Trump finances
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Mazars has complied with a New York grand jury subpoena, turning over eight years worth of records related to former President Donald Trump’s personal and business tax returns to state prosecutors. We remain committed to fulfilling all of our professional and legal obligations,” the firm said in a statement. “Due to our industry’s professional obligations Mazars cannot discuss any clients-current or former, the status of our relationships, or the nature of our services in a public forum without client consent or as required by law. Mazars declined to comment about the impact that the criminal charges against the Trump Organization has had on the firm, nor its current business relationship with the real estate developer. And the test of whether or not this accounting firm could be a trusted business partner for a company is how they handle this situation,” said Jon Baumunk, accounting ethics lecturer at San Diego State University. “Accounting firms are going to have clients that have difficulties of one sort or another. Partners may leave, clients may switch to another CPA firm, revenues could slump.īut there’s also an opportunity to bolster the firm’s reputation and position among the 30 largest firms in the country by standing by its client and its work.
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In the short term, the criminal case in New York and an ongoing congressional investigation could stain the firm’s reputation. Mazars may be stuck with Trump for better or worse. But walking away from a client doesn’t end the firm’s professional obligations nor would it halt inquiries into its past work for Trump’s global real estate business. The firm could opt to end its decades-long relationship with the Trump Organization. Mazars USA LLP faces supporting its longtime client while also cooperating with authorities who have now charged the Trump Organization with tax fraud. Former President Donald Trump’s accounting firm is in a tough spot.