NY authorities investigating millions in tax write-offs from the Trump Organization

Ivanka Trump

Ivanka Trump

Two investigations into Donald Trump " s taxes are now honing in on tax write-offs on consulting fees made by the Trump Organization after the president's daughter Ivanka received about $748,000 in payments that were reported as a "write-off'.

According to CNN, New York authorities are now investigating tax-write offs that include millions in consultant fees.

Ivanka slammed the probe tweeting Thursday night: 'This is harassment pure and simple'.

"This "inquiry" by NYC democrats is 100 per cent motivated by politics, publicity and rage. These politicians are simply ruthless", Ivanka tweeted Thursday. There is no suggestion that Ivanka Trump accounted for the payment improperly.

Both investigations are at least partly related to allegations, made in news reports and by President Trump's former lawyer, Michael Cohen, that Trump had a history of inflating the value of some assets to impress banks and business partners, but lowering that value when seeking tax benefits. Some of those fees appear to have been paid to Ivanka, even though she was a senior executive at the company.

It is worth mentioning that in 2017, the statement indicated the deduction for consulting costs of $ 747,622, which precisely coincided with income in other documents declared by Ivanka Trump through a company in which he is a co-owner.

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The offices of the district attorney and the attorney general declined to comment. Vance's office began the inquiry more than two years ago, initially focusing on the Trump Organization's role in hush money paid during the 2016 presidential campaign to Stormy Daniels, a pornographic film actress who claimed to have had an affair with Trump.

According to the newspaper, such steps were taken by the prosecutor's office after information appeared in late September that Trump had not paid federal income tax for ten years. These expenses of the Trump Organization responded to projects in Hawaii and Vancouver (Canada) in which Ivanka Trump already works as a member of the family business. While companies can deduct professional fees, the Internal Revenue Service requires that consulting arrangements be market-based and reasonable, as well as "ordinary and necessary" to running a business.

Alan Garten, an attorney for the Trump Organization, similarly told The Times that "this is just the latest fishing expedition in an ongoing attempt to harass the company".

However, it's not clear if the IRS ever questioned the Trump Organization about their write-off practices.

The Times reported that between 2010 and 2018, Trump had reduced his taxable income by $US26 million by writing off consultancy fees as business expenses. He added, "All applicable taxes were paid and no party received any undue benefit".

Vance has been involved in a long court battle seeking access to Trump's tax filings as part of the investigation.

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