. (They would probably coordinate with the IRS.)

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Anyway, I feel for President Trumps Accountant. He has to deal with SDNY “Aschlochen”.