Donald Trump claims he cannot release his tax returns due to being audited and further says he has b - Polidicks

[quote]There's new heat on Donald Trump over a rather dry topic: his tax returns. Mitt Romney, who has been making the TV news rounds, claimed this week that he expects a "bombshell" in Trump's tax returns, if only the candidate would release them. Trump, in turn, raised eyebrows at the Republican presidential debate on Thursday when [B]he said that he can't release his tax returns yet because he is in the midst of an audit. He also added this claim, a different sort of bombshell: "I’ve been audited every year. Twelve years or something like that.”[/B] Is that plausible? And, if Trump isn't exaggerating: Why would he get audited 12 years in a row? We consulted four tax experts to dissect the claim. [B]The odds of getting audited 12 years in a row are slim, but not impossible, experts say.[/B] Less than 1% of Americans get audited every year, and that number shrinks each year as the IRS workforce and budget has slimmed down. But among "high net-worth individuals," the rate is higher: Nearly 7% get audited. And Trump is certainly a high net-worth individual. "As your income increases, your chances of being audited go up significantly," says John Petosa, a CPA and professor at Syracuse University's Whitman School of Management. "If you think about it, it makes sense—is the IRS going to spend time and money and resources auditing somebody who makes $30,000 a year? Or are they going to spend their time auditing someone who makes billions of dollars? There is probably more tax revenue to collect from a guy like Donald Trump, especially if he's being aggressive in his deductions." (As the campaign cycle has proven, there are few areas in which Trump is not aggressive.) The IRS actually has a rule, in its agent manual, that[B][U] if a person is audited and receives an assessment of zero (that is, does not owe additional money), the IRS cannot audit them again for two years. That means if Trump is telling the truth, then the IRS has repeatedly found discrepancies in his returns.[/U][/B] Until recently, it was typical for big corporations to get audited every year. This was called the Coordinated Examination Program. Many big public corporations even had rooms specifically designated for use by visiting IRS agents. But as the IRS's budget has been slashed, it has shrunk the program. It's worth noting that for wealthy individuals, the stigma once associated with an audit has faded. As Steven Burke, a partner at McLane Middleton and a tax professor at the University of New Hampshire Law School, explains, "Many wealthy people welcome an audit, because once an audit occurs, your return is done, you don’t have to worry about it. If you take an aggressive position in something, for example, once the IRS has audited it, it is highly unlikely they will ever come back and give you trouble about it again." For regular, non-mogul folks, too, an audit is less unpleasant these days. "It used to be an agent would come to your house and it was an embarrassing thing. Many audits now are done just electronically by correspondence; you get an email, you send back a check," Burke says. "That said, the IRS does still do some in-person audits, and it is still a scary, nerve-wracking experience for the average person." [B]Although Trump is more prone to tax audits because of his wealth, experts say it's the geographical breadth of his business interests, more than his wealth, that makes him a target.[/B] When Trump says he has been audited, he is likely referring to both himself, as an individual, and to his companies, or companies in which he has a stake. Audits can occur on an individual basis or a corporate basis, and some companies Trump has a hand in may be considered "passthrough entities," which do not pay federal taxes, just report it to the IRS, and the individual owners or investors have to report and pay it. "With all of his real estate abroad, he must have foreign income coming in, and that's what I imagine they're checking," says Vincent Cervone, who runs VRC Associates, a tax shop in Brooklyn, N.Y. "His regular income is kind of straightforward, but the foreign income is what they would be investigating. Right now the IRS has a pet peeve with foreign accounts because a lot of people are taking their money overseas to get certain benefits." Trump owns golf courses and resorts in places like Scotland, Ireland and Dubai. [B]"The IRS is definitely paying closer attention to people who have money abroad," says Petosa. "There used to be a question that said, 'Do you have money overseas?' And you could simply check a box: 'Yes.' Now there's actually a reporting element where you have to tell them your funds and how they're invested."[/B] It isn't just about his money abroad, either, but the complexity of his business empire. Trump has partnerships, trusts, subsidiaries, and all manner of entities in which he has full or partial ownership. That means his return isn't as simple as just earnings from a single corporation. As one tax agent, who did not want to be named, put it: "I gotta believe his tax return is just unbelievable. If you look at the face of his 1040, I'd be surprised if there's a single line that's blank. Well, maybe unemployment benefits."[/quote] [url]https://finance.yahoo.com/news/donald-trump-tax-audited-12-years-in-a-row-161055545.html[/url]

12 years an audit

4 more years (of auditing)!

[QUOTE=~Kiwi~v2;49823737]If he's being audited 12 years in a row. Surely they would of picked something up by now?[/QUOTE] [quote]if a person is audited and receives an assessment of zero (that is, does not owe additional money), the IRS cannot audit them again for two years. That means if Trump is telling the truth, then the IRS has repeatedly found discrepancies in his returns.[/quote] Either they are on to something, or he is just talking BS as usual.

Some news sites are claiming that Donald Trump said that he's being audited for 12 years because "I'm a christian" [quote]And to add to the perplexing explanation, Trump hinted after the debate that the IRS is targeting him because he’s Christian. “But the one problem I have is that I’m always audited by the IRS, which I think is very unfair. I don’t know, maybe because of religion, maybe because I’m doing something else, maybe because I’m doing this, although this is just recently,” he told CNN, referring to his campaign. CNN then asked what Trump meant by “religion.” “Well maybe because of the fact that I’m a strong Christian, and I feel strongly about it. And maybe there’s a bias,” Trump said, adding, “You see what’s happened. I mean, you have many religious groups have been complaining about that. They’ve been complaining about it for a long time.” Read more: [url]http://www.politico.com/story/2016/02/republican-2016-debate-donald-trump-tax-audit-219842#ixzz41MdxGeku[/url][/quote]

I'd laugh if the IRS came out and straight up said "We're not actually auditing him" but the chances of that happening, even if true, aren't likely.

[QUOTE=RayvenQ;49823943]I'd laugh if the IRS came out and straight up said "We're not actually auditing him" but the chances of that happening, even if true, aren't likely.[/QUOTE] They probably are, he owns a lot of shit outside of the US and can get audited per each company he owns, plus I imagine if they keep finding that he owes them money they're going to keep auditing him the next year.

trumphood [editline]27th February 2016[/editline] "this candidate took 12 years to audit"

[QUOTE=RayvenQ;49823943]I'd laugh if the IRS came out and straight up said "We're not actually auditing him" but the chances of that happening, even if true, aren't likely.[/QUOTE] "We're auditing him and he's probably a fraud"

[QUOTE=Saturn V;49823760]12 years an audit[/QUOTE] Imagine how quickly the knee-jerk internet would implode if Trump himself said this.

Why do we care? Why do we need/want to see his tax return and why is it news that he's claiming to be audited 12 years in a row as a multi-billion dollar industry mogul? How is this at all relevant to the election process

[QUOTE=Snoberry Tea;49825180]Why do we care? Why do we need/want to see his tax return and why is it news that he's claiming to be audited 12 years in a row as a multi-billion dollar industry mogul? How is this at all relevant to the election process[/QUOTE] Okay I'll bite. Because it indicates potential financial dishonesty and honesty is a very important attribute for a president.

[QUOTE=InvaderNouga;49825202]Okay I'll bite. Because it indicates potential financial dishonesty and honesty is a very important attribute for a president.[/QUOTE] Basically

It is likely that [I]portions[/I] of Trump's business investments are being audited every year. That's a standard part of corporate and international business. That does, somewhat, substantiate the claim that "he" is being audited every year for 12 years. Though, any claim that he is being personally audited every year for twelve years sounds like an outright lie until actual proof is offered to that effect.

It won't hurt Trump like it hurt Romney. Romney was very moderate, Trump says A LOT of far right things, the right far right things, more far right than anyone in recent history in the GOP has gone, he's also not "established politician" so that's a plus for him in peoples minds. People who are going to vote for Trump won't fucking care about his tax returns, I guarantee it. People that think Hillary is too scandalous to run the country won't give a shit about his tax returns. Disclaimer: I don't think he is right, just that hes saying the right things to get people riled up

I just want Trump to release photos of himself being born, because I'm still not convinced he's even a [I]human[/I]. Surely he's the result of some kind of lab experiment in ape/potato crossbreeding, right?

[QUOTE=Big Dumb American;49825272]I just want Trump to release photos of himself being born, because I'm still not convinced he's even a [I]human[/I]. Surely he's the result of some kind of lab experiment in ape/potato crossbreeding, right?[/QUOTE] He doesn't have a birth certificate. He may have one but there's something on that. Maybe his species, maybe it says he is a potato. I don't know.

This is the reason the Electoral College is supposed to exist for, to prevent corrupt bastards like Trump from getting the election. I hope they do their job for once and vote this asshole out.

[QUOTE=Megadave;49825432]This is the reason the Electoral College is supposed to exist for, to prevent corrupt bastards like Trump from getting the election. I hope they do their job for once and vote this asshole out.[/QUOTE] By that logic they would basically elect no one.

[QUOTE=Megadave;49825432]This is the reason the Electoral College is supposed to exist for, to prevent corrupt bastards like Trump from getting the election. I hope they do their job for once and vote this asshole out.[/QUOTE] What? The electoral college is comprised of designated 'electors' who vote based on the favored candidate for their constituency. If the majority of Americans vote for Trump they have no choice, the people have spoken. Rarely has an elector reneged on the will of their constiuency. [editline]27th February 2016[/editline] I think you have electoral college and national committees confused.

[QUOTE=Saturn V;49823760]12 years an audit[/QUOTE] You could say Trump is... [I]Audistic[/I] I'll show myself out.

[QUOTE=Big Dumb American;49825272]I just want Trump to release photos of himself being born, because I'm still not convinced he's even a [I]human[/I]. Surely he's the result of some kind of lab experiment in ape/potato crossbreeding, right?[/QUOTE] Don't insult potato's like that, they have actual uses. Like chips and mashed potatoes. And apes are better at throwing shit than him.

Note: he screwed up... even if he's been audited. He has to still release the Tax Returns, otherwise he might have to be kicked out of election.

[QUOTE=OmniConsUme;49825582]Note: he screwed up... even if he's been audited. He has to still release the Tax Returns, otherwise he might have to be kicked out of election.[/QUOTE] I don't think its a law its just a tradition of candidates releasing their tax returns.

it took 12 years to make!

he just needs to tow the line until super tuesday then the rest of them will be trump-stumped

[QUOTE=Snoberry Tea;49825180]Why do we care? Why do we need/want to see his tax return and why is it news that he's claiming to be audited 12 years in a row as a multi-billion dollar industry mogul? How is this at all relevant to the election process[/QUOTE] The same reason we want Hillary Clinton's transcripts and itemized income for her paid speeches.

Why is Trump obliged to release his tax return but no one else? I don't get what's the deal with this tax meme.

[QUOTE=Vasili;49825721]Why is Trump obliged to release his tax return but no one else? I don't get what's the deal with this tax meme.[/QUOTE] Everyone is, though? It's tradition for every candidate to release their tax information.

I don't honestly care if he doesn't release them, it won't change my vote for him