President Biden is likely to avoid an audit that could reveal whether he made money from his son Hunter Biden’s overseas business dealings.
The IRS allows people to inform on fellow taxpayers and win a slice of the proceeds — prompting Chris Jacobs, a former Republican staffer on Capitol Hill, to submit complaints against Biden and his accountant, though he said he didn’t want any financial reward.
The dispute concerns more than $13 million that Joe and Jill Biden routed through S corporations in 2017 and 2018 to avoid paying a 3.8 percent Medicare tax on most of the haul by declaring a small part of it as “salary.” Many wealthy people use S corporations to lower their tax bills and the IRS pursues relatively few cases of lowballing the amount of income that counts as taxable.
“This exactly why it’s better to disclose — then every card is face-up on the table,” he told The Post last month. “Otherwise, people have no idea what’s in there … and that undermines public confidence in the government.” that mentioned both Biden and his accountant. The IRS notified Jacobs on March 31 that it received his February complaint — before writing 22 days later to say it would not act on the tip. He has not received a reply to his most recent complaint, but the underlying facts are nearly identical.
Willens said that the three-year statute of limitations hits on either the anniversary of Biden’s 2018 tax filing or the filing deadline in April 2019 — meaning the clock’s probably up already or will be in the near future. Biden released an amended copy of his 2018 tax return dated “The only other statute of limitations extension that I’m aware of is where the taxpayer ‘fails to report gross income in excess of 25 percent of the gross income he or she reported on the tax return.
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