When Donald Trump is sworn in as the nation’s 45th president, his complex business empire will immediately be subject to an audit by the Internal Revenue Service.Donald will be having a "further" relationship with the IRS.
Thanks to an obscure provision in the IRS manual, Trump and his vice president, Mike Pence, will each be under a mandatory audit annually.
“The requirement for mandatory audits of the tax returns of the president and vice president dates back to the Watergate era in the 1970s,” the IRS said in a statement to McClatchy, noting that nonpartisan career employees adopted the requirement. “Since then, this provision has remained in place during both Republican and Democratic administrations as well as under IRS Commissioners appointed by both parties.”
The little-known provision in the IRS manual spells out strict rules under which the returns are audited. They require expeditious processing, and unusual security precautions. For example, the returns “should be kept in an orange folder at all times.”
Tuesday, November 29, 2016
Posted by Steve Bartin at 7:19 PM