News & Events


It has been all over the news as of late; presumptive GOP nominee and business mogul Donald Trump has been under fire after refusing to turn over his Federal income tax returns to the general public until after a routine audit by the IRS is completed. Although candidates are not required to publically release their tax returns the last seven presidents have. Trump has indicated in several interviews that he would do so after the audit ends, which may not happen before the election. So why is Donald Trump's tax return under audit? We may never know for sure, but what we do know is that you don't have to be a successful business tycoon or presidential candidate to be audited by the IRS. Below are a few of many red flags that could raise suspicion and cause your return to be audited:

  • Home office deductions

  • Large Schedule C and Schedule E losses reported on your return

  • Income from certain business lines that primarily collect income in cash

  • Home mortgage interest in excess of $50,000

  • Returns with itemized deductions over 40 percent of adjusted gross income

  • High amounts of charitable contribution in relation to income