Former Trump Organization CFO Says He Didn’t Pay Taxes On Personal Expenses Worth $1.76 Million

Allen Weisselberg, the former chief financial officer of the Trump Organization, testified on Tuesday that he was aware he should have paid taxes on hundreds of thousands of dollars in benefits each year, including a Manhattan apartment paid for by the company, which he claimed former President Donald Trump suggested he move into.

Weisselberg quietly guided the jury through the development of the corporation from 50 employees when he started there in 1986 to an umbrella organization that comprises 500 entities during his testimony, which lasted roughly 90 minutes, during the criminal trial of the Trump Organization in Manhattan.

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Weisselberg responded “yes” after prosecutor Susan Hoffinger went through each personal expense he had received from the Trump Organization and asked if the business had paid taxes on them from 2005 to 2017.

One of the untaxed amenities Weisselberg received was a 1200-square-foot luxury apartment in Manhattan that cost over $7,000 per month and had a view of the Hudson River. In order to reduce his daily travel to Long Island, where he was living at the time, the former CFO claimed Trump offered him the property in 2005.

Trump invited Weisselberg to sit down with him and asked him if he would think about relocating there, according to Weisselberg. Weisselberg quoted Trump as saying that it would “benefit you, assist the company” and that he could put in more hours.

Weisselberg claimed that after talking to his wife, they decided to move in, and Trump gave the go-ahead for the costs. Additionally, he claimed that he expensed his utilities, phone, car leases, and garage because they were “integral parts” of the flat.

The cheques for his apartment’s rent would be signed by either Weisselberg or Trump. According to his testimony, he received up to $200,000 in untaxed remuneration from all of those advantages in a single year.

Weisselberg claimed that if he had requested a raise, the business would have had to double his income, or up to $400,000, to cover the taxes. Weisselberg claimed that from 2005 to 2017, he failed to pay taxes on a total of $1.76 million in personal expenses.

He admitted that he intentionally underreported his income on his tax returns in order to receive tax-free fringe benefits. He said he kept this information a secret from the Mazars accountants because he believed they would not sign his tax returns if they were made aware of it.

Weisselberg claims that when Jeff McConney, the controller for the Trump Organization, produced the fake W-2 and 1099 tax forms on his behalf, he was aware that the conduct was unlawful.

Prior to an internal assessment years later, McConney had previously asserted on the witness stand that he did not believe all of the expenses had been handled improperly.

Weisselberg stated on Tuesday that he lost his position as chief financial officer after being detained and charged with grand larceny and 15 charges of tax evasion. Weisselberg claimed that even after being charged, he continued to complete the majority of the same work in a whisper while talking about his misdeeds.

Weisselberg claimed the situation changed in October, a few months after he entered a guilty plea and consented to testify, when he started working from home and his communication with Eric Trump, who oversees the day-to-day operations of the business, “stopped.”

Weisselberg stated that despite being on paid vacation, he still anticipates receiving a $500,000 bonus in addition to his $640,000 pay in January.

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Weisselberg’s son threw him a birthday celebration at Trump Tower on the day the plea agreement with the prosecutors was officially signed in August. Weisselberg made an effort to minimise it by saying that “it was a small cake” and that he regretted doing it.

Weisselberg is anticipated to stay on the witness stand into Thursday morning. Nine counts of tax fraud, grand larceny, and falsifying business documents are brought against two Trump Organization corporations.

what prosecutors claim was a 15-year plot to cheat tax authorities by neglecting to declare and pay taxes on employee salaries. Since he is not a defendant in the case, it seems unlikely that the former president will be found guilty of any crime.

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