Page 494 - Audit News Today

On trumps tax return, author the author of the big cheat. angela, bags assistant watergate prosecutor, coast host of the podcast sisters. lets start with you, you have been reporting on taxes, tax policy, tax policies, and tax cheats, for decades. its only been a few hours, but give me your take so far on what we are learning for the tax returns. >> while, the most important thing is there are clear batches of fraud in the returns, and yet he was not audited. and the reason is a curious iris pra...

>> well, critics of what the democrats have done will make whatever argument they think will sell to the public. but, in fact, donald created the grounds for questioning his tax returns. he claimed he was being persecuted by the irs. he claimed he was being treated differently than other presidents. it is the duty of the ways and means committee and senate finance committee to oversee our tax system. looking into this entirely appropriate. lo and behold when they look into it, they find real ser...

But in many instances, in my opinion, not really credible. in some businesses, his income amount was exactly equal to the deductions, which just is going to be difficult for him to prove on audit, in my opinion. >> one of the returns show his business that operates a helicopter claim the same amount in profit and loss, a sta statistical impossibility. and one of them was a random number. what did you make of that? >> its like they werent even trying. it was as if someone who put that return toge...

Policy that mandates audits of returns filed by presidents and vice presidents. from nbcs reporting on this part of the story, quote, the committee found that the irs had largely not followed its own internal requirements. beginning to examine trumps returns only after the house panel inquired about the process. just one year of trumps returns was officially selected mandatory view while he was in office. and that audit of trumps 2016 taxes was not complete by the time he left the white house. a...

Reports. because its phenomenal. its not up to me, its up to lawyers, its up to everything else. >> david, given everything we learned today, and in recent weeks, whats your reaction to that montage of trump? >> well, nothing, nothing would prevent you from releasing your tax returns, when it is under audit. once you sign your tax return and swear that it is accurate, its called a charade act, you have filed your tax return, and that wont change anything. and indeed, richard nixon will eased his...

Actually an asset, and investment his father had made in the early 1970s. fred trump, for a lot of donald trumps life, always had his back when he died. he inherited a lot of money from him and throughout his life he inherited hundreds of millions of dollars from him. again to the white house, fred trump makes an appearance. but after tell you, when i think about the most shocking thing, it was the revelations about the presidential audit system and just what a breakdown happened there. he used,...

What ive been told from people who work at the irs, for subsequent audits to be put on hold until something of that size had progressed. but the upshot, youre right, is that he was not completely audited during those years. the irs makes clear they have no aspiration to complete the audit in the focusing on a few companies. it does seem that this lingering issue that could total hundred million dollars in liability to him if he had to give that money back is still lingering 12 years later and af...

Not. but again, upon i.r.s. audit, they would ask for those kinds of documentation from the tax preparer. >> reporter: the democrats say the returns reveal trump wasnt audited by the i.r.s. as he claimed and was expected of the i.r.s. during much of the presidency. trump, in a recorded statement, called the release a political attack. >> the seizure of these confidential records was completely unconstitutional. there is no legitimate legislative purpose for their action, and if you look at what ...

Included in these returns happen to be true. its one thing for the math to add up, to use the law and put numbers on a piece of paper. but the purpose of an audit is to make sure that theres a factual basis for whats being asserted in the return. when the committee began its work on this, it was all around the question as to whether or not the irs was properly enforcing the tax code on mr. trump. that included auditing him. >> were they? >> thats the problem. the biggest, most significant findin...

Audit. nobody will release what its under audit. ive had audits for 15 or 16 years. i dont mind releasing. im under a routine audit, and soon as the auditory finished will be released. im not saying tax returns because as you know theyre under audit. og, i never heard that. oh, she, ive never heard that. ive never heard that before. look, as i have told you, they are under audit. they have been for a long time. theyre extremely complex. people wouldnt understand. so at some point i look forward ...