Tax firm Mazars fires Trump Organization as client, says former president’s financial statements are unreliable

[Chomsky]

Tax firm Mazars fires Trump Organization as client, says former president's financial statements are unreliable

N.Y. Attorney General Letitia James' office for several years has been investigating Trump's company, the Trump Organization.

www.cnbc.com

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The accounting firm Mazars has fired the Trump Organization as a client after saying that a decade’s worth of statements of ex-President Donald Trump’s financial condition “should no longer be relied upon,” the New York Attorney General’s office revealed in a court filing.

Mazars, which for years prepared Trump’s income tax returns, informed the Trump Organization’s top lawyer Alan Garten of that move and conclusion in a letter last Wednesday.

The letter was cited by AG Letitia James’ office on Monday as it asked a state judge to order the Trump Organization, Donald Trump Jr. and his sister Ivanka Trump, and others to comply with subpoenas seeking documents and testimony.

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Wow! I believe this has the potential to be a big deal.

Trump's long-time accounting firm has dumped him, refusing to file his taxes this year, citing a decade's worth of Trump tax documents are - 'unreliable'.

This comes as allegations grow over Trump misrepresenting the value of assets, valuing them higher to borrow against them, and valuing them lower to the IRS for tax purposes.

This, to my mind, might leave exposure to mortgage or tax fraud; 'No'?

Congress, due to GOP protection, couldn't get to Trump. But, it's looking like civil & criminal mortgage & tax cases may possibly have better luck.

 

[tres borrachos]

Tax firm Mazars fires Trump Organization as client, says former president's financial statements are unreliable

N.Y. Attorney General Letitia James' office for several years has been investigating Trump's company, the Trump Organization.

www.cnbc.com

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--

Wow! I believe this has the potential to be a big deal.

Trump's long-time accounting firm has dumped him, refusing to file his taxes this year, citing a decade's worth of Trump tax documents are - 'unreliable'.

This comes as allegations grow over Trump misrepresenting the value of assets, valuing them higher to borrow against them, and valuing them lower to the IRS for tax purposes.

This, to my mind, might leave exposure to mortgage or tax fraud; 'No'?

Congress, due to GOP protection, couldn't get to Trump. But, it's looking like civil & criminal mortgage & tax cases may possibly have better luck.

Wow. That isn't good. Mazars knows he lied and they don't want to go down with him. Distancing themselves from the corrupt Trump Organization is a very smart move on their part.

 

[reflechissez]

Third thread on this...all within the last hour and a half.

 

[exoplanet]

This, to my mind, might leave exposure to mortgage or tax fraud; 'No'?

Congress, due to GOP protection, couldn't get to Trump. But, it's looking like civil & criminal mortgage & tax cases may possibly have better luck.

Well, the potential was there once the investigation started. It certainly looks like they realized the legal ramifications and wanted nothing to do with it. From a practical perspective, it's going to be very interesting to see who Trump works with next. Whoever takes on that work isn't going to have the fig leaf of plausible deniability anymore.

 

[CaughtInThe]

Capone

 

[Threegoofs]

Wow. That isn't good. Mazars knows he lied and they don't want to go down with him. Distancing themselves from the corrupt Trump Organization is a very smart move on their part.

Yet they were good with it for the last decade?

Sounds like a CYA move to me.

 

[Moon]

Tax firm Mazars fires Trump Organization as client, says former president's financial statements are unreliable

N.Y. Attorney General Letitia James' office for several years has been investigating Trump's company, the Trump Organization.

www.cnbc.com

--





--

Wow! I believe this has the potential to be a big deal.

Trump's long-time accounting firm has dumped him, refusing to file his taxes this year, citing a decade's worth of Trump tax documents are - 'unreliable'.

This comes as allegations grow over Trump misrepresenting the value of assets, valuing them higher to borrow against them, and valuing them lower to the IRS for tax purposes.

This, to my mind, might leave exposure to mortgage or tax fraud; 'No'?

Congress, due to GOP protection, couldn't get to Trump. But, it's looking like civil & criminal mortgage & tax cases may possibly have better luck.

Sounds like CYA to me.

““While we have not concluded that the various financial statements, as a whole, contain material discrepancies, based on the totality of the circumstances, we believe our advice to no longer rely upon those financial statements is appropriate,” Mazars said in its letter to Garten.”

But it’s completely understandable.

 

[Mithros]

Tax firm Mazars fires Trump Organization as client, says former president's financial statements are unreliable

N.Y. Attorney General Letitia James' office for several years has been investigating Trump's company, the Trump Organization.

www.cnbc.com

--





--

Wow! I believe this has the potential to be a big deal.

Trump's long-time accounting firm has dumped him, refusing to file his taxes this year, citing a decade's worth of Trump tax documents are - 'unreliable'.

This comes as allegations grow over Trump misrepresenting the value of assets, valuing them higher to borrow against them, and valuing them lower to the IRS for tax purposes.

This, to my mind, might leave exposure to mortgage or tax fraud; 'No'?

Congress, due to GOP protection, couldn't get to Trump. But, it's looking like civil & criminal mortgage & tax cases may possibly have better luck.

I’m not sure I see the logic in what they’re doing. They’re on the hook for what they attested to. There’s no legal benefit to cutting ship, (imo)

Politically this creates a news cycled focused on Mazars accounting. If and when Trump gets taken down we’ll be taking about that, not his crooked accounting firm. So that seems like an own goal.

The mistake was doing business with Trump in the first place. Calling attention to that just makes a bad situation worse.

 

[Chomsky]

Wow. That isn't good. Mazars knows he lied and they don't want to go down with him. Distancing themselves from the corrupt Trump Organization is a very smart move on their part.

That's what it looks like, from where I'm sitting.

 

[Peacenik]

Capone

Yeah. Got him on taxes.

That's what his fixer said. When he goes down it will be on dirty money dealings. The US government doesn't take it lightly when people in a high tax bracket commit tax fraud.

 

[Top Cat]

Yet they were good with it for the last decade?

Sounds like a CYA move to me.

Lay down with dogs..

 

[Peacenik]

They must think there are some serious problems because they've got to be leaving a lot of profits on the table to lose such a high dollar customer.

Trump's got hundreds of shell companies. Doing his taxes must be a huge task.

 

[Chomsky]

Third thread on this...all within the last hour and a half.

If true, it's interesting that when put the title in the title field, and searched the 'like threads results', nothing came-up on this topic, so I went ahead and posted it.

Now, I'm wondering if the 'like threads' search engine only searches in the specific posting sub-forum where new thread is being placed?

 

[Chomsky]

Well, the potential was there once the investigation started. It certainly looks like they realized the legal ramifications and wanted nothing to do with it. From a practical perspective, it's going to be very interesting to see who Trump works with next. Whoever takes on that work isn't going to have the fig leaf of plausible deniability anymore.

Yep. Been saying the bolded for a very, very, long time . . .

 

[Common Sense 1]

How do you "fire" a customer?
Probably one more crappy story about president Trump!!
MSM loves this stuff.

 

[Chomsky]

Yet they were good with it for the last decade?

Sounds like a CYA move to me.

Bingo!

"Who? Never heard of 'em!"

 

[Chomsky]

Capone

. . .

 

[Top Cat]

How do you "fire" a customer?

It is simple. You stop taking their business.

 

[Chomsky]

They must think there are some serious problems because they've got to be leaving a lot of profits on the table to lose such a high dollar customer.

Trump's got hundreds of shell companies. Doing his taxes must be a huge task.

And, it's now starting to sound like a hazardous task . . .

 

[Common Sense 1]

Wow. That isn't good. Mazars knows he lied and they don't want to go down with him. Distancing themselves from the corrupt Trump Organization is a very smart move on their part.

Making up stuff again? Trump would have nothing to do with Mazars. His accounting people would.
They have done his taxes for 10 years....... Mazars is trying to CYA. But after 10 years it's a bit late if there is a problem.

 

[Peacenik]

And, it's now starting to sound like a hazardous task . . .

They probably looked the other way on a lot of stuff over the years for Trump, but this is crossing the line when you've got an AG demanding records and asking questions.

 

[Common Sense 1]

It is simple. You stop taking their business.

Well that is not "fired".

 

[Peacenik]

No big surprise the investigation into Trump's taxes is taking a long time. He purposely made it convoluted with layers upon layers of shell companies.

 

[Captain Adverse]

Tax firm Mazars fires Trump Organization as client, says former president's financial statements are unreliable

N.Y. Attorney General Letitia James' office for several years has been investigating Trump's company, the Trump Organization.

www.cnbc.com

--





--

Wow! I believe this has the potential to be a big deal.

Trump's long-time accounting firm has dumped him, refusing to file his taxes this year, citing a decade's worth of Trump tax documents are - 'unreliable'.

This comes as allegations grow over Trump misrepresenting the value of assets, valuing them higher to borrow against them, and valuing them lower to the IRS for tax purposes.

This, to my mind, might leave exposure to mortgage or tax fraud; 'No'?

Congress, due to GOP protection, couldn't get to Trump. But, it's looking like civil & criminal mortgage & tax cases may possibly have better luck.

Well no one "fires" a client. They are employed by a client.

They can cancel a contract, subject to any forfeiture clauses in said contract.

They can also refuse to renew a contract.

But technically as the employee/servicer (contractor), not the employer (contractee), they don't fire anyone.

 

[Chomsky]

I’m not sure I see the logic in what they’re doing. They’re on the hook for what they attested to. There’s no legal benefit to cutting ship, (imo)

They're cutting themselves off from any future liability. As this stuff has been coming-out, it's getting harder to portray plausible deniability.

Politically this creates a news cycled focused on Mazars accounting. If and when Trump gets taken down we’ll be taking about that, not his crooked accounting firm. So that seems like an own goal.

Before it's over, Trump & Mazar's will be pointing fingers at each-other; just watch.

The mistake was doing business with Trump in the first place.

Agreed. Greed is hard to resist.

Calling attention to that just makes a bad situation worse.

To come-out like this, would seem to indicate they are highly concerned and are trying to get ahead of the PR & politics.