{"id":1446187,"date":"2022-04-19T14:00:08","date_gmt":"2022-04-19T18:00:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1446187"},"modified":"2022-04-19T14:00:22","modified_gmt":"2022-04-19T18:00:22","slug":"irs-whistleblower-complaint-accuses-biden-of-dodging-more-than-127k-in-taxes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-whistleblower-complaint-accuses-biden-of-dodging-more-than-127k-in-taxes\/","title":{"rendered":"IRS Whistleblower Complaint Accuses Biden of Dodging More than $127K in Taxes"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" 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<!-- Share buttons by mashshare.net - Version: 4.0.47--><\/p>\n<h2>Bidens accused of using shady loopholes to avoid paying tax<\/h2>\n<div id=\"authorDate\">\n<p>\u00a0on&#038;nbsp19th April 2022 @ 3.00pm <\/p>\n<\/p><\/div>\n<figure title=\"The whistleblower claims Joe Biden has been dodging taxes\">\n<div class=\"articleImage\">\n<p><span class=\"creditNew\">\u00a9\u00a0press<\/span>\n<\/div><figcaption>The whistleblower claims Joe Biden has been dodging taxes<\/figcaption><\/figure>\n<p><strong>Democrat Joe Biden has been hit with an IRS whistleblower complaint that alleges he used shady loopholes to avoid paying over $127,000 in taxes.<\/strong><\/p>\n<p>The complaint was filed by former Republican Capitol Hill aide Chris Jacobs to coincide with Monday\u2019s federal tax filing deadline.<\/p>\n<p><em>&#8220;Federal agencies must implement laws on a non-partisan basis,\u201d<\/em> Jacobs told The New York Post.<\/p>\n<p>Jacobs says the Bidens dodged the taxes, despite concerns already being raised about their shady loophole schemes.<\/p>\n<p><em>&#8220;The fact that the IRS did not audit Joe Biden\u2019s 2017 through 2019 returns, despite several articles publicly raising questions about the propriety of his actions, raises questions about how the IRS administers our nation\u2019s tax laws, and whether political considerations played a role in the IRS\u2019 decisions.\u201d<\/em><\/p>\n<p>Biden and his wife, Jill, avoided paying Medicare taxes on book income and speaking fees in 2017 and 2018 by routing $13.3 million through<em> \u201cS corporations\u201d<\/em> and counting a small amount as eligible for the federal health care tax.<\/p>\n<figure title=\"Joe and Jill Biden have been using shady &#039;S corporations&#039; to avoid paying taxes\">\n<div class=\"articleImage\">\n<img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/04\/jill-biden-healing-nation-118122.jpg\" alt=\"joe and jill biden have been using shady  s corporations  to avoid paying taxes\" \/><\/p>\n<p><span class=\"creditNew\">\u00a9\u00a0press<\/span>\n<\/div><figcaption>Joe and Jill Biden have been using shady &#8216;S corporations&#8217; to avoid paying taxes<\/figcaption><\/figure>\n<p>The strategy is commonly used by wealthy people to dodge the 3.8% Medicare levy on large amounts of income and experts say the IRS lacks the resources to aggressively pursue cases of underpayment.<\/p>\n<p>Republicans are vowing to investigate Biden\u2019s tax situation next year if they retake Congress and regularly accuse him of hypocrisy for urging the wealthy to pay their <em>\u201cfair share.\u201d <\/em><\/p>\n<p>Biden last year proposed legislation to close the tax loophole and boost IRS enforcement.<\/p>\n<p>Democrats say Biden used a common tax strategy and that there\u2019s no directly analogous case that indicates he was wrong in his calculations.<\/p>\n<p>The IRS offers whistleblowers rewards of between<a href=\"https:\/\/www.irs.gov\/compliance\/whistleblower-office\" target=\"_blank\" rel=\"noreferrer noopener\">\u00a015% and 30%<\/a>\u00a0of what it recovers, but Jacobs wrote in his complaint that he <em>\u201cwould gladly forego [sic] any potential remuneration.\u201d<\/em><\/p>\n<p>The controversy concerns what legally counts as <em>\u201creasonable compensation,\u201d<\/em> a term that determines the share of S corporation income subject to the Medicare tax.<\/p>\n<p>Critics argue that Biden\u2019s own labor was responsible for almost all of his speaking fees and book revenue.<\/p>\n<p>Therefore, a very large share of the S corporation revenue should face the Medicare tax.<\/p>\n<p><em>&#8220;The facts do not suggest that Mr. Biden arrived at anything approaching a level of \u2018reasonable compensation\u2019 consistent with IRS guidelines,\u201d<\/em> Jacobs wrote.<\/p>\n<p><em>&#8220;Instead, Mr. Biden\u2019s salary level appears to have been set arbitrarily at a level just slightly above the Social Security wage base, with other factors \u2014 Mr. Biden\u2019s own salary history, the compensation received by comparable individuals and comparable filers, and the labor vs. capital allocation \u2014 all but ignored.&#8221;<\/em><\/p>\n<p>In 2017, Biden reported $9.5 million in revenue through his S corporation CelticCapri Corp and reported less than $146,000 as income eligible for the Medicare tax.<\/p>\n<p>In 2018, Biden reported $2.7 million in revenue through the S corporation and said $300,000 was eligible for the tax.<\/p>\n<p>First lady Jill Biden received smaller amounts through her own S corporation.<\/p>\n<p>Jacobs argues that Biden\u2019s decision to increase his taxable compensation in 2018, despite reporting lower overall income, suggests he knew more of the prior year\u2019s haul should have funded Medicare programs.<\/p>\n<p><em>\u201cThe fact that in 2018, Mr. Biden doubled his salary to $300,000, even as that year\u2019s profits of his S-corporation declined by more than two-thirds, speaks to a knowledge and awareness that his 2017 salary substantially undervalued his labor in violation of IRS guidelines,\u201d<\/em> Jacobs wrote.<\/p>\n<p>Jacobs added that using a relatively low 30% figure for taxable compensation would put Biden on the hook for $127,000 in back taxes.<\/p>\n<p>Jacobs wrote that Deyhle knew <em>\u201cor should have known\u201d<\/em> that he undercounted Biden\u2019s taxable income.<\/p>\n<p><em>\u201cI hereby request an investigation by your office as to the propriety of Mr. Deyhle\u2019s actions in this matter, and whether his behavior warrants initiation of the disciplinary process outlined in [IRS documents],\u201d<\/em> he wrote to the IRS.<\/p>\n<p>In a statement\u00a0<a href=\"https:\/\/www.washingtonpost.com\/politics\/2021\/11\/30\/joe-bidens-aggressive-use-tax-loophole-hes-trying-shut-down\/\" target=\"_blank\" rel=\"noreferrer noopener\">to the Washington Post<\/a>\u00a0last year,\u00a0White House spokesman Andrew Bates complained that House Republicans weren\u2019t eager to scour President Donald Trump\u2019s tax records.<\/p>\n<p><em>&#8220;[Biden] has released over 22 years of tax returns and is proud to have restored the bipartisan tradition of being transparent with the American people about the personal finances of the chief executive,\u201d<\/em>\u00a0Bates\u00a0said.<\/p>\n<p><em>&#8220;After a 4-year hiatus, he also welcomes this born-again support for that critical tradition from congressional Republicans, and congratulates them on their 180,\u201d<\/em> Bates added.<\/p>\n<p><em>&#8220;With the Build Back Better agenda, the President is fighting to ensure our economy delivers for middle class families \u2014 not just those at the top \u2014 which means the wealthy pay their fair share and the IRS is given the resources they need to crack down on wealthy tax cheats. <\/em><\/p>\n<p><em>&#8220;He encourages his GOP colleagues to reverse themselves on that, as well.\u201d<\/em><\/p>\n<p>The precise revenue streams for Biden\u2019s S corporation are unknown and transparency advocates are calling for Biden to voluntarily\u00a0<a href=\"https:\/\/nypost.com\/2022\/04\/06\/legal-experts-call-for-biden-to-release-corporate-tax-returns\/\">divulge the income sources<\/a>\u00a0in response to questions about his involvement in his son Hunter\u2019s overseas business ventures.<\/p>\n<p>The 2017 and 2018 hauls, however, roughly correspond to a reported $8 million book advance and various large speaking fees, according to the <a href=\"https:\/\/nypost.com\/2022\/04\/18\/biden-accountant-hit-with-irs-whistleblower-complaints-on-tax-day\/\">New York Post<\/a>.<\/p>\n<p>Republicans such as Rep. Jim Banks (R-IN) say Biden may need to pay at least $500,000\u00a0<a href=\"https:\/\/nypost.com\/2021\/09\/23\/biden-could-owe-as-much-as-500k-in-irs-taxes-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">in back taxes<\/a>.<\/p>\n<p>Banks last year requested a report from the Congressional Research Service confirming what constitutes <em>\u201creasonable compensation\u201d<\/em> for S corporations.<\/p>\n<p>Although no cases identical to Biden\u2019s were documented by the CRS report,\u00a0<a href=\"https:\/\/nypost.com\/2021\/09\/23\/biden-could-owe-as-much-as-500k-in-irs-taxes-report\/\">Banks said that<\/a>\u00a0<em>\u201caccording to the criteria CRS provided to my office, he owes the IRS and the American people hundreds of thousands of dollars in back taxes\u201d<\/em> and <em>\u201cevery American should know about Joe Biden\u2019s tax hypocrisy.\u201d<\/em><\/p>\n<p>Banks told Fox News last year that <em>\u201cwhen we take back the House in 2022, Oversight [Committee] Republicans won\u2019t forget about Biden\u2019s legally dubious tax avoidance schemes.\u201d<\/em><\/p>\n<figure title=\"The Bidens may be forced to pay back the taxes they owe\">\n<div class=\"articleImage\">\n<img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/04\/jill-biden-tokyo-olympics-joe-stay-home-128621.jpg\" alt=\"the bidens may be forced to pay back the taxes they owe\" \/><\/p>\n<p><span class=\"creditNew\">\u00a9\u00a0press<\/span>\n<\/div><figcaption>The Bidens may be forced to pay back the taxes they owe<\/figcaption><\/figure>\n<p>Corporate tax expert Bob\u00a0Willens, an adjunct professor at Columbia University\u2019s business school, told The Post last year that each case is unique and that\u00a0<em>\u201cthe question remains whether the compensation [Biden] exacted from his corporation was \u2018reasonable.&#8217;\u201d<\/em><\/p>\n<p>Willens\u00a0said that\u00a0<em>\u201cin my view, the case can easily be made that reasonable compensation should be multiples of $300,000,\u201d<\/em>\u00a0referring to the 2018 figure that Biden deemed as subject to the Medicare tax.<\/p>\n<p><em>\u201cWhether the IRS would be willing to make that case, however, is questionable given the identity of the shareholder,\u201d<\/em>\u00a0he added.<\/p>\n<h4><a href=\"https:\/\/neonnettle.com\/news\/11766-biden-s-cancer-charity-caught-funneling-millions-to-executives\">[RELATED] Biden&#8217;s Cancer Charity Caught Funneling Millions to Executives<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Bidens accused of using shady loopholes to avoid paying tax \u00a0on&#038;nbsp19th April 2022 @ 3.00pm   \u00a9\u00a0press The whistleblower claims Joe Biden has been dodging<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1446187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1446187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1446187"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1446187\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1446187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1446187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1446187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}