TRump Paid Little to No Federal Taxes! New York
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Posted On: 01/24/2021 9:13:25 AM
TRump Paid Little to No Federal Taxes!
New York Times fraud examination of more than two decades of Mr. Trump’s tax record found that he had paid little or no federal income taxes in most years, largely because of his chronic business losses.
Among the revelations was that Mr. Trump reduced his taxable income by deducting about $26 million in fees to unidentified consultants as a business expense on numerous projects between 2010 and 2018.
Some of those fees appear to have been paid to Ms. Trump, The Times found. On a 2017 disclosure she filed when joining the White House as a presidential adviser, she reported receiving payments from a consulting company she co-owned, totaling $747,622, that exactly matched consulting fees claimed as tax deductions by the Trump Organization for hotel projects in Hawaii and Vancouver, British Columbia.
The subpoenas were focused on fees paid to the firm on her disclosures, TTT Consulting L.L.C., and represented just a portion of the $26 million, according to a person with knowledge of the matter. The name of the firm appears to be a reference to Ms. Trump and other members of her family.
Ms. Trump was an executive officer of the Trump companies that made the payments, meaning she appears to have been treated as a consultant while also working for the company. While companies can deduct professional fees, the Internal Revenue Service requires that consulting arrangements be market-based and reasonable, as well as “ordinary and necessary” to running a business.
https://www.nytimes.com/2020/11/19/nyregion/t...taxes.html
New York Times fraud examination of more than two decades of Mr. Trump’s tax record found that he had paid little or no federal income taxes in most years, largely because of his chronic business losses.
Among the revelations was that Mr. Trump reduced his taxable income by deducting about $26 million in fees to unidentified consultants as a business expense on numerous projects between 2010 and 2018.
Some of those fees appear to have been paid to Ms. Trump, The Times found. On a 2017 disclosure she filed when joining the White House as a presidential adviser, she reported receiving payments from a consulting company she co-owned, totaling $747,622, that exactly matched consulting fees claimed as tax deductions by the Trump Organization for hotel projects in Hawaii and Vancouver, British Columbia.
The subpoenas were focused on fees paid to the firm on her disclosures, TTT Consulting L.L.C., and represented just a portion of the $26 million, according to a person with knowledge of the matter. The name of the firm appears to be a reference to Ms. Trump and other members of her family.
Ms. Trump was an executive officer of the Trump companies that made the payments, meaning she appears to have been treated as a consultant while also working for the company. While companies can deduct professional fees, the Internal Revenue Service requires that consulting arrangements be market-based and reasonable, as well as “ordinary and necessary” to running a business.
https://www.nytimes.com/2020/11/19/nyregion/t...taxes.html
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