03 Dec Trump Still Facing Tax Audit, But Will The Public See Them?
Donald Trump is known for keeping his tax returns a secret. Now that the real estate mogul is President, there is no way around it. However, that doesn’t mean that the public will necessarily be seeing these tax returns.
Trump has been facing IRS tax problems for over the last 10 years. As mentioned before, the president of the United States is required to follow IRS’ administrative procedures and will be vulnerable to mandatory tax return examinations.
This mandatory procedure still doesn’t guarantee Donald Trump will make his tax returns public. Every president has released their tax returns without resistance. However, it is not necessarily mandatory more so than it is a tradition. This leaves the question of, “will trump follow suit and release his returns as part of the tradition?”
All presidents are required to give us a look into their finances, which usually includes entities that they have interest in, liabilities and income, along with assets. However, President Trump does not have to show the amount of taxes that he has paid.
Issues Concerning Transparency
Luckily for President Trump, his taxes didn’t get in the way of his campaign, despite Hilary Clinton claiming that he hasn’t paid federal income taxes for years. It’s clear that Donald Trump is not very transparent with his financial disclosures.
Since Mr. Trump is the new commander in chief, it seems as if this will cause the IRS to audit him in a different manner. The reasoning behind this is due to the president having the power to appoint the IRS’ head and give a budget which than have to go through congress for approval.
Technically, they’re auditing their boss. Richard Shickel, who spent over 30 years as the IRS’ senior revenue officer, believes this unique situation will add “lots of pressure for them to do the audit in a certain way.” Basically, whatever the White House wants from the IRS, they get, since the president is the one who provides the funding.
The IRS rules are designed for the protection of taxpayers. But, Trump will have the authority to decide whether or not he wishes for public scrutiny of any kind. Luckily for taxpayers, there are federal laws set in place that doesn’t allow the IRS to discuss specific taxpayers. The IRS continues to stress that the exam process has many safeguards set into place. The procedures that goes into the selection process helps to re-iterate fairness throughout the organizations.