As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by TheHill.com:
New York officials are looking for ways to go after President Trump following a blockbuster story detailing his family’s tax practices. But experts say any efforts by federal and state authorities to impose penalties on the president would face serious legal and practical obstacles.
The New York Times on Tuesday published an investigative report, based on a review of more than 100,000 pages of documents, describing “dubious” tax schemes that the president and his family engaged in during the 1990s so that his parents could avoid gift and estate taxes. The article prompted calls for government probes.
The article goes on to state the following:
New York City Mayor Bill de Blasio (D) said the city would seek to recover any money owed by the president and the city’s deputy mayor told the Times on Thursday that it would look into whether there were underpaid real estate transfer taxes and property taxes.
Tax lawyers, however, say an investigation would be challenging, particularly because the practices cited in the Times article occurred years, even decades ago.
Under federal and state laws, the statute of limitations most likely has run out on criminal tax charges. However, there is no statute of limitations for civil tax fraud, meaning New York state and the IRS could seek back taxes and financial penalties.
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