Mark Cuban says there is 'no way' Trump is under audit for his 2016 tax returns - but he actually is

Billionaire business mogul Mark Cuban tweeted Monday that there is 'no way' President Donald Trump's 2016 tax returns are under audit.

".@realDonaldTrump has to file taxes by tomorrow like all of us," Cuban posted. "No way he is under audit for this year. Where are his new tax returns?"

Actually, Trump's 2016 tax returns would be under audit once filed. And the reason why could help provide Trump a rationale to not release his taxes for the remainder of his presidency.

IRS rules state that both the president and vice president will be given a full, mandatory, fast-tracked audit of their taxes while in office upon filing their tax returns.

A Twitter user pointed the rule out to Cuban, who replied with the following:

"Isn't it a rule in the manual as opposed to a law?" he wrote. "Meaning he could rescind it or just ask them not to comply?"

Cuban later wrote that it's more important for Trump to release his tax returns "now more than ever."

"New year," he tweeted, as National Tax Day happens Tuesday. "New opportunity to keep a campaign promise of transparency."

As has been reported previously, having your taxes under audit by the IRS does not preclude someone from making the information public. A number of prominent Democrats have promised they will not engage with the GOP on tax reform, the next point on the Trump administration's policy agenda, until Trump releases his returns.

With National Tax Day approaching, a number of rallies were held nationwide with the purpose of pushing Trump to release his tax returns, which he refused to do during the campaign, breaking with more than four decades of tradition for major party candidates.

Trump took aim at the rallies on Twitter, firing off a pair of tweets attempting to disparage them.

"I did what was an almost an impossible thing to do for a Republican-easily won the Electoral College!" he wrote. "Now Tax Returns are brought up again?"

"Someone should look into who paid for the small organized rallies yesterday," he said in a subsequent tweet. "The election is over!"

White House press secretary Sean Spicer said during Monday's press briefing that the president's most recent tax returns are still under audit, which was the reasoning first used by Trump more than a year ago for why he would not be releasing the returns.

"We're under the same audit that existed," Spicer said. "So nothing has changed."

Asked if the president will ask the IRS to comment on the audit, just to prove it exists and to provide a timeline on its completion, Spicer dodged.

"I think the president's view on this has been very clear from the campaign, and the American people understood it when they elected him in November," he said.