Ultimate magazine theme for WordPress.

Trump Organization executive Allen Weisselberg surrenders to authorities ahead of expected charges | US News


A key Trump Organization executive has surrendered to authorities ahead of expected charges against him and the former US president’s company.

Chief financial officer Allen Weisselberg, 73, was seen walking into a Manhattan courthouse with his lawyer, with prosecutors expected to announce the first criminal indictment in a two-year investigation into Donald Trump’s business practices.

They accuse the Trump Organization and Weisselberg of tax crimes related to fringe benefits for employees.

Mr Trump denies any wrongdoing and has called the investigation a “witch hunt” by politically-motivated prosecutors.

It is understood the charges relate to allegations that Weisselberg and other executives were compensated with the likes of rent-free accommodation, leased cars and school fees, without proper reporting on tax returns.

The investigation into the Trump Organization is being jointly pursued by Manhattan district attorney Cyrus Vance Jr and New York attorney general Letitia James – both of whom are Democrats.

It is not expected that the former president himself will be charged this week, although investigations into his company are continuing, his lawyer Ronald Fischetti said.

In the US, any benefit provided to an employee which is not essential to their work must be taxed as income.

James Repetti, a tax lawyer and professor at Boston College Law School, said: “The [Internal Revenue Service] routinely looks for abuse of fringe benefits when auditing closely held businesses.

“The temptation for the business is that it claims a tax deduction for the expense, while the recipient does not report it in income.”


Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More