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As a Treasury Department employee, I can tell you first hand how audits of High Income Earners go. First, a team of specialized Revenue Agents are assigned the case. The Revenue Agent Group Manager also has a hands on role on these types of audits. The return is broken down into parts, and each part is assigned to a Revenue Agent that specializes in that area. Once an initial review is completed, a lengthy notice is sent that details all of the supporting documentation they are requesting. The initial review can take up to a year. The taxpayer will then have 30 to 60 days to respond, extensions are routinely given on these complex cases. Once the documentation has been received, the Revenue Agents will review it, and either ask for additional information, or reach a preliminary determination. This review could take another year. Once the preliminary determination is made, the taxpayer will have the right to request a pre-determination appeal. If they choose this route, it could take 6 months to a year to be assigned to an Appeals Officer. If everyone doesn't agree, the appeal will be closed, and a Statutory Notice of Deficiency will be issued. At this point, the taxpayer will have 90 days to petition the Federal Tax Court if they want to continue to challenge the IRS. Most tax court cases take 12 to 18 months to start, and can drag on for years. I have seen large dollar examinations take 3 to 5 years.
I just want to add for legal reasons that I do not know anyone connected to the examination of President Trump's tax returns, and I do not have any personal knowledge of those proceedings.
Thanks for the info.
Trump has frequently said he can't release his returns because they're under audit. How many years can be audited at once?
Are you surprised that nothing has been leaked by anyone at the IRS?
As a Treasury Department employee, I can tell you first hand how audits of High Income Earners go. First, a team of specialized Revenue Agents are assigned the case. The Revenue Agent Group Manager also has a hands on role on these types of audits. The return is broken down into parts, and each part is assigned to a Revenue Agent that specializes in that area. Once an initial review is completed, a lengthy notice is sent that details all of the supporting documentation they are requesting. The initial review can take up to a year. The taxpayer will then have 30 to 60 days to respond, extensions are routinely given on these complex cases. Once the documentation has been received, the Revenue Agents will review it, and either ask for additional information, or reach a preliminary determination. This review could take another year. Once the preliminary determination is made, the taxpayer will have the right to request a pre-determination appeal. If they choose this route, it could take 6 months to a year to be assigned to an Appeals Officer. If everyone doesn't agree, the appeal will be closed, and a Statutory Notice of Deficiency will be issued. At this point, the taxpayer will have 90 days to petition the Federal Tax Court if they want to continue to challenge the IRS. Most tax court cases take 12 to 18 months to start, and can drag on for years. I have seen large dollar examinations take 3 to 5 years.
I just want to add for legal reasons that I do not know anyone connected to the examination of President Trump's tax returns, and I do not have any personal knowledge of those proceedings.
Thank You for the education!
These Democrats can't follow simple instructions to cook mac and cheese from the box and all of the sudden they are tax experts and can read and understand someone's else tax returns and all the forms.
Most of them have to pay H & R Block to do their 1040A and 1040 EZ forms because they have no clue but all of the sudden they want to see Trump's tax returns and pretend they know what to look for to have something ro complain about.....lol
A House panel on Thursday rejected another Democratic resolution to request President Trump’s tax returns, as Republicans are increasing their focus on overhauling the tax code.
The House Ways and Means Committee voted along party lines to unfavorably report the measure to the House Floor.
Rep. Bill Pascrell (D-N.J.) had introduced the resolution shortly before the House left for its monthlong August recess. He introduced the measure the same day that key GOP lawmakers and administration officials released joint tax-reform principles.
What don't they want us to see? Why is trump different from every other POTUS for the past 40 years?
Because then they would have to impeach and they know Pence is just as bad
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