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ProSense

(116,464 posts)
30. Mitt Romney Taxes For 2010 Not Fully Disclosed (July)
Sat Sep 22, 2012, 03:23 PM
Sep 2012
Zach Carter
Ryan Grim

Mitt Romney Taxes For 2010 Not Fully Disclosed

WASHINGTON -- Mitt Romney has not released his full tax records from 2010, including key documentation connected to his Swiss bank account.

Although President Barack Obama and an increasing number of Republican politicians have called on Romney to release tax returns from years prior to 2010, the public criticism has so far failed to note that Romney has not disclosed all of his tax documents for 2010 itself -- the only year for which the GOP presidential nominee has presented any final tax forms.

Romney released his 2010 tax return in January of this year, a document that first informed voters about the existence of his Swiss bank account and financial activities in Bermuda and the Cayman Islands. But people who own foreign bank accounts are required to file a separate document with the IRS that provides additional details on such overseas bank holdings, and Romney has not released that form to the public.

The Romney campaign did not respond to HuffPost's request to view the document.

Tax experts say it is almost certain that Romney did file the form, known as a Report on Foreign Bank and Financial Accounts, or "FBAR" in accountant slang. The penalty for not filing an FBAR can be severe, and the IRS would have expected to receive the form since Romney listed the Swiss bank account on his tax return. Listing the account on his tax return and then failing to file the subsequent FBAR would have been asking for a hefty fine, and would probably have heightened IRS scrutiny of prior tax filings.

- more -

http://www.huffingtonpost.com/2012/07/18/mitt-romney-taxes-2010_n_1683084.html


Kick Nevilledog Sep 2012 #1
K&R! eom BlueCaliDem Sep 2012 #2
Do we ever get to femrap Sep 2012 #3
Are all the charities listed? Were his donations watrwefitinfor Sep 2012 #7
... femrap Sep 2012 #25
"Charitable" super-PACs JackHughes Sep 2012 #52
Should be at least 10% of his gross receipts to the Mormon Chruch defacto7 Sep 2012 #17
You know, I frankly don't think it's the least bit important... RevStPatrick Sep 2012 #4
This is different from "He hasn't released enough of his returns" and I think the difference is stevenleser Sep 2012 #10
It is very important... fun n serious Sep 2012 #28
Legal avoidance of taxes is not theft SickOfTheOnePct Sep 2012 #35
True, I guess pangaia Sep 2012 #37
And we know it is all legal, how exactly? Bluenorthwest Sep 2012 #48
I'm speaking in general terms SickOfTheOnePct Sep 2012 #49
Could he get in trouble with the IRS? felix_numinous Sep 2012 #5
We dont know what he disclosed to them (the IRS). That is one of the questionmarks. stevenleser Sep 2012 #8
His supposed release of his "tax returns" is as bizarre as anything else he has done 6000eliot Sep 2012 #6
This could drive his tax rate far lower. morningfog Sep 2012 #9
Exactly. If he has omitted accounts that would have shown earnings of some sort. stevenleser Sep 2012 #11
K&R silvershadow Sep 2012 #12
What he released isn't necessarily what he actually filed. Spitfire of ATJ Sep 2012 #13
Exactly. That's another issue. But at least with the list of accounts, if he releases a false list stevenleser Sep 2012 #16
Another thing is when they say "This is what he owed" could be before deductions. Spitfire of ATJ Sep 2012 #21
HUGE K & R !!! - Thank You !!! WillyT Sep 2012 #14
So true. lexw Sep 2012 #15
It sounds as if the Mormons expect him to pony up 10% of everything, even offshore accounts Tanuki Sep 2012 #18
yup. Thanks for reminding us Liberal_in_LA Sep 2012 #19
WikiLeaks...We need you! red dog 1 Sep 2012 #20
The ones he has released are recent enough that they can be amended central scrutinizer Sep 2012 #22
Excellent point. And I bet Curmudgeoness Sep 2012 #39
Lose? He will amend it whether he wins or loses JustABozoOnThisBus Sep 2012 #50
K&R silverweb Sep 2012 #23
Today's headlines... HooptieWagon Sep 2012 #24
K & R n/t KT2000 Sep 2012 #26
But he has done just enough to buy the media's rhetoric. liberal N proud Sep 2012 #27
K&R DeSwiss Sep 2012 #29
Mitt Romney Taxes For 2010 Not Fully Disclosed (July) ProSense Sep 2012 #30
Correct, and he did the same exact thing with the 2011 return he supposedly just released. stevenleser Sep 2012 #32
Thanks for the link, ProSense.. I'm glad Cha Sep 2012 #43
Where he has his money could affect his foreign policy... Barack_America Sep 2012 #31
Thanks for REminding us, Barack America! Cha Sep 2012 #44
K&R hwmnbn Sep 2012 #33
you can ask his trustee questions by e-mail grasswire Sep 2012 #34
I would love to know amuse bouche Sep 2012 #36
I would love to know also, for another reason. Curmudgeoness Sep 2012 #40
+1,000 TXDemoGal Sep 2012 #38
No really. That's ALL there is (in this set of books - wink wink, nudge nudge. Know what I mean?) Tigress DEM Sep 2012 #41
I got it..'cause I've read Cha Sep 2012 #42
Glad I'm not the only one who's noticed this. maddiemom Sep 2012 #45
K&r... spanone Sep 2012 #46
K&R closeupready Sep 2012 #47
K&R skeewee08 Sep 2012 #51
k&r bagimin Sep 2012 #53
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