Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Trump’s Tax Returns Aren’t the Only Crucial Records Prosecutors Will Get

Trump’s Tax Returns Aren’t the Only Crucial Records Prosecutors Will Get

When New York prosecutors finally get to examine the federal tax returns of former President Donald J. Trump, they will discover a veritable how-to guide for getting rich while losing millions of dollars and paying little to no income taxes.
Whether they find evidence of crimes, however, will also depend on other information not found in the actual returns.

The United States Supreme Court on Monday cleared the way for the Manhattan district attorney, Cyrus R. Vance Jr., to obtain eight years of Mr. Trump’s federal income tax returns and other records from his accountants. The decision capped a long-running legal battle over prosecutors’ access to the information.

The New York Times last year provided more or less a preview of what awaits Mr. Vance, when it obtained and analyzed decades of income tax data for Mr. Trump and his companies. The tax records provide an unprecedented and highly detailed look at the byzantine world of Mr. Trump’s finances, which for years he has simultaneously bragged about and sought to keep secret.

The Times’s examination showed that the former president reported hundreds of millions of dollars in business losses, went years without paying federal income taxes and faces an Internal Revenue Service audit of a $72.9 million tax refund he claimed a decade ago.

Among other things, the records revealed that Mr. Trump had paid just $750 in federal income taxes in his first year as president and no income taxes at all in 10 of the previous 15 years. They also showed he had written off $26 million in “consulting fees” as a business expense between 2010 and 2018, some of which appear to have been paid to his older daughter, Ivanka Trump, while she was a salaried employee of the Trump Organization.

The legitimacy of the fees, which reduced Mr. Trump’s taxable income, has since become a subject of Mr. Vance’s investigation, as well as a separate civil inquiry by Letitia James, the New York attorney general. Ms. James and Mr. Vance are Democrats, and Mr. Trump has sought to portray the multiple inquiries as politically motivated, while denying any wrongdoing.

Mr. Vance’s office has issued subpoenas and conducted interviews in recent months as it scrutinizes a variety of financial matters, including whether the Trump Organization misrepresented the value of assets when obtaining loans or paying property taxes, as well as the payment of $130,000 in hush money during the 2016 campaign to Stephanie Clifford, the pornographic film actress whose stage name is Stormy Daniels. Among those interviewed have been employees of Deutsche Bank, one of Mr. Trump’s largest lenders.

For all their revelations, Mr. Trump’s tax records are also noteworthy for what they do not show, including any new details about the payment to Ms. Clifford, which was the initial focus of Mr. Vance’s investigation when it began two years ago.

The tax returns represent a self-reported accounting of revenues and expenses, and often lack the specificity required to know, for instance, if legal costs related to hush-money payments were claimed as a tax write-off, or if money from Russia ever moved through Mr. Trump’s bank accounts. The absence of that level of detail underscores the potential value of other records that Mr. Vance won access to with Monday’s Supreme Court decision.

In addition to the tax returns, Mr. Trump’s accountants, Mazars USA, must also produce business records on which those returns are based and communications with the Trump Organization. Such material could provide important context and background to decisions that Mr. Trump or his accountants made when preparing to file taxes.

John D. Fort, a former chief of the I.R.S. criminal investigation division, said tax returns were a useful tool for uncovering leads, but could only be fully understood with additional financial information obtained elsewhere.

“It’s a very key personal financial document, but it’s just one piece of the puzzle,” said Mr. Fort, a C.P.A. and the director of investigations with Kostelanetz & Fink in Washington. “What you find in the return will need to be followed up on with interviews and subpoenas.”

Still, The Times’s investigation of Mr. Trump’s returns exposed a number of misleading assertions and falsehoods he has propagated about his wealth and business acumen.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Man Convicted of Fraud After Booking Over 120 Free Flights Posing as Flight Attendant
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Beata Thunberg Rebrands as Beata Ernman Amidst Sister's Activism Controversy
Hungarian Parliament Approves Citizenship Suspension Law
Prime Minister Orbán Criticizes EU's Ukraine Accession Plans
Hungarian Delicacies Introduced to Japanese Market
Hungary's Industrial Output Rises Amid Battery Sector Slump
President Sulyok Celebrates 15 Years of Hungarian Unity Efforts
Hungary's Szeleczki Shines at World Judo Championships
Visegrád Construction Trends Diverge as Hungary Lags
Hungary Hosts National Quantum Technology Workshop
Hungarian Animation Featured at Annecy Festival
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
UK and EU Reach New Economic Agreement
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
UK and EU Reach Agreement on Gibraltar's Schengen Integration
Israeli Finance Minister Imposes Banking Penalties on Palestinians
U.S. Inflation Rises to 2.4% in May Amid Trade Tensions
Trump's Policies Prompt Decline in Chinese Student Enrollment in U.S.
Global Oceans Near Record Temperatures as CO₂ Levels Climb
Trump Announces U.S.-China Trade Deal Covering Rare Earths
Smuggled U.S. Fuel Funds Mexican Cartels Amid Crackdown
Austrian School Shooting Leaves Nine Dead in Graz
Bezos's Lavish Venice Wedding Sparks Local Protests
Europe Prepares for Historic Lunar Rover Landing
Italian Parents Seek Therapy Amid Lengthy School Holidays
British Fishing Vessel Seized by France Fined €30,000
Dutch Government Collapses Amid Migration Policy Dispute
UK Commits to 3.5% GDP Defence Spending Under NATO Pressure
Germany Moves to Expedite Migrant Deportations
US Urges UK to Raise Defence Spending to 5% of GDP
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Low Turnout Jeopardizes Italy's Citizenship Reform Referendum
Transatlantic Interest Rate Divergence Widens as Trump Pressures Powell
EU Lawmaker Calls for Broader Exemptions in Supply Chain Legislation
France's Defense Spending Plans Threatened by High National Debt
European Small-Cap Stocks Outperform U.S. Rivals Amid Growth Revival
Switzerland Proposes $26 Billion Capital Increase for UBS
×