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In reply to the discussion: Folks, this is important: Romney has not released a SINGLE COMPLETE TAX RETURN YET. [View all]ProSense
(116,464 posts)30. Mitt Romney Taxes For 2010 Not Fully Disclosed (July)
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
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
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Folks, this is important: Romney has not released a SINGLE COMPLETE TAX RETURN YET. [View all]
stevenleser
Sep 2012
OP
This is different from "He hasn't released enough of his returns" and I think the difference is
stevenleser
Sep 2012
#10
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
Exactly. If he has omitted accounts that would have shown earnings of some sort.
stevenleser
Sep 2012
#11
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
It sounds as if the Mormons expect him to pony up 10% of everything, even offshore accounts
Tanuki
Sep 2012
#18
The ones he has released are recent enough that they can be amended
central scrutinizer
Sep 2012
#22
Correct, and he did the same exact thing with the 2011 return he supposedly just released.
stevenleser
Sep 2012
#32
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