A tax audit involving President Donald Trump, dating back to his television career, seems to have been resolved this week. This resolution with the Justice and Treasury Departments stems from a lawsuit that Trump and his sons filed against the IRS. The audit, related to a $72.9 million tax refund Trump claimed in 2010, could have potentially cost him over $100 million. An analysis of his tax returns by The New York Times provided these details.
The dispute included accusations by the tax service that the Trump Organization attempted to claim identical losses twice. Trump labeled the audit process as a “disgrace.” Two years ago, Eric Trump confirmed that the audit was still active. While on hold during Trump’s first term, it is unclear if it was paused again or resolved by this latest agreement. If it had continued till this week, accumulated interest and penalties would have been substantial.
The $72.9 million refund pertained to federal income taxes paid from 2005 to 2008, years when Trump’s show, “The Apprentice,” brought significant earnings. Trump justified this claim by citing $1.4 billion in business losses for 2008 and 2009, which tax laws previously restricted from use. Despite ongoing disputes, Trump consistently maintained that his tax filings were lawful.
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