Trump is Right, Experts Say It Would Be Very Stupid to Release His Taxes During an Audit

[Toro]

Let's give him the benefit of the doubt. Let's assume that he is under audit for this year.

He can release past years.

Trump said he has been audited for each of the past 12 years. The only reason why he couldn't release past years is because he is still being audited for his taxes from many years ago.

So does this mean that he is still being audited for taxes from 6, 7, 8 years ago?

That is extremely unlikely.

So he should release his past years.

Why? So the people that hate him can go on a fishing expedition? Fuck that. He released a 100+page financial statement.

So it's not about the audit, then.

How's that any different from all the other Presidential candidates in all the other elections?

 

[Toro]

Let's give him the benefit of the doubt. Let's assume that he is under audit for this year.

He can release past years.

Trump said he has been audited for each of the past 12 years. The only reason why he couldn't release past years is because he is still being audited for his taxes from many years ago.

So does this mean that he is still being audited for taxes from 6, 7, 8 years ago?

That is extremely unlikely.

So he should release his past years.

Anyone who's been under audit would tell you that doing so would be stupid as hell. You never know what the IRS is going to ask for. Releasing it would be silly as shit. Especially if the information could be used by somebody who's trying to destroy your reputation or the reputation of anyone you've done business with. While you're under audit, your information is protected. The moment you release it on your own, the IRS could give it to 3rd parties who could use it as fodder for a nasty political campaign. They could carry out vendettas against donors, like several who gave to Romney. Some people don't like the public to know who they've donated to. Shit.......Al Fucking Sharpton could end up on your doorstep accusing you of racism just for donating to Donald Trump.

OK so don't release the most recent year's audit.

But he can release past years tax returns that have already been audited.

 

[my2¢]

In 11 previous presidential elections tax returns didn't influence my vote. This year will make it 12.

 

[Zander]

Let's give him the benefit of the doubt. Let's assume that he is under audit for this year.

He can release past years.

Trump said he has been audited for each of the past 12 years. The only reason why he couldn't release past years is because he is still being audited for his taxes from many years ago.

So does this mean that he is still being audited for taxes from 6, 7, 8 years ago?

That is extremely unlikely.

So he should release his past years.

Why? So the people that hate him can go on a fishing expedition? Fuck that. He released a 100+page financial statement.

So it's not about the audit, then.

How's that any different from all the other Presidential candidates in all the other elections?

Even if he wasn't being audited, why should he release his tax returns? I've never seen it help a candidate. It can only hurt.

Regardless- His answer is sufficient- "I am under audit and cannot release them. I have released a 100+page financial statement with the FEC that provides all of my financial details. Now please feel free to pound sand".

 

[candycorn]

I think some of you owe president Trump an apology.

Trump is Right, Experts Say It Would Be Very Stupid to Release His Taxes During an Audit

Donald Trump pledged to release his tax returns… just not right now. Why? “I will absolutely give my return, but I’m being audited now for two or three years, so I can’t do it until the audit is finished, obviously,”Trump said on CNN. Trump also said he can’t release previous years because they are all intertwined together for the audit. For the last 24 hours, pundits have been criticizing Trump for this. They point to a statement by the IRS which said “nothing prevents individuals from sharing their own tax information” during an audit. That’s true. However, Trump would be very, very stupid (legally) to release them in the middle of an audit, at least according to nearly all (except one) of the high profile tax attorneys and accountants around the country we contacted for this story. We posed two questions to them:

1) Would you also advise your client NOT to release their returns until after the audit?

2) Do Trump’s statements (above) seem like a plausible explanation to you?

Here are their responses:


Robert Barnes, a Los Angeles-based attorney:

“I see some of my colleagues would tell their clients to release their tax returns to the public during an audit. Ask them to name a single client they actually gave that advice to. I think that would be legal malpractice, and would recommend their clients sue them if they gave that advice. I advise my clients (hundreds over the years who actually experience an IRS inquiry) to NEVER release their tax returns while an audit is going on. I am certain Mr. Trump’s lawyers, very capable and well-respected in this field, have advised him not to disclose his tax returns during the audit. There are many reasons for this.

First of all, and most importantly, the IRS is not allowed to show your client’s tax returns to anyone else. Such returns are protected by the privacy laws of section 6103 of Title 26 of the Code. The only way they could do so if your client had a lawyer dumb enough to let you disclose those records publicly. The IRS could then misuse this otherwise private information to make the audit process more difficult at many levels, and could cause problems for other entirely innocent businesses you do business with.

Second, releasing the returns during an audit could cause anyone who has a grievance with you to misuse the released information, and try to intervene in the audit process, for their own personal, financial or political gain. I have been through this several times in other contexts where such records were obtained by people with an interest adverse to my client, which unnecessarily protracted the process as undue expense and harassment of my client. Third, tax returns usually reveal business strategies that may need revision during the audit process, for which untimely disclosure could unduly hinder and harm, with third parties often the victim as much as the client.”

Robert Kovacev, a Washington D.C. based attorney:

“I would absolutely advise a client not to release returns under audit to the public. Critics could pull certain items on the returns out of context and there would be political pressure on the IRS to scrutinize those items even if they ordinarily wouldn’t be controversial.
Lots of transactions span several tax years so he is also right that one years return may be intertwined with another.”

Robert Mckenzie, a Chicago-based attorney:

“I would advise my client that there could be huge risks in releasing complex returns during an audit. Instead of having just an IRS agent review the return it now would be reviewed by thousands of tax experts. The first step his opponents would take would be to assign the best tax accountants and tax lawyers on his team to analyze the returns. In addition, reporters would seek out tax experts to review the returns. (I reviewed Mitt Romney’s, Dennis Santorum’s and Newt Gingrich’s returns last cycle at the request on a national publication.) All the comments would lead the agent to more and more issues. On the other hand the political damage of a failure to release may out weigh the risk of a larger tax deficiency.”

Aaron Nocjar, Washington D.C. based attorney:

“To answer your question, yes, this could be a plausible explanation. In an audit of a particular tax year, prior tax years can be called into question as well. Sometimes tax-related statutes of limitations will prevent such an inquiry (but not always). I imagine that Donald Trump is well advised from a tax perspective, particularly since his business roots are in real estate development.”

Lester Weingarten, New York City-based Accountant:

“If his return is under audit, I would advise not to release it to the public as there could be an embarrassing upward adjustment or they could “bless” the return by not making any changes which would be an affirmation of the accuracy of the return (or they could make a highly unlikely downward adjustment). Either way, it would not be beneficial to release the return until all was settled. If the return was not under audit, then it is up to him what he wanted to do, but given it is under examination, it would be prudent to wait until the examination has been concluded.

As far as releasing prior years taxes, each year stands on its own. However there could be carry forwards of certain items to the most recent year filed (i.e. 2014). Generally these items would include but are not limited to capital loss carry forwards; net operating loss carry forwards; Investment interest expense carry forwards, passive loss carry forwards, foreign tax credit carry forwards. Given Mr. Trump’s wealth, the most likely carry forwards would be passive loss carry forwards on partnership investments that throw off losses that cannot be used currently as they are deemed passive activities. However we are getting too technical.

As Mr. Trump stated, he has been audited year after year, presumably the audits on prior years have been concluded, therefore those returns, if he so chose, could be released and as stated above, if there was an upward adjustment, an embarrassment, if there was a “no change”, an affirmation. He might have a few years where the audit has not been concluded, so as above, I would recommend they not be released. ”

What's he hiding?

 

[Staidhup]

Simple truth is that Trump being a real estate developer, owner, based on corporate structure receives a distribution as a partner/owner and can use the depreciation expense to offset tax liability, which translates into a very low if any tax. Once depreciation is used up he flicks the property or transfers it into another entity. How about he provides prior year tax statements that are not being audited?
He may evade this issue for now but when the general comes along he is setting himself up to fail, but then again when you listen to his positions it becomes somewhat apparent that this may well be the plan all along, disrupt the GOP, secure the nomination and take his chances.

 

[Avatar4321]

He isn't being audited on every year in his life. There is nothing stopping him from releasing the years he isn't being audited in. And it's blatantly dishonest to pretend the government is on a witch hunt for being thingsnhe has never been

 

[WildBillKelsoe]

He's released a 100+page financial disclosure form with FEC.

Anything that "the people" need to know is there.

This is yet another non-issue that is already dead.

The Trumpnado will not be stopped.

It's not dead. The other GOP candidates won't let it die. The man said he'd release them. It's just a matter of how long he can stall.

What do you expect to see when he does?

 

[WildBillKelsoe]

He isn't being audited on every year in his life. There is nothing stopping him from releasing the years he isn't being audited in. And it's blatantly dishonest to pretend the government is on a witch hunt for being thingsnhe has never been

He probably doesn't have tax returns older than 7 years.

 

[HereWeGoAgain]

You are probably right. You know, kind of like having the right not to incriminate yourself....

Do you think the guy who insisted on a birth certificate, then denied its validity when he saw it, would that person incriminate himself if he revealed his tax reports? Is Trump the only candidate asked for tax returns?

When Barry opens his record for scrutiny we can talk.

 

[Toro]

Let's give him the benefit of the doubt. Let's assume that he is under audit for this year.

He can release past years.

Trump said he has been audited for each of the past 12 years. The only reason why he couldn't release past years is because he is still being audited for his taxes from many years ago.

So does this mean that he is still being audited for taxes from 6, 7, 8 years ago?

That is extremely unlikely.

So he should release his past years.

Why? So the people that hate him can go on a fishing expedition? Fuck that. He released a 100+page financial statement.

So it's not about the audit, then.

How's that any different from all the other Presidential candidates in all the other elections?

Even if he wasn't being audited, why should he release his tax returns? I've never seen it help a candidate. It can only hurt.

Regardless- His answer is sufficient- "I am under audit and cannot release them. I have released a 100+page financial statement with the FEC that provides all of my financial details. Now please feel free to pound sand".

It can hurt if it feeds into the narrative that he's dishonest and has something to hide. He's going to get pounded by Hillary and the Democrats. This will play into it.

What you saw at the debate on Thursday is just the beginning. $220 million has been spent on advertising. 4% has been spent on Trump. Usually, the front-runner is the primary target of negative ads, but because the "establishment candidates" have been focusing on taking each other down, Trump has skated. That's about to end. It's probably too late for the other Republican candidates, but it's just starting for the Democrats.

 

[jillian]

I think some of you owe president Trump an apology.

Trump is Right, Experts Say It Would Be Very Stupid to Release His Taxes During an Audit

Donald Trump pledged to release his tax returns… just not right now. Why? “I will absolutely give my return, but I’m being audited now for two or three years, so I can’t do it until the audit is finished, obviously,”Trump said on CNN. Trump also said he can’t release previous years because they are all intertwined together for the audit. For the last 24 hours, pundits have been criticizing Trump for this. They point to a statement by the IRS which said “nothing prevents individuals from sharing their own tax information” during an audit. That’s true. However, Trump would be very, very stupid (legally) to release them in the middle of an audit, at least according to nearly all (except one) of the high profile tax attorneys and accountants around the country we contacted for this story. We posed two questions to them:

1) Would you also advise your client NOT to release their returns until after the audit?

2) Do Trump’s statements (above) seem like a plausible explanation to you?

Here are their responses:


Robert Barnes, a Los Angeles-based attorney:

“I see some of my colleagues would tell their clients to release their tax returns to the public during an audit. Ask them to name a single client they actually gave that advice to. I think that would be legal malpractice, and would recommend their clients sue them if they gave that advice. I advise my clients (hundreds over the years who actually experience an IRS inquiry) to NEVER release their tax returns while an audit is going on. I am certain Mr. Trump’s lawyers, very capable and well-respected in this field, have advised him not to disclose his tax returns during the audit. There are many reasons for this.

First of all, and most importantly, the IRS is not allowed to show your client’s tax returns to anyone else. Such returns are protected by the privacy laws of section 6103 of Title 26 of the Code. The only way they could do so if your client had a lawyer dumb enough to let you disclose those records publicly. The IRS could then misuse this otherwise private information to make the audit process more difficult at many levels, and could cause problems for other entirely innocent businesses you do business with.

Second, releasing the returns during an audit could cause anyone who has a grievance with you to misuse the released information, and try to intervene in the audit process, for their own personal, financial or political gain. I have been through this several times in other contexts where such records were obtained by people with an interest adverse to my client, which unnecessarily protracted the process as undue expense and harassment of my client. Third, tax returns usually reveal business strategies that may need revision during the audit process, for which untimely disclosure could unduly hinder and harm, with third parties often the victim as much as the client.”

Robert Kovacev, a Washington D.C. based attorney:

“I would absolutely advise a client not to release returns under audit to the public. Critics could pull certain items on the returns out of context and there would be political pressure on the IRS to scrutinize those items even if they ordinarily wouldn’t be controversial.
Lots of transactions span several tax years so he is also right that one years return may be intertwined with another.”

Robert Mckenzie, a Chicago-based attorney:

“I would advise my client that there could be huge risks in releasing complex returns during an audit. Instead of having just an IRS agent review the return it now would be reviewed by thousands of tax experts. The first step his opponents would take would be to assign the best tax accountants and tax lawyers on his team to analyze the returns. In addition, reporters would seek out tax experts to review the returns. (I reviewed Mitt Romney’s, Dennis Santorum’s and Newt Gingrich’s returns last cycle at the request on a national publication.) All the comments would lead the agent to more and more issues. On the other hand the political damage of a failure to release may out weigh the risk of a larger tax deficiency.”

Aaron Nocjar, Washington D.C. based attorney:

“To answer your question, yes, this could be a plausible explanation. In an audit of a particular tax year, prior tax years can be called into question as well. Sometimes tax-related statutes of limitations will prevent such an inquiry (but not always). I imagine that Donald Trump is well advised from a tax perspective, particularly since his business roots are in real estate development.”

Lester Weingarten, New York City-based Accountant:

“If his return is under audit, I would advise not to release it to the public as there could be an embarrassing upward adjustment or they could “bless” the return by not making any changes which would be an affirmation of the accuracy of the return (or they could make a highly unlikely downward adjustment). Either way, it would not be beneficial to release the return until all was settled. If the return was not under audit, then it is up to him what he wanted to do, but given it is under examination, it would be prudent to wait until the examination has been concluded.

As far as releasing prior years taxes, each year stands on its own. However there could be carry forwards of certain items to the most recent year filed (i.e. 2014). Generally these items would include but are not limited to capital loss carry forwards; net operating loss carry forwards; Investment interest expense carry forwards, passive loss carry forwards, foreign tax credit carry forwards. Given Mr. Trump’s wealth, the most likely carry forwards would be passive loss carry forwards on partnership investments that throw off losses that cannot be used currently as they are deemed passive activities. However we are getting too technical.

As Mr. Trump stated, he has been audited year after year, presumably the audits on prior years have been concluded, therefore those returns, if he so chose, could be released and as stated above, if there was an upward adjustment, an embarrassment, if there was a “no change”, an affirmation. He might have a few years where the audit has not been concluded, so as above, I would recommend they not be released. ”

law newz?

 

[Timmy]

When Obama was running Trump demanded he release all kinds of records, including school transcripts .

Now the tables have turned! Why can't trump release non audit years ?

 

[washamericom]

did you guys catch ben carson the other night saying he had never been audited until he spoke at that prayer breakfast ??

that's just normal fare now. not a smidgen of corruption, obama said so.

Ummm. Maybe he lied. Maybe it was a coincidence. It have no evidence to the contrary. Stop being a dupe.

isn't that what they want ? for people not to complain or even mention it ??

Let's give him the benefit of the doubt. Let's assume that he is under audit for this year.

He can release past years.

Trump said he has been audited for each of the past 12 years. The only reason why he couldn't release past years is because he is still being audited for his taxes from many years ago.

So does this mean that he is still being audited for taxes from 6, 7, 8 years ago?

That is extremely unlikely.

So he should release his past years.

Why? So the people that hate him can go on a fishing expedition? Fuck that. He released a 100+page financial statement.

So it's not about the audit, then.

How's that any different from all the other Presidential candidates in all the other elections?

Even if he wasn't being audited, why should he release his tax returns? I've never seen it help a candidate. It can only hurt.

Regardless- His answer is sufficient- "I am under audit and cannot release them. I have released a 100+page financial statement with the FEC that provides all of my financial details. Now please feel free to pound sand".

It can hurt if it feeds into the narrative that he's dishonest and has something to hide. He's going to get pounded by Hillary and the Democrats. This will play into it.

What you saw at the debate on Thursday is just the beginning. $220 million has been spent on advertising. 4% has been spent on Trump. Usually, the front-runner is the primary target of negative ads, but because the "establishment candidates" have been focusing on taking each other down, Trump has skated. That's about to end. It's probably too late for the other Republican candidates, but it's just starting for the Democrats.

see harper, i thought lois lerner was the one who skated. and of course hillary skated on the email and benghazi.

it's a different world now in American politics and government. some democrats wished they hadn't been promised transparency



President Obama’s Justice Department wrote a letter to members of Congress announcing that Lois Lerner is safe from criminal charges of any kind. Her email writing dog is too, it would seem. The DOJ says sure, there was mismanagement, poor judgment, even institutional inertia! Hey, this is the IRS, after all. It may have looked like targeting. But this was just poor management.

There was no evidence, said the DOJ, that any IRS official acted based on political, discriminatory, corrupt, or other inappropriate motives. Of course, Ms. Lerner has had a bit of history, including at the Federal Election Commission, before she moved on to IRS targeting, but no one is perfect. The disparate impact on the tea party? Well, that was mishandling. At the heart of the IRS targeting scandal, Lois Lerner was handsomely rewarded while she presided over alleged discrimination against conservative nonprofits.

 

[washamericom]

When Obama was running Trump demanded he release all kinds of records, including school transcripts .

Now the tables have turned! Why can't trump release non audit years ?

fifty million to see college records, maybe the birth certificate, that's good business.

 

[LoneLaugher]

He's released a 100+page financial disclosure form with FEC.

Anything that "the people" need to know is there.

This is yet another non-issue that is already dead.

The Trumpnado will not be stopped.

It's not dead. The other GOP candidates won't let it die. The man said he'd release them. It's just a matter of how long he can stall.

What do you expect to see when he does?

Unlike you...I don't harbor fantasies like that. I'm just enjoying the show. You nutbags have made this "show us your papers" mentality pervasive in our politics.

 

[mudwhistle]

Let's give him the benefit of the doubt. Let's assume that he is under audit for this year.

He can release past years.

Trump said he has been audited for each of the past 12 years. The only reason why he couldn't release past years is because he is still being audited for his taxes from many years ago.

So does this mean that he is still being audited for taxes from 6, 7, 8 years ago?

That is extremely unlikely.

So he should release his past years.

Anyone who's been under audit would tell you that doing so would be stupid as hell. You never know what the IRS is going to ask for. Releasing it would be silly as shit. Especially if the information could be used by somebody who's trying to destroy your reputation or the reputation of anyone you've done business with. While you're under audit, your information is protected. The moment you release it on your own, the IRS could give it to 3rd parties who could use it as fodder for a nasty political campaign. They could carry out vendettas against donors, like several who gave to Romney. Some people don't like the public to know who they've donated to. Shit.......Al Fucking Sharpton could end up on your doorstep accusing you of racism just for donating to Donald Trump.

OK so don't release the most recent year's audit.

But he can release past years tax returns that have already been audited.

Sounds simple. Unfortunately he's being subjected to a continual audit. Several conservative talkshow hosts have been going through the same shit since Obama took office. They have been audited for years, and every 6 months the IRS keeps it active by requesting new documents. It's pure harassment. Nothing else. Sean Hannity, Phil Valentine, etc. Because he's literally under attack by the Obama IRS, anything he voluntarily releases, they can use to attack him. A smart person would wait until our current criminal president goes back to Hawaii when he retires. Right now his returns are protected by law. If he releases anything to public scrutiny, he loses that protection.


You want him to be stupid so you fuckers can attack him.

You think he's stupid, and this pretty much puts that happy horseshit to rest.

 

[bullwinkle]

Let's give him the benefit of the doubt. Let's assume that he is under audit for this year.

He can release past years.

Trump said he has been audited for each of the past 12 years. The only reason why he couldn't release past years is because he is still being audited for his taxes from many years ago.

So does this mean that he is still being audited for taxes from 6, 7, 8 years ago?

That is extremely unlikely.

So he should release his past years.

Anyone who's been under audit would tell you that doing so would be stupid as hell. You never know what the IRS is going to ask for. Releasing it would be silly as shit. Especially if the information could be used by somebody who's trying to destroy your reputation or the reputation of anyone you've done business with. While you're under audit, your information is protected. The moment you release it on your own, the IRS could give it to 3rd parties who could use it as fodder for a nasty political campaign. They could carry out vendettas against donors, like several who gave to Romney. Some people don't like the public to know who they've donated to. Shit.......Al Fucking Sharpton could end up on your doorstep accusing you of racism just for donating to Donald Trump.

OK so don't release the most recent year's audit.

But he can release past years tax returns that have already been audited.

Sounds simple. Unfortunately he's being subjected to a continual audit. Several conservative talkshow hosts have been going through the same shit since Obama took office. They have been audited for years, and every 6 months the IRS keeps it active by requesting new documents. It's pure harassment. Nothing else. Sean Hannity, Phil Valentine, etc. Because he's literally under attack by the Obama IRS, anything he voluntarily releases, they can use to attack him. A smart person would wait until our current criminal president goes back to Hawaii when he retires. Right now his returns are protected by law. If he releases anything to public scrutiny, he loses that protection.


You want him to be stupid so you fuckers can attack him.

You think he's stupid, and this pretty much puts that happy horseshit to rest.

mr. mud, I don't believe you. Is there somewhere I can look for verification that tax harassment specifically targeting Republicans has occurred? I know it would be difficult because the IRS would never admit such a case, but OTOH, like every criminal claims they 'was framed', so does every audited taxpayer claim harassment. So I ask for verification because IMHO it is the parlayer of this lie of intentional harassment that is the criminal.

 

[WildBillKelsoe]

He's released a 100+page financial disclosure form with FEC.

Anything that "the people" need to know is there.

This is yet another non-issue that is already dead.

The Trumpnado will not be stopped.

It's not dead. The other GOP candidates won't let it die. The man said he'd release them. It's just a matter of how long he can stall.

What do you expect to see when he does?

Unlike you...I don't harbor fantasies like that. I'm just enjoying the show. You nutbags have made this "show us your papers" mentality pervasive in our politics.

And the Liberals jumped all over it, too.

 

[the_human_being]

Liberals HEADS Explode As Benghazi Heroes Make THIS Shocking Presidential Candidate Endorsement - I Have The Truth