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Don't you think the IRS would have caught this and prosecuted him ?
He's a public figure having been the governor of MA.
That's kind of the point. If he got amnesty, that means the IRS DID catch him. And the IRS also kept the names of those who were granted amnesty anonymous, so it's not like it was public knowledge.
Don't you think the IRS would have caught this and prosecuted him ?
He's a public figure having been the governor of MA.
You've already decided and pronounced him guilty based on what ? Rabid speculation among a bunch of forum posters.
The IRS can only prosecute if they can prove you have done something wrong. Unless you or the bank disclose a foreign account then it is very hard for the IRS to know you have one. The problem a couple of years ago is that the UBS decided to disclose US accounts to the IRS. If, as many did, you take advantage of an amnesty then by definition, the IRS will not prosecute.
Many of the people who took part in the amnesty were not aware that they had done anything wrong. The rules are so complex that it can be quite easy to fall foul of them. Some, on the other hand, knew exactly what they were doing and had the professional advice to know. They got lucky with the amnesty.
Also an amnesty works for the IRS. They get their money and a penalty and don't have to go to all the expense of a prosecution. In fact, it works well for everyone.
I am not suggesting that Romney has done anything wrong here. But not releasing returns can only fuel speculation.
That's kind of the point. If he got amnesty, that means the IRS DID catch him. And the IRS also kept the names of those who were granted amnesty anonymous, so it's not like it was public knowledge.
Or someone voluntarily discloses an account - taking advantage of the amnesty - because they fear that they will get caught.
Incidentally .... foreign bank account reporting is something different to filing taxes. It is a different form and happens on a different date (6/30).
UPDATE: Romney says he's paid at LEAST 13% for the last ten years, but no, he is still not going to release more tax returns. Just the 2010 one. And soon, the 2011 one. Sometime. Soon.
Quote:
“I did go back and look at my taxes and over the past 10 years I never paid less than 13 percent. I think the most recent year is 13.6 or something like that. So I paid taxes every single year,” he said.
I expect Obama to make an issue of this if he has to. And I think he knows something. If Romney loses because of this heads are going to roll in the GOP campaign committee.
Your logic is failed. How exactly did we find out about TurboTax Timmy Geithners transgressions? By an IRS audit that was made public after he was nominated. So what you're saying is that Mitt Romney, a candidate for President, is not subject to the same scrutiny at Tim Geithner?
LOL
If the IRS had problems with Mitt Romney, you can bet the farm you'd know about it.
LOL
An audit is not the same thing as participating in a special tax amnesty program. The tax cheats who were given amnesty were also allowed to remain anonymous. It's not as if there is a list published and publicly available somewhere.
An audit is not the same thing as participating in a special tax amnesty program. The tax cheats who were given amnesty were also allowed to remain anonymous. It's not as if there is a list publicly published somewhere.
Correct.
Firm I was a partner in had a tax audit. It even made the Wall Street Journal
What didn't make the journal is that the audit showed we had overpaid by about $20 million
I personally got $12k back from the IRS
Rumor has it that the firm will not get audited again anytime soon.
Tax attorney suggests that Romney may be hiding a felony in his returns and that he could have participated in an IRS amnesty program in 2009. It could explain why Romney refuses to show his tax returns. If there is nothing to hide, there shouldn't be any issues showing them. If there is something to this and key democrats known about it, they will likely wait until after the GOP convention when Romney has been officially nominated.
Wealthy U.S. taxpayers, concerned about an Internal Revenue Service crackdown on the use of secret overseas bank accounts as tax havens, were rushing to meet a deadline to disclose those accounts or face possible criminal prosecution. The concern was triggered when Switzerland's largest bank, caught up in an international tax evasion dispute, said it would disclose the names of more than 4,000 of its U.S. account holders.
The decision shattered a long-held belief that Swiss banks would guard the identities of its American customers as carefully as they did their money, and it raised concern that other international tax havens might be next. Under an amnesty program, the IRS is allowing taxpayers to avoid prosecution for having failed to report their overseas accounts. As a result, tax attorneys across the nation have been besieged by wealthy clients who are lining up to apply even though they will still face big financial penalties.
Romney might well have thought in 2007 and 2008 that there was nothing to fear about a non-disclosed offshore account he'd set up years earlier precisely because it wasn't disclosed. But then came the settlement and the rush of non-disclosers to apply for the amnesty. Failing to apply for the amnesty and then getting charged by the IRS would have been both financially and politically disastrous. So amnesty it was.
Remember Romney has money all over the world including a Swiss account. There is a reason some rich people do this.
I doubt it and if it were true I will still vote for him. I think if you were actually an American and posed as a foreign student and applied and recieved funding for your school that could be illegal as well....so open up those college records Obama.
Another thing the IRS amnesty program was in 2009. Its interesting that Romney refuses to release anything before 2010.
zzzzz right up there will all the birther evidence...zzzzzzzzzzzzzzzzzzzz
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