Breaking news: House panel releases Trump’s tax returns, a win for Democrats after former president fought to block the documents’ release
earlier this month of tax crimes committed by two of its longtime executives is set for Jan. 13. A fine of $1.6 million is possible.a probe in Georgia where a Fulton County grand jury was investigating whether Trump and his allies interfered in the 2020 election in the state. District Attorney Fani Willis has said she expects the grand jury to issue a report on its findings before the end of the year. Willis said she will then decide whether to bring criminal charges.
As the audit began, an IRS agent began examining a $21.1 million deduction Trump claimed for a conservation easement at his Seven Springs estate in New York, according to a 40-page report from the staff of the Joint Committee on Taxation, which advises Congress on crafting and deciphering tax bills. The easement’s value was based on an appraisal, obtained by The Post in 2020, that appears to have relied upon unsupported assertions and misleading conclusions.
For the 2016 tax years, the IRS also began an audit. That time, one of the issues raised by an IRS agent was a tax credit Trump claimed for rehabilitating a historic building, the Old Post Office in downtown Washington, into a luxury hotel. But the IRS did not appear to request the tax returns for that property so they were not considered in the report.
The IRS similarly began audits for tax years 2017, 2018 and 2019. In September 2020, after the New York Times began reporting on Trump’s taxes, IRS officials met to discuss myriad issues raised by the newspaper’s reporting, according to the report, among them Seven Springs, loans to family members, consulting payments to family members and expenditures for “fuel, meals, haircuts, makeup artists, etc.” that Trump wrote off as business expenses in his 2017 return.
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