The Trump Organization and Trump Payroll Corp. were found guilty of all allegations, making this the first time either business has been guilty of a crime.
"This was a case about greed and cheating," said Manhattan District Attorney Alvin Bragg, who oversaw the prosecution.
Although Donald Trump was not charged, the conviction of the enormous real estate, hospitality, and golf business that bears his name is expected to damage his reputation as he vies to become the Republican candidate for president in 2024.
Both businesses were found to have run a 13-year scam, including credit card use and tax evasion. They were held accountable for 17 offences.
A jury convicted The Trump Organization guilty of hiding the compensation it gave to top employees between 2005 and 2021. The Trump Organization is currently run by Donald Trump Jr. and Eric Trump, two of Trump's adult sons.
As part of a plea agreement, Allen Weisselberg, the company's longtime CFO, admitted guilt to 15 counts of tax evasion and agreed to testify against it. He did not testify against Trump throughout the trial.
Weisselberg, 75, a trusted family friend of the Trumps, admitted to working with the company to obtain covert benefits such as a rent-free apartment in a posh part of Manhattan, a luxury automobile for him and his wife, and private school tuition for his grandchildren.
Weisselberg consented to a $2 million fine and penalty payment as well as a five-month jail sentence in exchange for his testimony during the trial that started in October.
Trump asserted on Facebook that the Trump Organization was not to blame for Weisselberg's "tax fraud on his individual tax filings."
"Witch Hunt in Manhattan," it says. Furthermore, according to Trump, neither he nor his employees were legally "authorised to view" the CFO's tax returns, and Weisselberg's actions had no positive effects on the company.
As a result of his "disappointment with the ruling," Trump has announced his intention to appeal.
The potential fine for Trump's company is merely a little over $1.5 million.
However, it is mostly symbolic because he is currently the target of numerous legislative and judicial investigations that will likely derail his campaign for reelection as president, which he announced in Florida last month.
Trump and his three eldest children are charged in a civil lawsuit brought by the attorney general of New York of inflating the value of their properties to benefit themselves. In the second half of 2023, the trial is scheduled to start.
The state's prosecutor, Letitia James, has requested that Donald Trump and his family members pay a minimum of $250 million in fines and be disqualified from running businesses in the state.
Democratic commentator James praised Tuesday's choice.
We cannot stand by as people or organisations break the law to enrich themselves, she said.
A court order compelling Trump to appear in the lawsuit in April 2023 is the outcome of defamation proceedings brought by a woman who claims Trump abused her in the 1990s.
He is also under investigation for his involvement in the January 6, 2021, attack on the US Capitol by his supporters and his attempts to tamper with the outcome of the November 2020 election.