The nonpartisan committee’s findings additionally raised a number of purple flags associated to the filings, specifically Trump’s carryover losses, loans to his kids which will or could not even be thought-about taxable presents, and deduction-related tax write-offs.
That yr, because the COVID pandemic hit, the Trumps reported a lack of $4.8 million. For 2018 and 2019, the then-president’s reported revenue elevated and so they paid roughly $1.1 million in federal taxes annually.
The Internal Revenue Service solely began to audit Trump’s 2015 tax filings on April 3, 2019, greater than two years into his presidency, which some commentators say is an indication of the strained assets on the IRS.
“Just like every other American, the President of the United States is obligated to pay taxes owed,” reads an inside IRS memo from earlier this month. “This is a core responsibility of our common citizenship: without tax revenue, our government would cease to exist.”
In a press release launched…
2022-12-30 23:01:00 Democrats launch Trump’s tax returns, and CPAs have questions: ‘In order to generate these kinds of losses, you need to be super rich. It’s not a poor man’s sport.’
Post from www.marketwatch.com
