With Election Day just around the corner, problems for Donald Trump seem to continue. The president and his businesses are expected to face a criminal tax probe by the Manhattan District Attorney’s office, prosecutors indicated Monday in a court filing.

Prosecutors from Manhattan DA Cyrus Vance Jr.’s office hinted at a possibility of that a grand jury subpoena surrounding Trump's eight years of tax returns and a slew of other records from the president’s accountants should be permitted by a federal appeals court, which is slated to hear arguments in this case soon.

While prosecutors earlier this year suggested that they might be targetting Trump Organization for potential bank and insurance fraud, the latest filing marked the first time they publicly admitted that their probe could comprise potential tax crimes. Earlier reports had indicated that Trump’s company was undergoing investigation for how it explained hush money payments made to two women who claim to have affairs with Trump, who denied the allegations.

Trump's lawyer suggests the subpoena is “overbroad” and was not issued in good faith. In Monday's court filing, Vance’s team explained that the subpoena is justified by news reports that have hinted at Trump and his company wrongly stating the values of their business properties at different times, CNBC reported.

The filing suggests that if misstatements regarding business properties were sent from the Trump Organization’s New York-based headquarters to potential lenders or tax authorities, insurers, and business partners, that could result in breaking of state laws including falsification of business records, scheme to defraud, criminal tax fraud, and insurance fraud. Vance’s office touted the scope of a subpoena as moderate, as compared to the temporal extent of offense stated in public reports.

The Monday filing went on to point out that The New York Times reported that the Appellant was involved in "dubious tax schemes during the 1990s." These include cases of outright fraud, and helping his parents dodge taxes by establishing a sham corporation and disguised millions of dollars in gifts, and also undervalued assets, the filing said.

Trump’s lawyer, Jay Sekulow is tight-lipped at the moment, while a spokesman for Vance opted to keep mum when CNBC asked for a comment. The Supreme Court said this summer that Trump had no absolute right to dodge having his tax returns, and a slew of other financial records subpoenaed by a state prosecutor while he continues serving in the White House.

Much to Trump's relief, the Supreme Court allowed the president to challenge the subpoena, issued on other grounds in lower courts. A federal judge in Manhattan in Aug., turned down Trump’s lawyers' new arguments to block the subpoena.