| See also this. Nobody knows the trubbles he’s about to see. |
Dumb bastard - wasn't disciplined enough to pay the tax bill in full when it was due and he probably didn't know that tax liens are public knowledge. Well, he does now...
[DailyCaller] The IRS placed a tax lien on Hunter Biden seeking $112,805 in unpaid taxes from 2015, according to records the Daily Caller News Foundation obtained.
The federal agency issued the previously unreported lien in November 2018 and it seeks unpaid taxes for a year in which Biden, the son of former Vice President Joe Biden, served on the boards of the Ukrainian natural gas company Burisma Holdings and the Chinese private equity firm BHR Partners.
Linky is here for the Federal one. I do know this from reading the tax lien - the tax was assessed (12/5/16) about six or seven weeks after the second & final deadline for filing the 2015 1040, which is Oct. 15th. That seems right, even if it's a bit slow. The tax itself's about 100K and the rest is interest and penalties, the obvious one being the late payment penalty. The income involved in a 100K tax liability's about 253K (that's the tax divided by the top marginal rate in 2015 of 39.6%). The only other thing to note is the source for this lien - the "Small Business / Self-Employed Area #3" (SBSE for short). That's because K-1's are involved. The K-1 form is how an individual reports income from a partnership, S corporation, estate and / or trust on their tax return. It's kind of like 1099-DIV, 1099-INT, etc. but it's a real pain in the ass form with 900 different potential flavors of income on it.
"We have made a demand for payment of this liability, but it remains unpaid," the IRS stated in the lien notice, which it filed with the Washington, D.C., Recorder of Deeds. "Therefore, there is a lien in favor of the United States on all property and rights to property belonging to this taxpayer for the amount of these taxes."
The tax lien was issued against Hunter Biden and his ex-wife, Kathleen Biden, but was delivered to the same address Hunter Biden has on file with Connecticut’s Judicial Branch, an address that is also linked to his law firm, Owasco PC.
That part makes no sense to me. First off, the address of record with the IRS is the address given on the last filed tax return so the reference to Connecticut’s Judicial Branch - I'm like, what the fuck is that? Second, are they excusing this somehow? It's all bullshit.
Oh - one more tax geek side issue - Kathleen's gonna have to file some sort of innocent spouse defense on this one unless Hunter pays it off first. She's in their crosshairs as well.
The city of Washington DC hit him with a similar tax lien for just under $49K. He paid that one off pretty quickly and it was removed soon after.
Sadly, though, I predict the IRS will pursue this matter with the same vigor and doggedness they have pursued the Rev. Al Sharpton on his 4.5 million payroll tax bill (now only 2.5 mill!), which is to say none at all.
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