The media has been focused on the News York Attorney General and the Manhattan DA’s probes of the Trump organization….
But hanging in the background is money Trump got from the Internal Revenue Service …The issue could have Trump owing the IRS up to $100 million….(The current IRS head IS a Trump pick)
If Trump’s businesses are found to have under reported the value of his property by the DA and Attorney General?
Trump would probably be on the hook for more Federal taxes….
One is a massive income tax refund Trump received before entering office, according to the New York Times, one that has quietly been under a years-long review by the Internal Revenue Service and a little-known congressional panel, the Joint Committee on Taxation.
The refund, which the IRS issued to Trump in 2010 for $72.9 million, according to the Times, could be a nonissue for Trump if the agency rules that it was issued appropriately and he should keep the funds.
But if the agency rules against him, he could be asked to pay it back with interest, handing him a debt of more than $100 million at a time when some of his biggest properties are suffering severe revenue losses and the law firm that handled his tax issues cut ties with him following the attack on the U.S. Capitol.
After the Times story, Trump Organization attorney Alan Garten issued a statement to The Washington Post saying parts of the story were inaccurate, without identifying them. “Over the past decade the President has paid tens of millions of dollars in personal taxes to the federal government,” he said. He declined to comment further Wednesday.
Steven M. Rosenthal, a tax expert who worked for the Joint Committee on Taxation in the 1990s, said he was not surprised that the IRS and the committee didn’t issue a decision while Trump was in office. He said it’s more likely they’ll move forward now….
The above linked piece is dated Feb. 11, 2021