[Pete from Shawnee Mission]

“The investigation into Mr. Weisselberg focuses partly on whether he failed to pay taxes on valuable benefits”

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 suspect that the statute to assess has probably run out on most of the perks he recieved unless the benefits exceed 25 percent of his gross.

Couple this with having to muck through amending all his federal and NY State returns and this probably falls in the category of vexatious litigation.

[qaz123]

Ok Smarty Pants Pete, I had to look up vexatious litigation. Take it down a notch or two for us regular folks.

Anywho….. is that something a Prosecutor can legally do? I can understand if a pain in the a$$ down the street or a private attorney does it, but I find it hard to believe that a prosecutor, at any level, would be allowed to do this.

On a side note, thanks for the explanation.

[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 $$$.