Posted on 02/26/2016 8:02:31 PM PST by reaganaut1
Donald Trump says he cannot release his tax returns because he is undergoing an audit that goes back “four or five years.”
But the Internal Revenue Service usually does not look back more than three years.
“Generally, the IRS can include returns filed within the last three years in an audit,” the agency’s website says. “Additional years can be added if a substantial error is identified.”
The IRS further reports, “The statute of limitations limits the time allowed to assess additional tax. The statute of limitations is generally three years after a return is due or was filed, whichever is later.” Either Trump is lying about undergoing such an audit as an excuse not to release his returns, or the IRS has found that his most recent return includes an error considerably bigger than a simple oversight. Whatever the truth, an audit should not preclude releasing his returns.
Meanwhile, Trump has tweeted a photo of himself with a pen and a stack of papers.
“Signing a recent tax return—isn’t this ridiculous?” he wrote on Thursday.
In October, Trump had initially said that he would release his tax returns after Hillary Clinton released all her emails.
“But I will say this, and I’m very proud to say it, I think the country is run horribly. I hate what they do with our money,” Trump noted at the time. “And unlike everybody else, I try to pay as little tax as possible, because I hate what they do with my tax money.”
He added, “It’s a little tax.”
In January, Trump indicated that the release was imminent.
“We’re working on that now. I have big returns, as you know, and I have everything all approved and very beautiful and we’ll be working that over in the next period of time,”
(Excerpt) Read more at thedailybeast.com ...
The MSM is trying to bring him down by letting The Donal be The Donald - showing us at as much length as possible what kind of person he is. I hope it works.
He has a limited vocabulary and a limited mind.
Only too true.
Don’t forget she won’t release her health report either.
First of all, I’m not sure it’s any of our business.
Second, IIRC, Romney dragged his feet on releasing his returns, although he eventually did and got pilloried on the contents. Now he’s all over Trump to do the same.
Third, and closer to your point, why doesn’t Trump pick a return from five or seven years ago that isn’t contested, and release that?
Isn’t it funny Cruz who canned line is that he Wants to Abolish the IRS is going after Trump on this return thing?
“But the Internal Revenue Service usually does not look back more than three years.”
What a bunch of BS. They can audit back 7 years, and if they find anything they want to investigate further that ties back to prior years, they certainly do. They can do anything they want.
So the other candidates can promote class envy.
Cruz did not release his taxes yesterday as he said in the debate he would.
Lie?
Has Hillary released her tax returns?
Obviously you have never been audited and are as ignorant as the writers.
Let me ‘splain it to you.
My little film company was audited in 2014 for the year 2012. But halfway into THAT the IRS decided it wanted to ALSO audit a related company and BOTH companies for 2013. This of course was a horrendous experience, tracking down thousands of receipts and agreements and invoices. But we did it. We finally go the all clear a year later-—but because one company was an LLC every partner had to sign off on the audit, which took a month even though everyone hustled. We then got the “final” approval, except within that the IRS has ANOTHER year to investigate the personal returns of each individual partner. If they find one thing, the audio can come back to life.
This is for a tiny, uncomplicated film business. For a REAL businessman like Trump, the IRS can extend audits for a DECADE through the same process.
And my accountants and attorneys gave me the same advice that Trump’s guys gave him: DON’T do anything that in any way gives the IRS an excuse to re-open a “closing” process.
I greatly admire Trump and anyone subject to this tyrannical outfit.
“Its against the law for Trumpto show anyone his tax return copies while they are being audited,”
Can’t be said enough. The IRs will nail you if you break that rule.
Let’s clear up a couple of things:
The IRS can go back 3 years, however, IF they think or can prove fraud——they can go back to the day you were born.
The RECOMMENDATION is that you always keep at least 7 years of your tax records. Personal or business.
It used to be that IF you had bought a home, etc, you were advised to keep all those home ownership records forever. It used to be that if I bought a home for $30,000 and sold it for $150,000, I had to buy a new home for at least $150,001 or I had to do all the calculating for capital gains.
In the time frame when term limits came into play, members of Congress who had been there for years & years found out what kind of capital gains they would have to pay & they panicked. The rules involving home ownership—selling—buying another home changed.
I bought my first house in May 1966. I inherited a house in 1980. I bought my third house in 1989. I have since sold all of those properties & own my 4th house which I bought in 2005 & am living in it. While the tax rules were changed, I still have the records from ALL of those houses. Who knows when Congress will change things again-—or again-—or again??? Not having the records can burn you with the IRS.
I would advise Trump to NOT give up any data that is NOT required. DO NOT get pushed into anything regarding your taxes. A person who has such a quantity of returns that Trump has would be releasing far too much confidential data. Employee records-—Sub contractors records-—Vendor information-—banking records. In a day & age of identity theft, that could be a tsunami of data.
How many people here on FR would gladly open up THEIR tax returns to the scrutiny of their enemies????
Personally, I am more worried about health records for a President-—Bill Clinton—Obama didn’t turn such in, and I would bet that Shrillary won’t either.
Rubio might want to keep his mouth shut.
Other threads are talking about Rubio’s Am Ex card & the charges on it when he was a Florida Senator. Seems a female “lobbyist’ was in a large number of the places Rubio was in at the same time. These records are public records in Florida. Rubio—SWEEP YOUR OWN BACK PORCH before you scream about others.
Maybe there is something there & he should just shut up.
Health records are far more important, IMO. Obama still hasn’t released his & I don’t think that Bill Clinton ever released his. Shrillary had a nasty fall a couple of years ago & suffered a concussion. Seeing the data coming from the NFL about concussions & their lingering effects, I would like to see Shrillary release her health records.
Hell—we cannot even get straight data from her about her financials.
Where are her tax records????? How much money is being laundered thru the Clinton Foundation???
Make America liberal again!
I don't think "who cares?" will fly as a defense.
How many feet tall, is that stack?
Interesting, the number of people saying it’s not our business.
Did these folks have the same response re: Timothy Geithner?
Boy did you nail it. I have been off FOX since the first debate, and after watching evening news @ CNN, and MSNBC for Morning Joe, Jake Tapper and MTP Daily with F. Chuck Todd, I have wondered if wasn’t FOX put me to sleep over what they have been doing, all these years. They are a mess, and they have an agenda, since they made Me*again Kelly the face of FOX.
FOX hates TRUMP. The other cable networks will never support him, but up until we have a nominee, they have covered him fairly and with great interest and no agenda since LAST JUNE. I love it.
I expect it to change and they will under cut him when he is the nominee, but for NINE MONTHS now, they have loved TRUMP and are probably responsible for his 20% DEMOCRAT support, because his message is common sense and not a partisan hack agenda.
Thanks be to God. Who else could have united the voters with simple common sense. Cruz? lol.
Besides, the Establishment and FOX have stolen from us the word, “conservative”. Now, EVERYONE is “conservative”! BS!
“I’m being audited now for two or three years, so I can’t do it until the audit is finished, obviously. And I think people would understand that,” the Republican front-runner said at Thursday night’s Republican debate in Houston.
The Internal Revenue Service and tax experts, though, say he can.
“Nothing prevents individuals from sharing their own tax information,” IRS spokesman Anthony Burke said in an email.
Audits aren’t out of the norm for someone with Trump’s wealth, legal experts say, and there’s nothing to stop Trump from making his tax returns public.
“He’s not legally prevented from disclosing tax returns publicly. There’s no prohibition on that,” said Georgetown University tax law and policy professor John Brooks.
Oh, I agree .... and those who are demanding Trump release all his records are probably the least likely ever to part with, much less make public, their own. I have records going back to the year of the flood. Aim to get rid of some eventually but fear the minute I do, there will arise a need for what I just disposed of!
Both spouse and I are self-employed. Doing taxes is a tedious nightmare, just gathering the info an docs. I get fussy, trying to make sure I’ve got everything down to the penny, for my own good, and especially lest we face an audit. I can’t begin to imagine doing the Trump return ... even with a small army of lawyers and accountants.
I remain appalled at Mitt Romney. What a lowlife!
“Can’t be said enough. The IRs will nail you if you break that rule.”
The IRS couldn’t care less if he releases his tax returns:
Second paragraph: http://thehill.com/policy/finance/270964-irs-nothing-prevents-trump-from-releasing-tax-returns
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