Feeds:
Posts
Comments

Archive for October, 2017

Early this morning, Paul Manafort, the former chairman of President Trump’s campaign, was told to surrender to the FBI on a slew of charges, including:

1. Conspiracy against the United States
2. Conspiracy to Launder Money (Including Tax Evasion and Tax Fraud)
3. Failure to File Reports of Foreign Bank and Financial Accounts
4. Unregistered Agent of a Foreign Principal
5. False Statements

The indictment is the first handed down pursuant to an investigation conducted by Special Counsel Robert Mueller into Russia’s meddling in the 2016 Presidential election. Also charged was Rick Gates, Manafort’s former business associate.

In order to gain a full understanding of the charges — particularly the tax violations alleged in numbers 2 and 3 — we must first recap the activities the government maintains Manafort engaged in from 2006 through 2014.

The Alleged Scheme

Beginning in 2006, Manafort worked as an unregistered agent in the Ukraine, acting as a political consultant, lobbyist and public relations professional for factions within the Ukraine government. Specifically, the claim alleges, Manafort worked to advance the political futures of members of the Ukraine’s pro-Russia Party of Regions.

Continue reading on, Forbes.com

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

Read Full Post »

First drafts are notoriously difficult. Beethoven’s Fifth initially included an ill-conceived three-minute guitar solo. In his original sketch of the Mona Lisa, da Vinci had her giving the double thumbs-up. And Frances Bellamy’s first run at the Pledge of Allegiance regrettably concluded with the phrase “party on.”

Eventually, all three of these seminal works got it right. And so President Trump shouldn’t feel so bad about missing the mark with his first draft of a tax reform plan. He’s got ample time to turn mess into masterpiece.

That process begins now. Late last week, the Senate passed its budget for the 2018 fiscal year, calling for $1.5 trillion in tax cuts over the next decade. An initial analysis of the plan President Trump released on September 27th, however, revealed that his first stab at tax reform would amount to $2.5 trillion in cuts. And while many might blindly believe that more cuts = better, this excess, as described below, poses no shortage of procedural and political hurdles if not corrected.

So how can the President fix his plan, making it economically feasible and politically palatable? Let’s take a look, beginning with gaining a better understanding of the shortcomings of the current proposal.

Continue reading on, Forbes.com

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

Read Full Post »

On September 27, President Trump and the “Big 6” Republican tax leaders laid out their plan for tax reform. Withum partner and nationally known Forbes columnist Tony Nitti conducted a complimentary one-hour long webinar separating fact from fiction helping listeners understand the proposal and what is slated to change.

If you did not have the opportunity to tune in, you can listen to the podcast by clicking the play button below:

Webinar presented by Tony Nitti, Withum Partner and writer for Forbes.com.

Read Full Post »