The President’s tax return has come under fire after it was revealed that the President may have declared millions of dollars in losses and that his personal tax returns were incomplete.
What is a return?
A return is a document that is sent to the Internal Revenue Service (IRS) by the US president or a member of his family.
It contains the full information of all the income earned by the person and their tax liabilities.
This includes how much the income is taxed and the tax rate on that income.
What do we know about Trump’s taxes?
Trump’s returns, along with those of his former chief strategist Steve Bannon and other associates, have been scrutinised by congressional committees and the public since the inauguration.
How is the President’s return received?
The returns are sent by the IRS to the White House, where the president is given a brief summary of the return and the information is copied to the secretary of the Treasury.
A copy of the president’s return is also given to Congress, which can then see it.
The president has been asked several times whether he has paid taxes since leaving office.
The answer, he has told reporters, is no.
How does Trump get his returns?
The return is sent by US mail to the president and is not checked against the president or anyone else.
The White House has not yet released the contents of the returns, which are often filed using personal financial information, such as Social Security numbers and dates of birth.
What does the tax code mean?
The Internal Revenue Code (IRC) is a federal law which regulates taxes.
It has provisions that provide for filing an amended return to correct errors in the return, including the fact that an employee of the government is not subject to federal income tax and the taxpayer can deduct their expenses from their tax liability.
What are the main differences between Trump’s return and others?
Trump has not released his returns since leaving the White Houses office on January 20, 2018, and has only released a statement to the media that he will not release them.
However, he was quick to claim that his returns were “not perfect”.
What can be done about Trump?
The White Houses Office of Government Ethics (OGE) has released guidelines for the disclosure of tax returns.
It advises that “a president must disclose tax returns that he filed and pay tax on the amount he receives, including any tax deductions, credits, or credits for the amount”.
The guidance states that “if the president receives a payment for tax returns filed, the president must withhold that payment from his tax returns”.
It also suggests that if the president discloses an amount that is not required to be disclosed in the returns by statute, the OGE will contact the IRS.
The IRS has confirmed to the BBC that the White house is reviewing the guidelines and that the administration will provide a response within 90 days.
Is there anything I can do to get my tax information included?
If you or anyone you know needs help with your tax issues, we encourage you to contact the tax advice line on the WhiteHouse.gov website.
You can also contact the Treasury Inspector General for Tax Administration (TIGTA) for help if you think your tax information might be in the public domain.
If you have any questions about how to claim the refund or get your returns released, contact the US Taxpayer Advocate Service (TAP) at 800-366-8688.