One thing about it those taxes will come back to haunt you, Donald Trump and his organization may be shaking in their boots right in now.
According to CNN, New York authorities are now investigating tax-write offs that include millions in consultant fees.
The Trump organization has received subpoenas to hand over records on the consulting fees from the Manhattan District Attorney’s Office, which will handle the criminal investigation and the New York attorney general’s office who will handle the civil inquiry process.
The New York Times uncovered evidence that disclosed he wrote off $26 million in consulting fees and a $747,000 fee linked to his daughter Ivanka Trump.
It doesn’t appear that Ivanka accounted for the payment improperly, the offices stated. “This is harassment, pure and simple. This ‘inquiry’ by NYC democrats is 100% motivated by politics, publicity, and rage. They know very well that there’s nothing here and that there was no tax benefit whatsoever. These politicians are simply ruthless,” Ivanka tweeted Thursday.
The attorney for Trump’s organization also responded to the allegations, “Everything was done in strict compliance with applicable law and under the advice of counsel and tax experts.” He added, “All applicable taxes were paid, and no party received any undue benefit,” general counsel Alan Garten told Times.
The recent claims are the most severe allegations placed on Trump as he heads out of the White House. There has been a long battle over getting subpoenas for Trump’s returns; this is a victory for New York. And the Supreme Court will soon make a decision on what’s to follow.
Prosecutors have made a list of what Trump can face, including insurance fraud, tax fraud, or schemes to defraud — the equivalent of a federal bank fraud charge.
The New York attorney general’s investigation set out to see if Trump Organization or Trump improperly inflated the value of certain assets in violation of tax laws or when seeking loans and the forgiveness of a $100 million loan. Four Trump properties are under review.
