August 8, 2018 / 8:42 PM / 2 months ago

IRS agent testifies that Manafort had $16.5 million in unreported income

ALEXANDRIA, Va. (Reuters) - A U.S. Internal Revenue Service agent testified on Wednesday that former Trump campaign chairman Paul Manafort, who is on trial on tax and bank fraud charges, had $16.5 million in unreported taxable business income between 2010 and 2014.

IRS agent Michael Welch said the total includes foreign wire transfers to U.S. vendors like landscapers and clothiers, wire transfers to buy property, and income reclassified as loans. Welch said the monetary figure was based on an accounting method used by Manafort.

Reporting by Nathan Layne; Writing by Eric Beech; Editing by Mohammad Zargham

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