IRS Unable to Complete Trump Audit

IRS Unable to Complete Trump Audit

Two Years of Biden’s Tax Returns were Audited since he took office but Trump’s still ongoing

C45418C1 2DA2 428D 9437 2C06E47B0E82The Internal Revenue Service (IRS) has completed two audits of President Biden’s tax returns since he took office in 2021, but records show that it has not finished any audits of Donald Trump from his time in the White House. This discrepancy has prompted Democrats to call for mandating annual scrutiny and disclosure of presidential tax filings. The difference in timing of the two presidents’ audits indicates a lack of standardization in the IRS’s program for examining presidential and vice presidential tax returns. The discrepancy also reflects differences in how the two men make their money and in the complexity of their tax returns.

Trump’s tax returns from 2015 through 2019 remain under audit and some years before that remain unresolved. Some of those audits began roughly two years after the tax returns were due, and an audit of his taxes for 2020 hasn’t yet started. Democrats have called for making presidential audits mandatory and imposing new deadlines on the IRS. The House passed a bill proposed by Rep. Richard Neal (D., Mass.) that would mandate presidential audits and periodic public status reports, but it isn’t expected to pass the Senate.

There is no good reason for auditing Trump’s tax returns for such an extended period.  The normal audit statute of limitation is three years from the date of filing.  This period can be extended to 6 for gross underreporting of income or over reporting of expenses, There is no statute of limitation on fraud. Knowing this we can only suspect that the IRS is searching for signs of fraud for 2015 which would have been filed in 2016 and thereby passed the extended statute of limitation of six years.