US President Donald Trump has said his tax returns are currently under verification and that he will not release them until an inspection continues.
But there is no legal reason why the president cannot release his statements while an audit is in progress, and he would be the first in nearly 50 years not to make them available.
They are being verified and when they are not I would be proud to show it.
Is Trump audited?
We don’t know for sure because it’s confidential.
Only the auditee or his lawyer can disclose this information publicly. The Internal Revenue Service (IRS) – which performs the review – is not authorized to disclose whether an individual’s finances are under inspection.
It has been common since the 1970s for US presidents to be audited by the IRS.
It is therefore likely that President Trump’s accounts have been audited since taking office in 2017.
Before even taking office, one of Mr. Trump’s attorneys issued a letter saying his tax returns had been under “continuous review” since 2002.
The letter said that an audit of his statements since 2009 was underway, but it also noted that the IRS had completed inspecting Mr. Trump’s accounts from 2002 to 2008.
President Trump hasn’t released his tax returns for any of those years.
Before becoming president, Mr. Trump said, “If I decide to run for office, I will file my tax returns, absolutely. ”
But he has since said he will only do so after the audit is complete.
Can Trump release his tax returns if he’s audited?
While it’s common for sitting presidents to be audited, every president since Gerald Ford has issued full tax returns during their tenure.
Presidents Barack Obama and George W. Bush both did so during their tenure, and there is no law preventing President Trump from doing the same.
But he is not legally obliged to publish his tax returns publicly.
There is, however, a law stating that the president must file his tax returns with the US Congress for confidential review if requested.
Democratic lawmakers have asked for it, but Republicans questioned whether they could demonstrate “a legitimate legislative objective” as required by law.
Asked about the law in April, President Trump said, “No, there is no law. As you know, I was elected last time with this same problem. And as long as I’m under control, I won’t. ”
There is also an ongoing legal battle over the president’s tax returns – but even if his financial records are turned over to prosecutors, they will likely remain hidden from public view unless he decides to release them.
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