Read: Indictment charges against Trump Organization and its CFO
By CNN Updated 1855 GMT (0255 HKT) July 1, 2021
(CNN)Trump Organization Chief Financial Officer Allen Weisselberg is appearing in a Manhattan courtroom Thursday afternoon to respond to criminal charges against him and the company in connection with alleged tax crimes.
4. Beginning from at least 2005 to on or about June 30, 2021, the defendants and others devised and operated a scheme to defraud federal, New York State, and New York City tax authorities. The purpose of the scheme was to compensate Weisselberg and other Trump Organization executives in a manner that was “off the books”: the beneficiaries of the scheme received substantial portions of their income through indirect and disguised means, with ‘compensation that was unreported or misreported by the Trump Corporation or Trump Payroll Corp. 10 the tax authorities. The scheme was intended to allow certain employees to substantially understate their compensation from the Trump Organization, so that they could and did pay federal, state, and local taxes in amounts that were significantly less than the amounts that should have been paid. The scheme also enabled Weisselberg to obtain tax refunds of amounts previously withheld 3 and remitted to federal and state tax authorities. Further, the scheme involved the failureof the “Trump Corporation and Trump Payroll Corp. to withhold income taxes on wages, salaries, bonuses and other forms of compensation paid to certain employees. The scheme also allowed the Trump Organization to evade the payment of payroll taxes that the Trump Organization was required to pay in connection with employee compensation.
5. One of the largest individual beneficiaries of the defendants’ scheme was Allen Weisselberg. During the operation of the scheme, the defendants arranged for Weisselberg to receive indirect employee compensation from the Trump Organization in the approximate amount of $1.76 million. As described below, the defendants enabled Weisselberg to receive this compensation in ways that enabled the corporate defendants to avoid reporting it to the tax authorities, and that did not result in the withholding of income tax by the corporate defendants Weisselberg then concealed the compensation from his tax preparer and intentionally omitted it from his tax retums. Additionally, Weisselberg concealed for years the fact that he was a resident of New York City who was required to pay New York City income taxes. During the period of the scheme, Weisselberg thereby evaded approximately $556,385 in federal taxes, approximately $106,568 in state taxes, and approximately $238,159 in New York City taxes, and he falsely claimed and received approximately $94,902 in federal tax refunds and approximately $38,222 in state tax refunds, to which he was not entitled.
An Illinois tax agency has ruled that former President Donald Trump is due a $1 million refund on the 2011 tax bill for his downtown Chicago skyscraper, but local officials are trying to block the refund.
The Chicago Sun-Times reports that at issue is the Cook County Board of Review’s estimation of the value of the the Trump International Hotel & Tower’s rooms and retail space. In June, the Illinois Property Tax Appeal Board voted 5-0 to reduce the assessment on the building’s commercial property.
The vote means that Trump is owed $1.03 million, money that would come out of the property taxes due the city of Chicago, the Chicago Public Schools and several other government agencies. The Cook County State’s Attorney is disputing the refund and has filed a lawsuit with the Illinois Appellate Court in the hopes of blocking it.
The dispute is the latest chapter in a long-running legal battle over Trump’s tax bills that started more than 12 years ago and has led to more than $14 million in tax breaks for Trump. It also involves not only a former president who is at the middle of a host of legal battles but a Chicago alderman whose own legal troubles had been making headlines in Chicago for months.
Alderman Edward M. Burke, whose former law firm, Klafter & Burke, won the tax breaks for Trump, has been indicted on federal charges that he blocked businesses from getting city permits unless they hired the firm. He has pleaded not guilty and is awaiting trial.
The dispute over the tax bills on the high-rise building has it’s own long history. Originally, the state agency rejected Trump’s argument that the vacant stores had no value because he could not find any tenants to lease them. A hearing officer for the state agency rejected Trump’s argument that the vacant stores at the building had no value because he couldn’t lease them. But a staff member later wrote a report that Trump was entitled to the refund.
The agency delayed acting on the case until Trump was out of office and in June voted to reduce the assessment on the building’s commercial property.
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