Trump's giant audit loophole that no one in the media ever noticed in 2016:

[pnwmom]

He constantly said that he couldn't release his tax returns because he was under audit -- which isn't true of course, and they correctly reported that.

HOWEVER no one that I know of reported that the end result was he'd never release a current tax return while in office. Why? Because they routinely audit the return of every President and VP while in office.

I just read that yesterday, in an article about the House trying to get his returns.

[marylandblue]

1. They never really questioned him on the audit thing.

He turned 18 fifty-five years ago. Has he been under audit for 55 years?

Maybe they'll ask him this time.

[Historic NY]

2. But he was claiming this long before ..

when he was running. No one has a twenty year audit, a ten year audit. If he filed each year it would be audited and that doesn't take 5 yrs.


[link:https://www.irs.gov/businesses/small-businesses-self-employed/irs-audits|]

[FBaggins]

4. I wonder if he ever said it was an IRS audit

Maybe he hired and external accounting firm to audit the books and told them to take their time

[Historic NY]

6. He keeps claiming that and like usual he's lying.

[link:https://www.politifact.com/truth-o-meter/promises/trumpometer/promise/1421/release-his-tax-returns-after-audit-completed/|


[link:|]

[FBaggins]

3. I think that's actually part of their excuse to request them

While certain committe chairmen have the ability to request individual returns, it would probably be an abuse of discretion (and likely blocked by a court) to do so without a reason related to that committee’s legislative work. So the request letter essentially says that they want to review how the IRS handles that ongoing review of presidential returns.

[watoos]

7. No that wasn't the reason.

[pnwmom]

9. Yeah, they actually did put that in their letter as to why they needed to see the returns

and to know if they'd been audited.

[FBaggins]

13. Have you read the letter?

What else do you see?

[pnwmom]

8. I think you're right.

[SWBTATTReg]

5. No audit takes that long. None. The government wants its money pretty quickly so this is a ...

fake excuse.

[pnwmom]

10. Of course it's a fake excuse. But getting all the audits done for all his businesses

could take a significant amount of time.

[SWBTATTReg]

11. Not really. Audits are done as a matter of course for literally every major corporation on ...

earth should they be on any exchange or have any type of bank loans, etc. These are pretty major corporations too. I was an auditor, you start w/ the basics, and work from there, period. If company A's income flowed to company B because of its net income is owned 100%, then this is readily determined. And so forth. Sure, it's not going to be easy, but it can be done, and it is done, all of the time.

[Wounded Bear]

12. He never produced an audit letter...

When the IRS audits, it always sends a letter of notification.

Where's the letter?

[sarcasmo]

14. Average audit is under 6 months and the IRS sends a letter, Trump couldn't produce the letter.

[onenote]

15. It was mentioned as far back as late 2016, and more than once in 2017.

https://www.mcclatchydc.com/news/politics-government/white-house/article117755838.html

https://www.usatoday.com/story/news/politics/2017/04/12/trumps-tax-returns-immediately-under-audit/100272688/

https://money.cnn.com/2017/04/17/news/economy/president-audit-trump/index.html

Of course, crying crocodile tears, Trump claimed in 2018 that it was unfair that his returns were automatically audited: https://www.newsweek.com/trump-files-2017-tax-return-claims-automatic-irs-audit-extremely-unfair-1175831