Congressman Cohen Votes to Require Annual IRS Audit of Sitting Presidents 

WASHINGTON – Today, Congressman Steve Cohen (TN-09) voted for commonsense legislation to guard the public trust and ensure tax laws are applied evenly and justly to every American – especially the President of the United States.  The Presidential Tax Filings and Audit Transparency Act will require the IRS to conduct an annual, publicly disclosed audit of the President's finances.

“Today, House Democrats voted to ensure the federal government serves the interests of the American people above all else. Memphians deserve to know that nobody is above the law – not only in the case of Donald Trump, but for any President. The release of Trump’s tax returns has already revealed that he claimed questionable deductions, paid little to nothing in taxes in some years, and his administration’s IRS failed to conduct all but one of the mandatory audits on his filings while he was president. By requiring the IRS to audit the President's finances, whomever they are, this legislation will strengthen faith in our public institutions and uphold transparency in the halls of power.”

In 1977, the IRS adopted a policy of conducting mandatory audits on the President.  However, the House Ways and Means Committee found that this policy was “dormant, at best” under the previous administration.

The Presidential Tax Filings and Audit Transparency Act will formally codify this policy into federal law, requiring the IRS to: 

• Conduct an audit of the President's tax returns, along with any entities controlled by the President, as rapidly as possible after filing. 

• Provide public updates on the status of the audits. 

• Publicly disclose the President’s tax returns, along with those of any entities, within 90 days of filing to allow for public examination.

On December 20, 2022, Congressman Cohen applauded the House Ways & Means Committee for releasing the findings of its four-year investigation and voting to release Trump’s returns. 

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