Trump-linked firms say they are not part of IRS audit immunity settlement
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Senator Elizabeth Warren said several companies with ties to the Trump family have responded that they are not parties to the IRS settlement that bars audits, as Senate Democrats continue their inquiry.
Several businesses that have been linked to President Donald Trump and his sons have formally told Senate Democrats they are not parties to a May 2024 settlement that bars the Internal Revenue Service from pursuing audits of the former president, his oldest sons and the Trump Organization. The companies, which include mining firm Kaz Resources, cryptocurrency firms World Liberty Financial and American Bitcoin, prediction-market platforms Polymarket and Kalshi, and Trump Media and Technology Group, responded to letters from Senator Elizabeth Warren and other Senate leaders seeking clarification on whether the settlement’s immunity provision extends to them.
The settlement, approved by the Justice Department on May 19, states that the IRS and Treasury Department are “forever barred and precluded” from pursuing claims based on tax returns filed before the agreement took effect. It also lists “trusts, parent, sister, or related companies, affiliates, and subsidiaries” among the parties covered.
In a letter to the senators, a lawyer for Trump Media and Technology Group said the company “is not party to such settlement and is not aware of any applicability to TMTG.” Representatives for Kalshi, Polymarket, Kaz Resources, Powerus and American Bitcoin issued similar statements distancing themselves from the deal. Other entities, including the Trump Organization, World Liberty Financial, 1789 Capital, Tag Air and Foundation Future Industries, have not responded.
Senator Warren said the lack of responses “raises real concerns” about the companies’ intentions. The inquiry comes as Republicans debate the confirmation of Acting Attorney General Todd Blanche, whose nomination is opposed by some GOP senators over the same settlement and a related $1.8 billion anti-weaponization fund.
“Several Trump-tied companies failed to respond to our basic questions about this corrupt agreement, raising real concerns that they plan to use it as a get-out-of-jail-free card,” Warren said.
Because the Senate minority lacks subpoena power, the administration and the companies have not been compelled to answer the committee’s questions.