Ivanka will go down with the ship, and with the Captain, if there's any justice. From the NYT story;
"Helping to reduce Mr. Trump’s tax bills are unidentified consultants’ fees, some of which can be matched to payments received by Ivanka Trump. Examining the Trump Organization’s tax records, a curious pattern emerges: Between 2010 and 2018, Mr. Trump wrote off some $26 million in unexplained “consulting fees” as a business expense across nearly all of his projects.
The “consultants” are not identified in the tax records. But evidence of this arrangement was gleaned by comparing the confidential tax records to the financial disclosures Ivanka Trump filed when she joined the White House staff in 2017. Ms. Trump reported receiving payments from a consulting company she co-owned, totaling $747,622, that exactly matched consulting fees claimed as tax deductions by the Trump Organization for hotel projects in Vancouver and Hawaii.
Ms. Trump appears to have both managed (both those deals), as a salaried Trump Organization executive, and also been paid as a “consultant” on them. Ms. Trump had been an executive officer of the Trump companies that received profits from and paid the consulting fees for both projects — meaning she appears to have been treated as a consultant on the same hotel deals that she helped manage as part of her job at her father’s business.
When asked about the arrangement, the Trump Organization lawyer, Mr. Garten, did not comment.
Employers can deduct consulting fees as a business expense and also avoid the withholding taxes that apply to wages. To claim the deduction, the consulting arrangement must be an “ordinary and necessary” part of running the business, with fees that are reasonable and market-based, according to the I.R.S. The recipient of the fees is still required to pay income tax.
The I.R.S. has pursued civil penalties against some business owners who devised schemes to avoid taxes by paying exorbitant fees to related parties who were not in fact independent contractors. A 2011 tax court case centered on the I.R.S.’s denial of almost $3 million in deductions for consulting fees the partners in an Illinois accounting firm paid themselves via corporations they created. The court concluded that the partners had structured the fees to “distribute profits, not to compensate for services.”
There is no indication that the I.R.S. has questioned Mr. Trump’s practice of deducting millions of dollars in consulting fees. If the payments to his daughter were compensation for work, it is not clear why Mr. Trump would do it in this form, other than to reduce his own tax liability. Another, more legally perilous possibility is that the fees were a way to transfer assets to his children without incurring a gift tax.
... the fact that some of the consulting fees are identical to those reported by Mr. Trump’s daughter raises the question of whether this was a mechanism the president used to compensate his adult children involved with his business. Indeed, in some instances where large fees were claimed, people with direct knowledge of the projects were not aware of any outside consultants who would have been paid.
...
Ms. Trump disclosed in her public filing that the fees she received were paid through TTT Consulting L.L.C., which she said provided “consulting, licensing and management services for real estate projects.” Incorporated in Delaware in December 2005, the firm is one of several Trump-related entities with some variation of TTT or TTTT in the name that appear to refer to members of the Trump family.
Like her brothers Donald Jr. and Eric, Ms. Trump was a longtime employee of the Trump Organization and an executive officer for more than 200 Trump companies that licensed or managed hotel and resort properties. The tax records show that the three siblings had each drawn a salary from their father’s company — roughly $480,000 a year, jumping to about $2 million after Mr. Trump became president — though Ms. Trump no longer receives a salary. What’s more, Mr. Trump has said the children were intimately involved in negotiating and managing his projects. When asked in a 2011 lawsuit deposition whom he relied on to handle important details of his licensing deals, he named only Ivanka, Donald Jr. and Eric.
On Ms. Trump’s now-defunct website, which explains her role at the Trump Organization, she was not identified as a consultant. Rather, she has been described as a senior executive who “actively participates in all aspects of both Trump and Trump branded projects, including deal evaluation, predevelopment planning, financing, design, construction, sales and marketing, and ensuring that Trump’s world-renowned physical and operational standards are met.
“She is involved in all decisions — large and small.”"