Arnstein Partner Quoted on IRS ID Theft PINs and Trump’s Decision to Not Release His Tax Returns
Arnstein & Lehr LLP Chicago partner Robert E. McKenzie was quoted in the article, “IRS ID Theft PINs Too Easy to Obtain Online, Observers Warn.” Mr. McKenzie gives insight on the IRS’s decision to continue online access to IP PINs after thousands of tax transcripts were illegally downloaded last year. Mr. McKenzie says, “I would have real reservations that the IRS has returned to a system that failed once already.” To read the complete article, click here.
Additionally, Mr. McKenzie gave his expert opinion regarding Donald Trump’s decision to not release his tax returns while being audited in the article, “Trump is Right, Experts Say It Would Be Very Stupid to Release His Taxes During an Audit.” Mr. McKenzie explains how he would advise a client in this situation and whether Trump’s decision is plausible, saying “I would advise my client that there could be huge risks in releasing complex returns during an audit. Instead of having just an IRS agent review the return it now would be reviewed by thousands of tax experts. The first step his opponents would take would be to assign the best tax accountants and tax lawyers on his team to analyze the returns. In addition, reporters would seek out tax experts to review the returns. (I reviewed Mitt Romney’s, Dennis Santorum’s and Newt Gingrich’s returns last cycle at the request on a national publication.) All the comments would lead the agent to more and more issues. On the other hand the political damage of a failure to release may out weigh the risk of a larger tax deficiency.” Click here to the full article.