I cannot imagine the IRS pursuing criminal charges here, but if Trump was a lower level politician he might be in trouble.
“Attorney General Barbara D. Underwood referred her findings to the I.R.S. for further investigation.
Any involvement of the I.R.S. puts in play a range of possibilities. The agency has the power to bring civil penalties, and its investigation could lead to federal criminal charges.
Similar behavior has prompted federal prosecutions, according to lawyers who have worked on such cases. ... In 2007, Vincent Fumo, then a powerful Democratic state senator in Pennsylvania, was indicted by the Justice Department for misusing a charity run by a former member of his government staff. A federal jury convicted him. Mr. Fumo’s punishment: four years in prison. ...
[T]he I.R.S. could seek to revoke the foundation’s tax-exempt status. The agency could even do so retroactively, which would stick the foundation with a corporate tax bill going back years.
Ms. Underwood’s petition noted that Mr. Trump signed the foundation’s tax returns, in which he stated, under penalties of perjury, ‘that the foundation did not engage in transactions with interested parties, and that the foundation did not carry out political activity.’ ...
Marcus Owens, who ran the I.R.S. division that oversees nonprofits during the administrations of Presidents George Bush and Bill Clinton, said there have been several cases where people were criminally prosecuted for filing false tax returns of charities they controlled. The difference in Mr. Trump’s case, he said, is that those cases were ‘less egregious.’” https://www.nytimes.com/2018/06/14/business/trump-foundation-irs-attorney-general.html