Page 517 - Audit News Today

Theres something going on. the irs is not doing its job. the presidents returns are complex and raise a lot of questions. the precedent that i want to avoid is congress saying, meh, too bad. hes the president. theres one set of rules for people like him and another set of rules for the hundreds of thousands of americans who for no other reason other than getting a child tax credit are facing an audit by the irs. that is a precedent we dont -- we dont want to enforce and reinforce this precedent ...

Interests in hundreds of businesses. but actually its important for every president to have this audit in order to gain the confidence of the american public. and yet in trumps four years in office, only one mandatory presidential audit was started and that was only after chairman neil wrote a letter requesting the presidents tax returns. none of the audits were actually completed. in fact, the majority of the audits were started only after he left office. so the american public has the right to...

Public. the form he presidents tax returns were not under audit as the irs policy required. but first, a powerful winter storm could disrupt holiday travel plans coast to coast. the national weather service calls this system a once in a generation storm that will produce, according to projections, blizzard conditions in the central and eastern united states. airlines have already begun canceling flights. those cancellations, we are told, they are expected to mult fly. cbss countries van cleef st...

Ho w horsford talked about this on a number of occasions. everyday americans get audited at a much higher rate than those millionaires and billionaires in our country. why? because its easier to audit an individual whos doing a simple tax return as compared to those who use aggressive tax strategies as well as have complex taxes to review. >> so you do believe that this was about not having the specialist, not having the resources. this was not intentionally slow walk during the trump administra...

Those last-minute holiday gifts. here at the buckys, a very popular gas station. the gas here is $2.59. not too bad. >> you got to like that guys honesty. i think we can all agree with that, we love our jobs, but vacation is -- lets hope everybody gets safely to where theyre going and were not talking about this on the other side saying how are we all going to get home. thank you all. coming up, everybody, he was never under audit. former president trumps excuse for not releasing his taxes deb...

But notably, the report revealed that trump on his federal returns declared negative income in four of the six years, one of the fine points weve been looking at here, as we wait to see the returns themselves. then there is the reality of what was happening within the irs under a trump appointee running that agency. and the fact that these mandatory audits of his taxes were not being done in the way that they should have been done, thats the entire way that the ways and means committee got the r...

The house ways and means committee has voted to publicly release six years of former president donald trumps tax returns. the democrats on the panel also released a summary of their findings, and they revealed that trump paid zero federal taxes in his last year in office. they also found the irs failed to follow its own mandate to properly audit presidents and only began one audit of trump over his term. democratic congressman dan kildee is a member of the house ways and means committee. he join...

This 45 billion? we have crumbling roads, open border in the south, we have so many unmet needs here in the united states. is this a proper allocation of money? so at this past the house of representatives where they have a procedure called unanimous consent. that is they bring it out and everybody who is present has to say yes, i vote in favour of excrement have to tell you, from what ive been looking at, there is still a number of senators who are very sceptical that we are going to get this u...

Income jumps into 2018 and 2019 and he also paid over a million in federal income taxes those two years then in 2020 losses again and 0 in taxes. whats the storytelling you? >> well, i would love to know if those are real losses. if he actually lost money or if this was either an abuse of the tax code or maybe its a legal use of the tax code, in fact, as there are many loopholes that apply specifically to real estate that maybe should be remedied but it would be interesting to know what his actu...

Taxes, after promising he would after the audit was complete. and what jon karl has already learned tonight. >> reporter: the most surprising thing weve learned from the release of donald trumps tax returns is that they werent even being audited for the first two years of his presidency, despite a long-standing irs rule that a presidents taxes are to be automatically audited. >> i was actually shocked that the irs had not been following its own policy. >> reporter: and donald trump repeatedly cl...