With Trump’s Deal, a Possible $100 Million I.R.S. Penalty Melts Away
The New York Times • • general
Key Points:
- President Trump's long-standing tax audit, dating back to his peak earnings from "The Apprentice," was likely resolved through a recent agreement with the Justice and Treasury Departments, potentially avoiding over $100 million in liabilities.
- The audit centered on a $72.9 million tax refund Trump claimed for 2005-2008, justified by $1.4 billion in business losses from 2008 and 2009, which he argued were allowable under tax laws.
- The audit had been active for years, with pauses during Trump's presidential terms, but its current status was uncertain until the recent settlement.
- Trump has consistently maintained that his tax filings were accurate and lawful throughout the audit process.