Politics: Trump Declared Losses On Tax Returns For A Decade, Testifies Former Accountant

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Donald Trump reported losses consecutively on his tax returns for a decade, according to reported testimony of his former accountant.

  Trump Declared Losses On Tax Returns For A Decade, Testifies Former Accountant © Provided by Benzinga

What Happened: Trump’s erstwhile accountant, Donald Bender, said that the former U.S. president reported losses from 2009 to 2018, reported The New York Post.

Bender, a partner at accounting company Mazars USA, reportedly made the disclosure when he took the stand in Manhattan Supreme Court on Tuesday as part of a tax fraud trial involving Trump’s company.

In 2009 and 2010 alone, Trump reported losing close to $1 billion, said The New York Post report.

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Why It Matters: Bender’s testimony revealed details about Trump’s taxes, which the former president strived to keep under wraps, noted the report.

Mazars prepared The Trump Organization’s taxes until February after discovering that statements made by the ex-president about his finances were unreliable, according to the report.

Benders reportedly denied that he’d seen evidence of alleged off-the-books compensation paid to former Trump Organization CFO Allen Weisselberg and others. When questioned how he was sure about it, he said, “Because I probably would’ve had a heart attack.”

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Trump received a legal setback on Tuesday after the U.S. Supreme Court cleared the release of his tax returns to the chief tax-writing committee of Congress.

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Prosecutor: Evidence shows Trump 'explicitly' sanctioned alleged tax fraud scheme at two companies .
A defense attorney representing one of the Trump companies on trial for the alleged fraud dismissed the argument raised in the prosecution's closing.Manhattan Assistant District Attorney Joshua Steinglass made the assertion during closing arguments in the trial of the Trump Corporation and Trump Payroll Corporation. He said evidence showed "Mr. Trump is explicitly sanctioning tax fraud,” and suggested that Trump could be deemed an unindicted co-conspirator.

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