I have been an accountant for a long time. I know some others out there are also accountants. We are all laughing at this point. Not just the valuation fraud in that 706 — but it is so crudely done, too.
Do you guys understand that if the IRS catches you they share that info with the state — guess what, the state also shares with the IRS. They share findings,.
It does not really matter who catches the “matter” — not at all. They share info. Get it?? And NY is really tough.
Valuation frauds in that 706 — not hard to catch at all. Easy to prove. That whole family that got these monies now are screwed— the tax authorities don’t care. They are tasked to collect the taxes. They will do that.
It is REALLY not hard to do forensic appraisals — pretty simple really.
Other issues may be harder to do — not retro valuations for the 706— at all. Very simple. Done everyday.
So you may understand — the failure to pay, accuracy, etc.. penalties — + interest from 1999 and than again in 2004 — is A LOT more than the taxes involved.
Not to speak for the other accountants out there and they can give their opinions —
But I am telling you — I know he is so fucked. These are really big bills coming.
Hope fucking your family was worth it traitor. Cause you know you did.
Everybody near this guy gets burned.
Update: Some accountants have now estimated the New York State tax bill at 400 million dollars. NYC tax consequences I do not see calculations for. If/when the feds get this — the bill should be about 3.5 times NYS (roughly) based on differences in rates (fed tax rates are much higher) — that is if the penalties are similar and I believe they are. It will probably be close to 2 billion in the end assuming the IRS follows the NY findings — and I am sure they will in the end. I think it is a fairly good guess.