Tag Archives: returns

Records show Trump released tax returns when he stood to gain

Donald Trump won’t publicly release his income tax returns but records reveal the New York businessman turned them over when it suited his needs.

The Associated Press is reporting that Trump provided his returns when he stood to make a profit, needed a loan or when dealing with legal matters.

The news service reports that Pennsylvania gaming regulators were given at least five years’ worth and eight boxes full of Trump’s tax documents.

Also, Nevada, Michigan, Missouri, Indiana and other state gaming officials had access to multiple years of Trump’s returns.

And large banks that lent Trump money over the years have obtained Trump’s returns.

In all cases reviewed by The Associated Press, each person, organization, company or government office that has seen Trump’s tax returns is barred from discussing their full contents by professional or legal restrictions.

So the public still knows little about Trump’s more recent finances.

At a press event today in Waukesha, Wisconsin Democrats plan to call on Trump to release his tax returns.

An announcement from Hillary Clinton’s campaign said the event at noon at the Waukesha DNC headquarters would involve Democratic supporters, including state Rep. Mandela Barnes.

In the debate earlier this week, Clinton questioned whether Trump’s tax returns might reveal that he has paid little or no taxes. Trump said he was “smart” for not paying federal income taxes in some years.

Documents first reported on by Politico show Trump didn’t pay any federal income tax during at least two years in the early 1990s because he lost more money than he earned.

Other documents show he didn’t pay any federal income taxes in 1978, 1979 and 1984.

Trump has repeatedly refused to release his tax returns citing an IRS audit, but the IRS and tax experts have said an audit doesn’t bar Trump from making the documents public.

Since 1976, every major party nominee has released the returns and Clinton has publicly released nearly 40 years’ worth.

Trump’s tax returns would reveal his charitable contributions. The AP has reported that there is little record of substantial personal philanthropy from Trump.

The returns would also reveal how much Trump earned from his assets, helping someone work back to an approximation of his net worth to compare to his own estimation.

Married gay couples filing joint tax returns

Equality activists are urging married same-sex couples to file joint federal tax returns.

The Internal Revenue Service requires same-sex couples, even those who are legally married in their states, to file separate tax returns due to the Defense of Marriage Act. That law states that only opposite-sex marriages are recognized under U.S. law.

But the Refuse to Lie campaign contends that it’s dishonest for same-sex married couples to file as single. “It’s dehumanizing and it’s wrong,” the Refuse to Lie website states.

The campaign asks gay married couples to put an asterisk by the “single” box on their tax forms, and then indicate at the bottom of the tax form that they are “only single under DOMA.” Another option is to attach a note with a similar message.

The Refuse to Lie website also explains how to file a joint return while avoiding penalties. In the first method, partners would file single returns and include an attachment stating that they’re married, and then file an amended return jointly.

“Once the I.R.S. rejects the amended return, or if six months passes and they do nothing, the taxpayers who file an amended return have the right to file suit in Federal District Court claiming the refund,” the site said, adding that this option would avoid penalties because the original return was filed according to the law.

Nina E. Olson, the national taxpayer advocate who acts as an ombudsman for the I.R.S., acknowledged the uncertainty surrounding federal taxation of same-gender spouses in an annual report to Congress, The New York Times reported.

Olson said that taxpayers may take a filing position without penalty if there is “substantial authority” to do so, such as a court case that hasn’t been overruled by the United States Court of Appeals.

Two cases that found DOMA unconstitutional are currently on appeal, and activists claim that provides legal cover for same-sex married couples to file jointly.