New York state tax officials have launched a review into allegations in a New York Times article that President Trump Donald TrumpTrump lashes out after grand jury seated for New York criminal probe Schumer tees up vote on Jan. 6 commission bill Senators struggle to save Jan. 6 commission MORE participated in "dubious tax schemes" in the 1990s that helped him earn additional wealth from his father's real estate business. "The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation," a spokesman from New York State Department of Taxation and Finance said in an email to The Hill. ADVERTISEMENT The statement from the department came just hours after The New York Times published an exhaustive report detailing some of the president's business dealings. Among other things, the report said that Trump received the equivalent of $413 million based on questionable tax dealings and that his behavior amounted to fraud in multiple cases. The Times also reported that Trump and his family committed "outright fraud" when Trump's father transferred millions from his real estate empire to his children in order to not pay the appropriate amount of taxes. Trump declined to comment to the Times for the story. The White House did not immediately respond to a request for comment from The Hill. Charles Harder, an attorney for the president, said in statement to the Times that the allegations of fraud and tax evasion were “100 percent false.” The New York State Department of Taxation and Finance was already investigating the Trump Foundation over potential violations of tax laws, according to a report from the Times published in July. It is unclear what Trump Foundation activities are under investigation. But the Times noted that it may be linked to the lawsuit that New York Attorney General Barbara Underwood (D) brought against Trump and the Trump Foundation in June. The lawsuit is accusing Trump of using the foundation to illegally support his 2016 presidential bid. It also alleges that the charity created an illegal in-kind donation of more than $2.8 million to his campaign. Investigators issued a subpoena for Trump’s former personal lawyer, Michael Cohen, in August as part of the probe.<doc-sep>The Failing New York Times did something I have never seen done before. They used the concept of “time value of money” in doing a very old, boring and often told hit piece on me. Added up, this means that 97% of their stories on me are bad. Never recovered from bad election call!<doc-sep>Representatives from the White House and the Trump Organization did not return requests for comment. "The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation," a spokesman from the New York State Department of Taxation and Finance said in an email to CNBC. The Times reported on Tuesday that Trump and his family committed "instances of outright fraud" in order to transfer millions of dollars from the real estate empire of the president's father, Fred Trump, to his children without paying the appropriate taxes. New York state tax officials are investigating allegations detailed in an exhaustive New York Times investigation into Donald Trump and his family's business dealings. In a statement to the Times, Trump lawyer Charles Harder denied any allegations of fraud and tax evasion, saying "the facts upon which The Times bases its allegations are extremely inaccurate." White House press secretary Sarah Huckabee Sanders, in her response to the Times, backed up Trump's claims about his wealth, repeating the story that he took a $1 million loan from his father and paid it back. Trump said numerous times as a presidential candidate that he had received the "very small" $1 million loan from his father. But the newspaper's investigation found that Trump had actually been lent at least $60.7 million. The article claims the Trump family committed "instances of outright fraud," with the president himself receiving today's equivalent of $413 million from the real estate holdings of his father, the Times reported while citing 100,000 documents and interviews with former family associates. Meanwhile, the state tax department already is investigating the president's charity, the Trump Foundation. The president's former personal lawyer, Michael Cohen, has also been caught up in the tax department probe as he was subpoenaed by investigators in August,. The probe came on the heels of a lawsuit by New York state Attorney General Barbara Underwood against the foundation, as well as Trump himself, claiming that he broke state and federal law by mismanaging the charity. The state attorney general's office declined to comment. New York Mayor Bill de Blasio, a Democrat who is one of Trump's most vocal critics, tweeted Tuesday night that he would direct the city's finance department to look into the claims made in the Times investigation. BDB tweet WATCH: Trump's 'suspect tax schemes' in focus<doc-sep>An explosive New York Times investigation revealed the complex financial transactions that allowed Fred Trump to transfer wealth to his children, including President Donald Trump. According to the Times, the Trumps at times engaged in "outright fraud" by marking down the value of properties to avoid larger tax bills. The The New York State Department of Taxation and Finance told Business Insider in an email that the state is reviewing the allegations and "is vigorously pursuing all appropriate avenues of investigation." New York State officials are reviewing allegations of fraud against President Donald Trump and his father Fred made in a bombshell New York Times investigation. The New York Times report alleges that the Trumps undervalued assets in an attempt to circumnavigate large state and gift tax bills as part of the wealth transfer from Fred to his children, including Donald. The New York State Department of Taxation and Finance told Business Insider that the state is looking into the allegations. "The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation," a spokesperson said in an email. The Internal Revenue Service, which collects federal taxes, did not immediately respond to a request for comment. For example, The New York Times detailed an instance in which the Trump family claimed on a tax return that the Park Briar development in the Queens borough of New York City was worth just $2.9 million while executing the will of Donald's brother Fred Jr. But, just 18 days before the Times said, the Trump family valued the same development at $17.1 million. By lowering the value in the development, the Trumps could then avoid a larger tax bill from the IRS, The Times said. The report also detailed Fred Trump's complex series of trusts and shell companies that allowed the Trump children — in particular Donald — to inherit millions of dollars with minimal tax liabilities.<doc-sep>
The New York State Department of Taxation and Finance says it is reviewing allegations made in a New York Times article about questionable tax schemes used by now-President Donald Trump in the 1990s. The New York Times published an investigation on Tuesday that said Trump participated in dubious tax schemes, including instances of fraud, to increase the fortune left to him by his parents. NBC News has not confirmed the allegations in the report, which the Times said was the result of a lengthy investigation into the Trump family's finances. "The tax department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation," James Gazzale, a spokesman for the New York State Department of Taxation and Finance, said in an email to NBC News. A lawyer for Trump, Charles Harder, in a statement said "The New York Times’ allegations of fraud and tax evasion are 100% false, and highly defamatory" and that "There was no fraud or tax evasion by anyone." He said "the facts upon which the Times bases its false allegations are extremely inaccurate." White House Press Secretary Sarah Huckabee Sanders also disputed the article, and called the report a “misleading attack against the Trump family." The Times reported that Trump received the equivalent of $413 million in today’s dollars from the real estate empire of his father, Fred Trump, and the Times reported that “much of this money came to Mr. Trump because he helped his parents dodge taxes.” New York City Mayor Bill de Blasio, a Democrat, tweeted Tuesday night: "I’ve directed NYC’s Department of Finance to immediately investigate tax and housing violations and to work with NY State to find out if appropriate taxes were paid." Trump refused to the release his tax returns in the run up to the 2016 presidential election or after being elected, breaking with tradition. Sanders on Tuesday said about the Times’ report that "Many decades ago the IRS reviewed and signed off on these transactions" and accused the Times and other media outlets of being "consumed with attacking the president and his family 24/7 instead of reporting the news." The Failing New York Times did something I have never seen done before. They used the concept of “time value of money” in doing a very old, boring and often told hit piece on me. Added up, this means that 97% of their stories on me are bad. Never recovered from bad election call! — Donald J. Trump (@realDonaldTrump) October 3, 2018 Trump on Twitter Wednesday attacked "The Failing New York Times," and called the investigation "a very old, boring and often told hit piece on me."