“Why am I audited every single year?”
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“I think there’s something there”.
But tax lawyer Steven Goldburd told the Washington Post that while Trump is not prevented from releasing his tax returns it would be advisable for him not to do so.
Individual tax payers have the final decision of whether or not they want the public, a lender or anyone else to see their returns. Trump argues that he’s choosing not to release his tax return because it’s now being investigated. “You’re in the midst of negotiating and talking to the IRS…” “Your lawyers would never allow you to do that”.
Not all tax attorneys agree.
Much more common are regular audits of companies. But Thorndike said tax attorneys hes spoken with are generally sympathetic to the desire not to make tax returns public while theyre being audited. He admits they’re “targeted more often” due to their varying income and expenses that occur – there’s more expenses and other considerations to factor in.
“As a matter of just formal auditing, it would be rare”.
The billionaire real estate developer also avoided saying exactly how many years of his tax filings were under audit by the IRS. The IRS says it expects to conduct 1.2 million individual audits this year, the lowest level in 11 years. They say that it’s possible that revelations in the public square could affect future audits in some way, but there are no legal barriers to their release — even years now being investigated by the IRS.
Mitt Romney may not be a candidate in the 2016 GOP presidential race, but that doesn’t mean he can’t affect the debate. Trump told CNN’s Chris Cuomo after the debate that maybe the IRS goes after him because he’s a “strong Christian” and “maybe there’s bias”. Trump again expressed his frustration at being singled out.
“Frankly, I think we have a good reason to believe that there’s a bombshell in Donald Trump’s taxes”, Romney said in an interview on Fox News.
While tax returns do not offer a view on someone’s net worth because there are plenty of assets that don’t have to be reported on one’s 1040, they do offer a window into how someone conducts his financial life, Thorndike said.
As for the Democratic candidates, former Secretary of State Hillary Clinton released eight years of tax returns, dating from 2007 to 2014, in July. For the sake of transparency, Thorndike said, they should release their full returns, complete with all attached schedules. They included one former high-ranking government official.
During the debate, Sen.
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Texas Sen. Ted Cruz, like Romney, suggested there was more to it than that. Rubio said he would be releasing his over the weekend, while Cruz has already released five years of his returns and plans to release two more on Friday.
