The Hunter Biden Tax Evasion Case and What it Means for You
Hunter Biden, the son of President Joe Biden, has been charged with tax and gun charges. According to the latest court documents, he’s expected to plead guilty to two misdemeanor tax charges as part of a plea deal. It’s said that Hunter Biden has accepted the charges and is cooperating with the investigation.
Hmm… there’s a lot to unpack here. Love him or hate him, and depending on your political views, it is an interesting case.
There’s a lot of insights one can take away from this whole thing.
In this blog post, I’ll explain how he got into trouble with taxes, and what it means for regular people like you and me.
So, Hunter Biden, the son of President Joe Biden, is quite the character. He's had his ups and downs, just like anyone else, but his journey, well, his life story has been a bit of a rollercoaster ride.
But here's the twist: amidst all the chaos, crime, and controversy, Hunter has found his true calling as an artist.
Anyway. So, despite the scandals and shadows, Hunter's story is really about resilience and transformation. He's a guy who's lived through some very tough times and still managed to find a way to come out clean.
Well, until now.
According to the Dept. of Justice letter, Hunter Biden has agreed to plead guilty to two counts of willful failure to pay federal income tax, in violation of section 7203 of the US Tax Code. That section covers a wide variety of offenses, including:
Failure to pay taxes. Which is what Hunter Biden was apparently guilty of.
Biden will plead guilty to failing to pay more than $100,000 dollars in taxes on over three million dollars of income for tax years 2017 and 2018. But he eventually paid the taxes owed in 2021.
I know what you’re thinking… so he failed to pay taxes on time, but he eventually paid it.
Where’s the crime in that?
According to Kelly Phillips the “tax girl”, It's important to understand that failure to pay is a crime under the statute.
Let me say that again.
Failure to pay your taxes owed to the IRS is a crime under the US Tax Code, although, it’s usually a misdemeanor offense.
Like it or not, that’s the world we live in.
Let me know in the comments how you feel about that.
So like me, you may be wondering how this, what would normally be a civil offense, could turn into a criminal investigation by the IRS?
Apparently, IRS Criminal Investigations, can investigate high-income taxpayers who intentionally choose not to file returns or pay the taxes they owe. And this is what happened here with Hunter Biden.
Also, as the Tax Girl points out, government authorities often bring tax crime cases against high-profile individuals, to prove a point, and that’s what they did with Hunter Biden.
But don’t worry, for the average Joe, like you and me, taxpayers who work to resolve their issues with the IRS, like by establishing payment plans or working with the IRS to resolve their tax debt, rarely face criminal charges.
Although, it’s important to understand that help is available. IRS problems in general aren’t something you want to handle on your own. It also helps to be cooperative with the IRS, and this definitely helped out Hunter Biden.
To wrap this up.
If you have IRS tax debt problems, reach out to a tax professional like myself for help. I work with a team of experienced tax resolution experts, which includes former IRS agents.
Engaging a tax professional can provide you with the expertise needed to navigate complex tax laws, potentially saving you time, reducing stress, and ensuring that you take full advantage of tax deductions and credits. They can also represent you before the IRS, providing valuable support in the case of audits or disputes.
Thanks for watching and see you in the next video!