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

#101
#101
hog88 said:
Auditors are supposed to find the garbage.
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As I have thought more about this you are correct. It's kind of like Arthur Anderson and Enron. They signed off on it and lost all credibility. So they have lost all credibility
 
#103
#103
hog88 said:
They lost everything, out of business even though the conviction was overturned.
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Yep and I now agree. This firm de-certifying, or whatever the term is, has lost all credibility. My guess is they realized they were going to anyway and this is a hailmary to save face
 
#104
#104
volfanhill said:
Yep and I now agree. This firm de-certifying, or whatever the term is, has lost all credibility. My guess is they realized they were going to anyway and this is a hailmary to save face
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Either the DA has the goods on the Trump organization and Mazars or they have something on Mazars outside of the investigation into Trump and made a deal.
 
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#105
#105
hog88 said:
My stance has not been proven wrong. This firm has just admitted it's incompetence. One of the most highly respected auditing/accounting firms couldn't find irregularities, fraud ext but a lowly government functionary that couldn't get a job at that firm did?
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Maybe it had something to do with their legal ability to get documents and depositions.
 
#106
#106
hog88 said:
Either the DA has the goods on the Trump organization and Mazars or they have something on Mazars outside of the investigation into Trump and made a deal.
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I don’t think there is any doubt at all that a deal was made, the terms (which may not ever be fully known) are the only questions.
 
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#107
#107
Vol8188 said:
It’s a witch-hunt 100% to go after someone for a subjective crime. When your home is appraised do you believe that’s an objective or subjective value?

I’ll give you an example. My last home appraised for the exact value I purchased it for and then again for the exact value I sold it for. Coincidence or subjective?
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Appraisals of homes are meant to be objective but can't be because of the adjustments made. The courses appraisers take are supposed to take these subjective opinions to make them seem more objective. In reality, appraisers simply look at the current sales in the local area and then the buy/sell contract and back into the number they need to hit. Why is this? Because if they consistently don't hit the mark they'll be challenged by the real estate agents and bank. They'll then likely be thrown from any AMC for future jobs. I'm of the opinion appraisals should simply confirm the home is of good visual standing (running water, toilets flush, no water damage to roof, etc) with the idea it is collateral. I really know what Trump did or didn't do and until I see exactly what charges come or don't come I'll reserve judgment on him as a business man. Now, as someone who works in a highly regulated industry, anytime a firm puts out a statement like this its a red flag and usually means they are trying to protect themselves.
 
#108
#108
acd4476 said:
Appraisals of homes are meant to be objective but can't be because of the adjustments made. The courses appraisers take are supposed to take these subjective opinions to make them seem more objective. In reality, appraisers simply look at the current sales in the local area and then the buy/sell contract and back into the number they need to hit. Why is this? Because if they consistently don't hit the mark they'll be challenged by the real estate agents and bank. They'll then likely be thrown from any AMC for future jobs. I'm of the opinion appraisals should simply confirm the home is of good visual standing (running water, toilets flush, no water damage to roof, etc) with the idea it is collateral. I really know what Trump did or didn't do and until I see exactly what charges come or don't come I'll reserve judgment on him as a business man. Now, as someone who works in a highly regulated industry, anytime a firm puts out a statement like this its a red flag and usually means they are trying to protect themselves.
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“Are meant to be objective but can’t be”-so that’s you agreeing they’re subjective.

Of course they’re trying to protect themselves, from a politically motivated AG
 
#109
#109
MontyPython said:
Trump is a cheating liar? Wut.

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


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 Monday.

Mazars, which for years prepared Trump’s income tax returns and financial statements used to obtain loans for his company, told the Trump Organization’s top lawyer Alan Garten that it would no longer represent the company due to the lack of reliability of the financial statements 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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You want a cookie, Nancy?
 
#111
#111
Vol8188 said:
This isn’t about someone claiming a loss. It’s about a subjective valuation. Correct?
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I dont know what the DA is alleging. But if he indicated a subjective value of $100 million on a application with a bank but turned around and claimed same said property was worth $100 to the local tax authority then yes. Claiming a loss was poor choice of words. Like I said I believe every millionaire and billionaire does the same thing. If you aren't trying to reduce the taxes you pay you are doing it wrong. The key is to find the gray areas, this is where the profits are made. Id suspect Trump and more so his high paid attorneys to find such areas.
 
#112
#112
Vol8188 said:
“Are meant to be objective but can’t be”-so that’s you agreeing they’re subjective.

Of course they’re trying to protect themselves, from a politically motivated AG
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That's why I said dont just go after Trump. Get them all. If they bring some measly misdemeanor the tax payers should riot.
 
#113
#113
MontyPython said:
Trump is a cheating liar? Wut.

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


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 Monday.

Mazars, which for years prepared Trump’s income tax returns and financial statements used to obtain loans for his company, told the Trump Organization’s top lawyer Alan Garten that it would no longer represent the company due to the lack of reliability of the financial statements 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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Yet, everything was fine until he became president? Sorry if I have reservations.
 
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#114
#114
acd4476 said:
I dont know what the DA is alleging. But if he indicated a subjective value of $100 million on a application with a bank but turned around and claimed same said property was worth $100 to the local tax authority then yes. Claiming a loss was poor choice of words. Like I said I believe every millionaire and billionaire does the same thing. If you aren't trying to reduce the taxes you pay you are doing it wrong. The key is to find the gray areas, this is where the profits are made. Id suspect Trump and more so his high paid attorneys to find such areas.
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So you believe Trump gets to assess his own property value for tax purposes? At least try to be serious. When you pay property taxes do they let you guess the value or do they do it for you?

The idea that profits are a result of gray areas in tax code is ignorant and reductive.
 
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#115
#115
Vol8188 said:
So you believe Trump gets to assess his own property value for tax purposes? At least try to be serious. When you pay property taxes do they let you guess the value or do they do it for you?

The idea that profits are a result of gray areas in tax code is ignorant and reductive.
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No, but I can go to the taxing authority and submit data which shows why they are wrong. Its even more common practice with corporations to do as much. A local entity just reduced its assessed value by over 100 million over the next decade.
 
#116
#116
acd4476 said:
That's why I said dont just go after Trump. Get them all. If they bring some measly misdemeanor the tax payers should riot.
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Who is them? The entire country? You've yet to state who is harmed here and why we should go after anyone.
 
#117
#117
acd4476 said:
No, but I can go to the taxing authority and submit data which shows why they are wrong. Its even more common practice with corporations to do as much.
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You've yet to state a crime. Yes, I can challenge an appraisal.......where is the crime? You've went down this long weird road of hypotheticals without anything of substance.
 
#118
#118
I've talked to a few people that have contested their tax appraisals on their homes, and in each case it went something like this: Would you sell your home for the tax appraisal? If yes then your house is worth what we say it is, if no then you need to look at what other houses around you are appraised at and adjust your thinking.
 
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#119
#119
VolStrom said:
I've talked to a few people that have contested their tax appraisals on their homes, and in each case it went something like this: Would you sell your home for the tax appraisal? If yes then your house is worth what we say it is, if no then you need to look at what other houses around you are appraised at and adjust your thinking.
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It’s a really ballsy thing to do, because tax appraisal is normally much lower than market. I wouldn’t go turning over stones there.

I suppose if you took out a second mortgage against your non-appraised tax value, you would be committing a crime in NY?
 
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#120
#120
VolStrom said:
I've talked to a few people that have contested their tax appraisals on their homes, and in each case it went something like this: Would you sell your home for the tax appraisal? If yes then your house is worth what we say it is, if no then you need to look at what other houses around you are appraised at and adjust your thinking.
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One of the most disgusting taxes out there is the business inventory tax. This is where the county taxes you on items you're at a net loss for (you've bought them and yet to sell, thus a loss). I had to sit in front of those leaches while they asked me things like "can you estimate the value of paper towels you have on hand" (that was a real question). Idk how some people sleep with themselves.
 
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#123
#123
acd4476 said:
It is a crime to submit fraudulent information to a bank.
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You're all over the map. So the crime has nothing to do with taxes?

If so, the only people who could reasonably be seen as victims of this crime are the banks themselves. Are those banks going after trump for misrepresenting his assets? If not, why should the AG of NY?
 
#125
#125
VolStrom said:
Does that apply to the millions of deadbeats that sign a piece of paper saying they will pay back a loan and then don't?
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I literally asked him a second ago what the crime was and he said "maybe trump downplayed the value of his property for tax purposes", then I asked if he thought trump got to assess his property (obviously no one does) and he pivoted to this nonsense.
 
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