Yahoo Finance reports:
Tax records obtained by The New York Times appear to show that President Trump reduced his taxable income by treating his eldest daughter, Ivanka Trump, as a consultant, then deducting this as a business expense.
Ivanka Trump reported receiving $747,622 in payments from a consulting company she co-owned — the same exact amount in consulting fees the Trump Organization claimed as tax deductions for hotel projects in Hawaii and Vancouver.
When asked about the matter, Alan Garten, a lawyer for the Trump Organization, did not comment. The Internal Revenue Service said for consulting fees to be deducted as an expense, they must be an “ordinary and necessary” part of running a business, and the recipient must still pay income tax.
— Citizens for Ethics (@CREWcrew) September 28, 2020
— Sarah Reese Jones (@PoliticusSarah) September 27, 2020