Posted on 03/06/2023 8:41:04 AM PST by Coronal
Paul Manafort, the former chairman of Donald Trump's 2016 presidential campaign, has agreed to pay $3.15 million to settle a civil case filed by the Justice Department over undeclared foreign bank accounts.
When the civil case was filed in April 2022, prosecutors alleged that Manafort had failed to disclose more than 20 offshore bank accounts he ordered opened in the United Kingdom, Cyprus, St. Vincent and the Grenadines.
The government sought an order for Manafort to pay fines, penalties and interest, alleging he'd failed to file federal tax documents detailing the accounts and failed to disclose the money on his income tax returns. The government said false tax returns were filed from 2006-2015 and that the Treasury Department had notified Manafort of the fines and assessment in July 2020.
The settlement was detailed in court documents filed Feb. 22 in the U.S. District Court for the Southern District of Florida.
(Excerpt) Read more at cbsnews.com ...
What he did is not illegal in most places.
Other countries’ laws are not ours.
I wonder how many Hunter or Joe didn’t declare?
Surely they will tell us.
If they’re offshore and not subject to tax...why do you have to declare them?
No sympathy, he embarrassed Trump, lied and hid accounts. Maybe he’ll be more honest in the future.
Yes, curious about the Biden family, I think it will come out eventually but probably not until after he leaves office and is dead.
He just forgot everybody’s dough is the government’s dough. The whole tax scam is disgustingly unlawful. It’s why we had a Revolutionary War. And why the Constitution was created.
That the accounts were in offshore banks does not make them exempt from tax reporting laws. Your federal tax return asks if you have any offshore bank accounts.
Yes....I did a little more googling and you are correct.
Get used to the concept that if you are a US Citizen - income earned anywhere around the world is subject to US tax laws. That does not necessarily mean that you will pay a tax on it in the US, depending on offsets for local taxes paid in the jurisdiction where the income arises, but you have to report it in your US tax filings. For expats this is a royal pain, but it is the law and has been for a very long time. The only way you avoid it is to renounce US citizenship and leave, and even that has a large lump sum “exit tax” associated with it as you are on your way out.
Correct.
If the total of all offshore accounts is over $10,000 then you have to file an FBAR, which is filed electronically with the Financial Crimes Enforcement Network.
In this case the US laws are wrong. You should not owe income-tax on income made outside the US especially if the money remains outside the US. If you bring legally earned money into the US it should not be instantly taxed.
I belive only 4 nations have tax laws like this. The other three are totalitarian dictatorships.
US citizens are allowed to have overseas bank accounts, but you have to declare them. Manafort would know this.
That said, there is no liberty without financial privacy. In many countries your personal safety requires it.
What about Hunter Biden? Shouldn’t he give up a few of his fabulous paintings?
Now do Hunter, Jim and Joe Biden.
Probably just wanted to do what falsely accused rapists have to do. Give them a wad of money to STFU and just go away.
How many foreign bank accounts are Hunter, Jim, and Joe Biden failing to disclose?
Settle Justice Dept. suit over foreign bank accounts he didn’t declare.
Hunter and Joe mum turn light off.
It is worse than that. If your bank account has $1.00 more than the $10,000 at anytime during the year than you are required to file. That means that if you deposited money today so that you can make a payment electronically and the amount in the account at that moment is above the $10,000 and you fail to report this account or the fact that it was above the $10,000 you can have a major fine assessed.
Now, how does the Feds know about the account? Simple, the US Government has pressured all other nations to file a form with the IRS that identifies any account owned by a US citizen. You can not open a bank account in most countries without providing your passport and SSN to the bank and signing the document that is sent to the IRS by the bank.
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