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did you read the last 4 paragraphs? He will face fines
Posted on: November 22, 2016 at 14:05:25 CT
90Tiger STL
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which is the legal process here.
Where does jail come into play? It's a tax issue and if it was filed wrong, there will be a penalty.
"However, the apparent admission of self-dealing “could be assessed as an IRS penalty against the person who received the benefit, potentially at three times the value,” said Robert McKenzie, a tax law expert who is a partner at the Arnstein & Lehr law firm in Chicago.
The IRS potentially could also seek penalties against the directors of the foundation — who include Trump and three of his children — “for allowing such a transaction,” said McKenzie.
However, attorneys for charitable organizations often are able to negotiate lower penalties than those proposed by the IRS, said McKenzie.
The foundation's new admission could potentially result in separate penalties by state agencies that oversee the nonprofit, added McKenzie. New York Attorney General Eric Schneiderman had been conducting an examination of filings submitted by Trump's charitable organization."
Where does jail come into play? It's a tax issue and if it was filed wrong, there will be a penalty.
"However, the apparent admission of self-dealing “could be assessed as an IRS penalty against the person who received the benefit, potentially at three times the value,” said Robert McKenzie, a tax law expert who is a partner at the Arnstein & Lehr law firm in Chicago.
The IRS potentially could also seek penalties against the directors of the foundation — who include Trump and three of his children — “for allowing such a transaction,” said McKenzie.
However, attorneys for charitable organizations often are able to negotiate lower penalties than those proposed by the IRS, said McKenzie.
The foundation's new admission could potentially result in separate penalties by state agencies that oversee the nonprofit, added McKenzie. New York Attorney General Eric Schneiderman had been conducting an examination of filings submitted by Trump's charitable organization."
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did you read the last 4 paragraphs? He will face fines - 90Tiger MU - 11/22 14:05:25