General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAccountant Cindy Laporta at Manafort's trial a bit ago:
I very much regret it," Laporta said on the witness standFriday as she described how she knew her firm falsified a
loan amount at the request of Rick Gates to help Paul Manafort
pay less in taxes.
Link to tweet
REPLIES:
.......This is why some witnesses must be offered immunity....otherwise we would never hear these horrible truths. Manafort is so completely FUCKED!!! 300+ YEARS IN PRISON!!! HOPE THEY PUT HIM IN THE GENERAL POPULATION... OR BETTER YET, GITMO!!!
........Regrets it now
........So Manafort is going to try and make Gates the scapegoat. Hope the jury is not that gullible.
.........She is composing and singing after getting immunity.
Had she known she would have dug into the origins of the
accounts and tracked the flow of money there.
The penalties and fines are just huge for non-compliance, she said.
Link to tweet
REPLIES:
Manaforts decision tree:
.........1- Lose to tax and bank fraud = Jail, do not pass go.
1a- hope for a pardon.
1a1- compelled to testify
1a2- refuse to testify
1a3- contempt of court, go to jail. See 1a.
2- Roll on Trump
2a- Putin makes you disappear
Youre fcuked
.........Yep, huge. The civil tax penalty for failure file the Report of Foreign Bank and Financial Accounts (FBAR) can be 250% of the balance in the account. It is among the steepest of civil penalties, the way they pile up.
BigmanPigman
(51,609 posts)Leghorn21
(13,524 posts)said she knew it was wrong to reclassify income as a loan,
but that her obligation to Manafort, a long-time client, made
it "hard to refuse."
I very much regret it, Laporta said.@CourthouseNews
3:19 PM - Aug 3, 2018
Link to tweet
....as far as I can tell, she is the first of five witnesses with immunity to testify...wonder what the other witnesses with immunity will have to say?!?
BigmanPigman
(51,609 posts)there isn't much that the defense can do. These witnesses are merely verifying the documentation. I can't imagine how much documentation Mueller has on the moron and his spawn. A ton of witnesses will be granted immunity for those trials.
Kensan
(180 posts)The Circular 230 penalties the IRS could/would assess her in this matter were also going to be quite substantial. Not to mention, she could have been further reprimanded with loss of license or ability to practice before the IRS (which is a huge blow to a CPA).
The FBAR penalties are no joke. They are enforced in full, especially since it appears Manafort's banking activities in this trial began in years when the IRS was providing a Voluntary Disclosure program of foreign bank accounts. The whole point was to have people volunteer foreign banking information and report earned income, that most likely had never been taxed in the U.S., in exchange for a blanket waiver of the civil penalties. The taxpayer would still owe the interest and late payment penalties on any tax due. The program was extended, too, since it was working as intended to incentivize proper tax reporting compliance.
Manafort is really up a stinky creek without a paddle on this one. The paper trail of all the money transfers will sink him, and provide all the ammunition for tax evasion, in addition to the failure to report civil penalties. Couldn't happen to a nicer jerk.
Leghorn21
(13,524 posts)it all weekend!! - and I cant wait to hear from the other four witnesses who have been granted immunity to us *ALL* -
Your detailed reply here is much appreciated!
Cicada
(4,533 posts)She can still work as a bookkeeper, no license required for that. But 75% drop in income probably.
Iggo
(47,558 posts)Thanks for the update.