berg80
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- Oct 28, 2017
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With Trump’s settlement, a possible $100 million I.R.S. penalty melts away.
A tax audit that President Trump has been fighting since his peak earning days as a television celebrity was most likely wiped away in this week’s agreement with the Justice and Treasury Departments.
The agreement, part of a resolution to an unusual lawsuit that Mr. Trump and his sons filed against the Internal Revenue Service, frees the president from a potential adverse ruling that could have cost him more than $100 million, according to an analysis of his tax returns in 2020 by The New York Times.
Two years ago, Mr. Trump’s middle son, Eric Trump, acknowledged to The Times that the audit remained active. During his father’s first term in office, the matter was put on hold, records obtained by The Times showed.
It is unclear whether the matter was placed on hold again during the president’s current term or was resolved. If it was still pending until this week, the increased interest and penalties would have grown significantly.
Mr. Trump has always argued that he did nothing wrong in the way he filed his tax returns.
Blanche Defends $1.8 Billion Fund That Could Benefit Trump’s Allies
That rider appears to have been added for a reason. Not a theoretical tax violation that may have happened. The audit Eric said was ongoing.
Everyday it's something else.
A tax audit that President Trump has been fighting since his peak earning days as a television celebrity was most likely wiped away in this week’s agreement with the Justice and Treasury Departments.
The agreement, part of a resolution to an unusual lawsuit that Mr. Trump and his sons filed against the Internal Revenue Service, frees the president from a potential adverse ruling that could have cost him more than $100 million, according to an analysis of his tax returns in 2020 by The New York Times.
Two years ago, Mr. Trump’s middle son, Eric Trump, acknowledged to The Times that the audit remained active. During his father’s first term in office, the matter was put on hold, records obtained by The Times showed.
It is unclear whether the matter was placed on hold again during the president’s current term or was resolved. If it was still pending until this week, the increased interest and penalties would have grown significantly.
Mr. Trump has always argued that he did nothing wrong in the way he filed his tax returns.
Blanche Defends $1.8 Billion Fund That Could Benefit Trump’s Allies
That rider appears to have been added for a reason. Not a theoretical tax violation that may have happened. The audit Eric said was ongoing.
Everyday it's something else.
