Saturday, August 13, 2016

Trump's Tax Returns And The IRS Statute Of Limitations

By Forbes. Aug 11, 2016 

Donald Trump has redefined the normal rules of blowback. Even so, he faces growing criticism. One of the long simmering issues is his tax returns. His explanations for not releasing his tax returns still leave some voters uneasy, and the Democrats have exploited that weakness. Even the top IRS official, Commissioner John Koskinen, weighed in, saying that it would be fine for Trump to release returns during an audit. Yes, this is the same IRS Commissioner that Republicans want to impeach over the IRS targeting scandal.

Most tax advisers agree that, purely from a tax viewpoint, Trump shouldn’t release the returns. Most tax advisers may agree that Trump’s tax audit is a good reason to hold the returns back, even for closed years. But some voters may not be able to get past it. Pundits have asked how Trump could have so many audits, especially five years at once. In that sense, however you see Trump’s stonewalling, there are useful rules from Trump’s tax battle that might just help you in your next IRS audit. They might even help you avoid one

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