President Trump Will Get Audited, VP Pence Will Too
Even with IRS audits lower now than they were a decade ago, for two Americans, they are guaranteed to be audited by IRS.
Since the Watergate era, there has been a mandatory examination of the Presidential and Vice Presidential taxes. President Trump has President Nixon to thank for this, due to both President Nixon and Vice President Agnew being embroiled in tax evasion scandals.
The IRS has very precise tax procedures for auditing these tax returns, and only specified people may see the returns. These tax examination procedures have not been published within the Internal Revenue Manual. The process is so detailed, it even dictates that the returns must be filed in an orange folder and the files must be secured at all times whenever the appointed IRS agent won’t be present.
But these will be different from routine IRS audits. The President and Vice President will not receive audit notices on IRS Letter 2205A. They will not have to visit a Revenue Agent at the local office. Unlike many of us, their audits must also be handled at an accelerated schedule. The IRS wants to ensure a prompt completion of the audit. But the Internal Revenue Service also wants to be sure that officials even at the highest levels of our government also conform to the law. Well, that part definitely makes sense.
Why Have These Audits?
Having these audits be mandatory and automatic gives more confidence to the public that no political party may skip over this process. There is, however, no telling how rigorous the process is. The tax returns and audit results will not be released unless the President and VP so choose. Every President has chosen to release theirs, and this has become the custom. At least for now, as we all know, this custom has been broken with the Trump administration.
If you have questions about how an IRS tax lawyer may be able to help you, please contact our office today. We look forward to helping the people of Naperville and surrounding areas.
Adapted by Shavonne Taylor, from an article by CNN Money. Shavonne is a Tax Case Analyst and frequent blog writer at Tax Law Offices.