Page 500 - Audit News Today

Thats just not plausible. but if it were, he would have records to prove it. so i dont believe he can prove that hes eligible for all these losses that he then used to lower the taxes to. >> all right. margaret, now to you on the political side of things. minutes ago, the republicans have sent out a dissent pointing out democrats did not need to release trumps returns to change the problems with the presidential audit program. we talked about the fact that he had not initially been audited as is...

A high level because it requires enormous resources to audit these people. you need the business records behind the tax return to do an audit. >> that is such a great point, david. and it is at least part of the recommendation of the committee, the purpose of this, the legislative purpose was to reform the presidential auditing system, making it mandatory under statute as opposed to agency policy, but the timing of this right up against the end of the congress, republicans taking back over, it m...

Those to congress. as we also sent to congress legislation intending to correct this problem. we felt that that was the right thing to do. i can understand arguments in both cases. but when youre actually in a position to having to make the decision, to safeguard the integrity of our system of government, we felt like this was the only alternative we had. >> congressman, i also want to ask you about that irs audit, and the failure to do so, it seems, whats your take on how this even happened? an...

You thinking that republicans might do with this information? how concerned are you about what happens next? >> im not concerned at all, because i think their complaint is pretty silly. i cant imagine theyre going to go after you, or me, or any of those panel efforts you just had. this was specifically to go after the most powerful person in the world who controls the largest budget in the world, enormous business interests, and trump was the first president since richard nixon not to release hi...

That was written off, that don jr. made in prefab homes, things like that, that were interesting to see. but i do think, and other people have said it, what happened with the irs, and their lack of scrutiny, and not just with the presidential audits that happen every year, but the audit that was going on, and audits that should have been taking place and questions that should have been asked, the report that the committee put out last week, dedicates three or four pages to all of the questions t...

Revenue out of it but also if people know youre not going to verify then the game is over. so its part of doing your job. not to audit him at all is one thing but suppose you audit him as they have like one person who is doing it all by him or herself with no help and not allowed to consult others, thats not a real audit. >> yeah. >> pays state and local income taxes, they can audit that person with one person. you and i can get audited in the sense if we forget to include a 1099 well get a comp...

Unresolved issues in that. and they never come back to that. it would not be uncommon -- and they can cite that as a reason that the 2015 audit was delayed, but it would not be in common from what ive been told from people who work at the irs, for subsequent audits to be put on hold until something of that size 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 completely audit him. theyre foxing on a ...

Irs, and the fact that as they argued and have been put in this report, that they had been dormant during much of trumps years, and that they hadnt done the required audit of the president until democratic lawmakers had asked them to. and so while there may not be major bombshells, again, much of this has been known either through reporting or through the report released by lawmakers the other week, the reality is that from the story, the story may continue not just because of the retaliation si...

Release them. the house ways and means committee did that just today. take a listen at the lawmaker there. >> the american people have the right to know about this alarming, non-compliance of the mandatory presidential audit. they cant take our words for it. they need to see the returns themselves. >> the ways and means committee have unleashed the new critical weapon that overturns decades of privacy protection. political targeting in congress enemys list is back. >> so taxes did come out today...

Had that hearing last week, and to our shock we found that it wasnt being done, that only one mandatory audit was started and none of the audits were completed. so we wanted to let the american public know about that, but to really understand how that occurred and why that was wrong. we needed to release those tax returns. >> i wanted to ask you about that, congresswoman. is the irs in trouble here? i mean, or is there some sense that the white house put pressure on the irs? i mean, why wasnt it...