by Kenneth Boyd of CPA Accounting Institute for Success
It’s no secret that tax law in the United States is extremely confusing. Even the length of the official tax code is subject to wild speculation; people estimate it to be somewhere between 2,500 pages and four times the length of the complete written works of Shakespeare.
As a result of this confusion, many people are intimidated by this substantial piece of American legislation. It’s because of this wariness around taxes and tax law that accounting has become such a lucrative profession, and it’s why the word “audit” strikes fear into the hearts of business owners.
But what if we could make tax law less confusing? What if it’s possible to break down the thousands of pages and hundreds of sections into something easier for ordinary people to understand?
In order to better understand the intricacies of tax law, we should start by examining the concept of tax fraud. After all, by understanding what constitutes a violation of the law, we can obtain a better understanding of the law itself.
And what better place to start than with the President of the United States?
Donald Trump has a long and fascinating history as a business mogul before becoming elected President in 2016. In that time, he has made big waves in real estate and entrepreneurship and has been accused of multiple fraudulent activities in the process. Many of these accusations have been catalogued in a massive exposé published by the New York Times.
Whether or not these accusations are legitimate is up to the courts to decide. This is in no way an indictment or direct attack on the president; all we are attempting to do with these events is construct an educational case study. By analyzing these scenarios, we should be able to establish a working knowledge of tax fraud and, by extension, tax law itself.
So read on to learn about Donald Trump’s tax fraud allegations over the course of 25 years and what they can teach us about the United States tax code!