3:20 PM PT -- Stormy Daniels responded to the news in a statement to NBC, where she said she and her lawyer, Avenatti, "are vindicated and we look forward to the apologies from the people who claimed we were wrong."

Donald Trump's former lawyer has just pled guilty to a plethora of federal tax and campaign finance crimes ... so get ready for a tweetstorm from the Prez for the ages.

Michael Cohen pled guilty to 8 counts, including 5 counts of tax fraud and 2 campaign finance violations. He's also admitted to making false statements and violating federal law in relation to the notorious $130k "hush money" deal he struck with porn star Stormy Daniels in order to keep her quiet about her alleged tryst with Trump ... and says it was at the direction of Trump.

He also reportedly admits he acted for the purpose of influencing the election.

Cohen's plea deal could reportedly include a sentence of 5 years ... sentencing is set for December. He could have faced up to 65 years behind bars.

His guilty plea reportedly also covers charges related to $20 mil in loans he obtained for his family's taxi companies.

As you'll recall, the months-long investigation of Cohen was referred to NY's Southern District by special counsel Robert Mueller ... and kicked into full gear after an April FBI raid on Cohen's office, hotel room and home.

Cohen had been Trump's lawyer and a loyal member of his inner circle for over a decade, but began to show signs of breaking with his former boss before audio tapes of his convos with Trump surfaced last month.

One such tape includes the 2 discussing paying off former Playboy model Karen McDougal in order to also keep her quiet about an alleged affair with Trump ... which resulted in the Prez tweeting that it was "perhaps illegal" for a lawyer to record a client.

Stormy Daniels' lawyer, Michael Avenatti, predicted to us that Cohen would release more Trump tapes soon ... or turn over more evidence to help his cause and "spank" the President.