Page 42 - Deductions News Today

The tax returns that the audit wasnt happening at all. after that, they found specifics issues that they say should have warranted further audit that information was not coming to you them on. that was a few of the things that you mentioned including charitable contributions where certain deductions were supported by required documentation are whether or not it was necessary on reimbursed business expenses and legitimacy. and the question of whether loans made to the trump children were loans or...

Those questions. but there were a lot of red flags when it comes to deductions, when it comes to providing substantiating evidence. a lot of his returns did not show that. and also, i think its painting a more complete picture of how donald trumps structuring his financial dealings. it is not going to be a complete, its not necessarily going to be one smoking gun, but i think that people are going to be shocked about how little documentation that this former president offered up to substantiate ...

Of 2021. now, the committee goes onto say that in that investigation that the white house even in 2018, the white house press secretary contended that donald trump was under a mandatory presidential audit, but he was not at that time. now, they go into some -- concerns they have which was just a legislative response in fixing what they see are problems with this audit program. now, on the separate analysis over his tax returns were still pouring through it. its a very technical analysis looking ...

Tax loss carried for about 100 and, five 100 and $7 million. that along with other deductions and credits that he claimed meant that in a number of years he paid nothing in taxes. as you know, one year $750. there is less information about foreign entanglements here. it was a narrow inquiry and the some 500 trump tax in -- entities the committee only got information about eight of them. it was limited to six years, even though this issue of a huge loss carryover was from an earlier year that was...

0. zero dollars. the committee also raises questions about irs scrutiny of a substantial number of declarations made on the former presidents returns, despite claiming millions of dollars in deductions from charitable donations. the committee writes that the irs made no efforts to verify the legitimacy of trumps claims "even when no supporting documents were provided." those and other alleged failures by the irs to xruntize trumps returns are outlined in another new report from the committee. th...

Of income that seemed inappropriate in any way? >> well, the first thing is, as you know, this was all about checking the audit procedure. so the notion that they didnt audit -- audited one of six returns, and that, only when the day received the chairmans letter. very upsetting. put one irs agent on this, dramatically understaffed. no way to go through it carefully. jumped out at me almost $300 million worth of unsubstantiated deductions. s that how you get to pay no taxes. gave $30 million her...

Failed to carry out those audits, but i actively battled efforts by the congress to carry out its proper and designated oversight duties. i think that one of the other stark things that is in the summary that came out tonight is that there is about $300 million in deductions that appeared to be improperly taken by the trump organization, and related business entities the house ways rates raise questions about those, and charitable deductions, et cetera, et cetera, for which there doesnt appear t...

That goes back a century. this is a specific legislative purpose that they want what they wanted for their audit that information was not coming to them on end. that was including charitable contributions witherspoon deductions were supported. thats where theyre more was necessary, reimbursing business expenses. and with their loans made to the former presidents children were loans for disguised gifts. it could trigger a gift tax. these are the kinds of things that the means committee said shoul...

Can you tell us, in the meeting today, were there any republican votes in favor of releasing the trump tax returns? >> no, unfortunately, there were not, lawrence. as you, know before the lawsuit was ever filed on valentines day, back in 2017, i made the first motion to release these tax returns. that was blocked by republicans for two years. and they are still covering up for donald trump. it was a professional meeting. but the same arguments that they have been making all along, i think, have ...

Ultimately obtained. a joint committee of taxation analyzing those returns. it raises some questions about some of the deductions donald trump took suggested that perhaps more investigation might be warranted. did not make a judgment one way or the other but got into the numbers of his deductions, his losses and the income that he reported. we expect a lot more, including all details of those tax returns in the days ahead. right now the committee is trying to redact some of the sensitive securit...