“He Ripped Off The Tax System”: IRS Audit Could Cost Trump More Than $100 Million

Date:

The article discusses the potential consequences of an IRS audit on former President Donald Trump’s tax returns. According to the report, Trump could face a penalty of more than $100 million if the audit finds that he misrepresented his income or deductions.

The audit, which is ongoing, is focused on Trump’s tax returns from 2015 to 2020. The IRS is examining whether Trump improperly claimed deductions, inflated the value of his assets, or understated his income. If the audit finds any discrepancies, Trump could be liable for back taxes, interest, and penalties.

The article cites tax experts who suggest that Trump’s aggressive tax strategies, including the use of questionable deductions and valuations, could lead to significant penalties. One expert estimates that Trump could face a penalty of up to 75% of the amount of taxes owed, which could be in excess of $100 million.

The audit is also examining Trump’s use of conservation easements, which allow landowners to deduct the value of land they set aside for conservation. Trump has used these easements to claim large deductions on his tax returns, but the IRS has been cracking down on abuses of this provision.

The article notes that Trump has a history of disputing tax bills and has been known to appeal IRS decisions. However, if the audit finds significant discrepancies, Trump could face a lengthy and costly battle with the IRS.

Overall, the article suggests that the IRS audit could have significant financial implications for Trump, and could potentially lead to a large penalty if he is found to have misrepresented his tax returns.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

The Devil Wears Prada Is Reportedly Getting a Sequel

Fans of the iconic 2006 film "The Devil Wears...

Top Wall Street strategist explains why he’s abandoning an S&P 500 target

As Wall Street analysts and strategists are constantly adjusting...

Stocks are likely to see a 10% correction as earnings weaken and election uncertainty swirls, Morgan Stanley CIO says

Stock market investors should brace themselves for a potential...

51,200-Year-Old Painting in Indonesian Cave May Be Oldest Known Evidence of Storytelling in Art

A recent discovery in an Indonesian cave has archaeologists...