Explaining why Trump’s audit is taking so long.
“In the rare case of tax fraud, the IRS doesn’t have a statute of limitations.”
After you receive the Internal Revenue Services (IRS) agency notice that you are under audit, the IRS has up to three years to audit you. While the time varies on different cases, most audits are completed within a year.
Even though the IRS has up to three years to audit your return, they like to close audits well before the statute of limitations expires. In fact, it is actually stated in the IRS training manual – the Internal Revenue Manual – that IRS agents must “strictly adhere to” the rule of opening and closing audits within 26 months after the due of the return or the date it was filed, whichever was later.
If there is a large amount of unreported income, the statute is six years to audit.
Important questions for #IMPOTUS Donald Trump:
Why is Trump being audited if he “prepaid” his taxes?
Why isn’t Trump releasing his tax returns if he “prepaid” his taxes?
“Anti-money-laundering specialists at Deutsche Bank recommended in 2016 and 2017 that multiple transactions involving legal entities controlled by Donald J. Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog.”, NYTimes