Donald Trump's Organization Under Investigation For Millions In Tax Write-Offs

Donald Trump's Organization Under Investigation For Millions In Tax Write-Offs

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 NY attorney general's office who will handle the civil inquiry process.

Ivanka Trump, the elder daughter of President Donald Trump and White House senior advisor, has described two fraud investigations into the Trump Organisation's finances as "harassment".

"This "inquiry" by NYC democrats is 100 per cent motivated by politics, publicity and rage".

Previous investigations into the president's filings found the former real estate mogul paid little to no taxes over the years.

Some of those fees appeared to have been paid to Ivanka Trump.

Two New York fraud investigations into President Donald Trump have expanded to include write-offs of consulting fees, some of which appeared to be paid to the president's daughter Ivanka Trump, The New York Times reported Thursday, citing unnamed sources.

Of that, payments totaling $747,622 exactly matched a total that Ivanka Trump disclosed receiving from a consulting firm she co-owned.

Two fraud investigations into President Donald Trump and his businesses in NY are "100% motivated by politics, publicity, and rage", Ivanka Trump tweeted Thursday.

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Ivanka Trump was employed by the Trump Organization and also being treated as a consultant.

According to the Internal Revenue Service, companies can deduct professional fees but consulting arrangements must be market-based and "ordinary and necessary" to run a business.

Alan Garten, the general counsel of the Trump Organization, called the investigation a "fishing expedition".

"Everything was done in strict compliance with applicable law and under the advice of counsel and tax experts", the statement said, according to The Times. They know very well that there's nothing here and that there was no tax benefit whatsoever. The Times reported that its unclear if the IRS ever raised questions to the Trump Organization about the write-offs. Neither official was quoted in The New York Times article.

The offices of the district attorney and the attorney general declined to comment. The prison inquiry, led by the Manhattan district lawyer, Cyrus Vance Jr, and a civil investigation by the state lawyer normal, Letitia James, are simply a few of many authorized challenges that may in all probability face the president and his household enterprise when he returns to being a non-public citizen. She filed the financial disclosure in 2017 when she became an advisor to the president. And the Supreme Court will soon make a decision on what's to follow.

The president has dismissed the Instances investigations and maintains that he "pay as you go" tens of thousands and thousands of in taxes over several years. Both Vance and James are Democrats.

The Times wrote that there was no indication Ivanka Trump is a target of either the state's or the city's investigation.

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