Is the IRS going to start looking into Joe Biden?

Seattle WA

Description

In 1973, Joe Biden was elected to the US Senate in Delaware and spent a 50-year career in Washington, DC, becoming the vice president after he left the Senate. His only absence from politics since then occurred from 2017 to 2021, while Donald Trump was president. Currently, Biden’s son, Hunter, is under federal investigation for potentially violating tax, money laundering, and foreign lobbying laws. Coincidentally, the potential crimes occurred while his father was vice president. On Wednesday, April 6, The Federalist explained that gaps in President Biden’s tax records don’t show how he acquired massive wealth after leaving office in 2017. The question may be important since Hunter mentions a slice of the business for the “Big Guy” in emails found on his laptop. During the 2020 presidential election campaign, Joe Biden bragged about his transparency. Still, he only released his personal income taxes, which never showed the sources of his income from his S-Corporations. The two S-Corps Biden set up in 2017 accounted for more than $13 million of the $17 million he reported on his personal income taxes. The Federalist says that voters were given a smokescreen. It appears that a multi-million dollar income gap exists that’s still unaccounted for. Yet, the Biden's refuse to release the tax records for his two S-corps. Stay tuned. This could get interesting! S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income at the entity level. To qualify for S corporation status, the corporation must meet the following requirements: Be a domestic corporation Have only allowable shareholders May be individuals, certain trusts, and estates and May not be partnerships, corporations or non-resident alien shareholders Have no more than 100 shareholders Have only one class of stock Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).