View Full Version : Romney Taxes For 2010 Not Fully Disclosed

08-18-2012, 04:52 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">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.

Nevertheless, Romney's omission of the form from the earlier disclosure raises questions for tax policy experts about the function of his Swiss bank account, and whether or not Romney used other offshore bank accounts that did not generate interest. </div></div>

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Mitt Romney's 2010 Tax Disclosure May Be Lacking 'Unrelated Business' Form

WASHINGTON -- Presidential candidate Mitt Romney's tax returns may be more incomplete in their public release than was previously thought. Filings related to Romney's individual retirement account, already subject to press scrutiny, indicate that the presumptive GOP nominee should have filed a form accounting for unrelated business income taxes.

The unrelated business income tax is set up for tax-exempts like nonprofits and IRAs that engage in commercial activity. Not filing the form, known as a 990-T, may indicate that Romney's IRA funds are held by an offshore account in order to shield them from taxation.

Romney campaign spokesperson Andrea Saul did not return multiple requests for the 990-T form, nor did she answer repeated questions related to the matter. </div></div>

link (http://www.huffingtonpost.com/2012/08/17/mitt-romney-2010-tax-unrelated-business_n_1798152.html?utm_hp_ref=politics&utm_hp_ref=politics)

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

Mitt calls this transparency!


Gayle in MD
08-18-2012, 08:24 AM
Ann's man of golden ethics! /forums/images/%%GRAEMLIN_URL%%/grin.gif

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">"we've given all you people need to know."


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> "You don't need to have that information."

“But the more we release, the more we get attacked, /forums/images/%%GRAEMLIN_URL%%/grin.gifthe more we get questioned, the more we get pushed. /forums/images/%%GRAEMLIN_URL%%/grin.gifAnd so, we have done what’s legally required. And there’s going to be no more tax releases given.”