Tax laws apply to everyone as one celebrity high-flier recently learned when he pled guilty to tax fraud.
Hunter Biden is the surviving son of the sitting President of the U.S. Mr. Biden is no stranger to controversy, tragedy, and some say, skirting the law. Along with his father and older brother, Mr. Biden suffered the loss of his mother and baby sister in a car accident when he was young. Later he earned a good education and entered the U.S. Navy Reserves, but was discharged on his first day there—after testing positive for cocaine use. After losing his brother to brain cancer, Hunter Biden has struggled with addiction and stints in rehab. His circuitous global business dealings were detailed in the media, as are recent tax charges brought against him.
While the investigation and prosecution of Mr. Biden is a political hot potato, the fundamental facts of his missteps are laid out in a press release from the U.S. Attorney’s Office. Like so many of the individuals discussed in this space, Mr. Biden had choices to make regarding his tax liabilities and those choices had consequences.
Following a lengthy IRS criminal investigation, Mr. Biden was charged with failure to file and pay income taxes for the years 2017 and 2018. In each of these years, his taxable income was approximately $1,500,000.00, resulting in an annual tax liability for each year of $100,000. As well, Mr. Biden had in his possession a firearm that he was prohibited from owning given his history of substance abuse.
Regardless of his high profile and the occupation of his father, Mr. Biden made choices, as many people do, to avoid taxes due. He stepped over a line, like so many others, perhaps thinking he would never be caught. And just like so many others—he was caught.
Mr. Biden has pled guilty to two counts of failure to pay income taxes and one count of unlawful possession of a firearm and faces sentencing at a future date. The tax charges could register a 12-month prison sentence on each count, and the firearm infraction could draw a maximum 10-year sentence, although his sentence is expected to be far less. Mr. Biden undoubtedly had the legal support of some of the finest tax attorneys money can buy.
If you are aware of irregularities in your tax returns, offshore tax holdings, or overall compliance—speak with reputable legal counsel experienced with the IRS. Seeking good legal help is your best first move to mitigate or even deter future criminal tax prosecution.
Reach out when you are challenged by a tax litigation or charged with criminal tax fraud
The tax group at Robert J. Fedor, Esq., LLC helps you respond strategically to questions about taxes, failure to file tax returns, or your FBAR report. We serve local and international clients from offices in Chicago and Cleveland. Call 800-579-0997 or reach out to us today.