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After a 2006 Internal Revenue Service audit identified the lapse on his 2003 and 2004 tax returns, Mr. Geithner paid tax and interest of $17,230 and the I.R.S. waived penalties, according to the transition.
But Obama vetters discovered the same lapse for 2001 and 2002 and brought it to Mr. Geithner’s attention last Nov. 21, after which he paid tax and interest of $25,970, transition officials say.
That leaves for Mr. Geithner the question of why he did not correct the earlier years’ non-payment of self-employment taxes after the 2006 IRS audit identified the problem for 2003 and 2004.
I guess it was more than once? Yep it was an honest mistake twice? Maybe he just did not realize after paying the first time? He was just waiting fro the IRS to find the second mistake? Yep it was just a few honest mistakes? Sheep will swallow anything.
Statue of limitations had kicked in so not paying was legal. You can argue that as the President of the New York Fed he should have paid them anyway as you and I would have to be a good citizen and role model. This is covered in a number of the articles out there. His accountants advised him he didn't have to for limitation purposes and he didn't.
IMF Informed Geithner on Taxes - WSJ.com
Tax professionals noted that even trained preparers sometimes miss the subtleties involved in taxation of employees of international organizations.
The IRS in late 2006 launched a settlement initiative aimed at noncompliant employees of foreign embassies, as well as international organizations such as the IMF. At the time, the IRS said as many as half of affected employees were out of compliance with tax rules in one way or another.
Statue of limitations had kicked in so not paying was legal. You can argue that as the President of the New York Fed he should have paid them anyway as you and I would have to be a good citizen and role model. This is covered in a number of the articles out there. His accountants advised him he didn't have to for limitation purposes and he didn't.
So it was only important to pay them when he was nominated, I see. This is the change I wanted to see out of Obama's new administration, hypocrisy at its finest.
Tired of sheep and even more tired of their excuses now that they need them every day. And we thought the Republicans were elitist with no moral high ground to stand on. The next four years may make the last 8 look like a walk in the park in comparison. I may be wrong but the stench is beginning to grow every day.
IMF Informed Geithner on Taxes - WSJ.com
Tax professionals noted that even trained preparers sometimes miss the subtleties involved in taxation of employees of international organizations.
The IRS in late 2006 launched a settlement initiative aimed at noncompliant employees of foreign embassies, as well as international organizations such as the IMF. At the time, the IRS said as many as half of affected employees were out of compliance with tax rules in one way or another.
You do realize that the link you provided cast more dispersion on why he did not pay. Like I said hypocrisy and elitism. We wonder why year after year we get the same old garbage out of DC. This looks just like more of the same.
Current and former IMF officials said the fund provided numerous warnings to U.S. employees about payroll taxes. According to IMF documents released by the Senate Finance panel, Mr. Geithner regularly received information about his tax obligations.
You do realize that the link you provided cast more dispersion on why he did not pay. Like I said hypocrisy and elitism. We wonder why year after year we get the same old garbage out of DC. This looks just like more of the same.
Current and former IMF officials said the fund provided numerous warnings to U.S. employees about payroll taxes. According to IMF documents released by the Senate Finance panel, Mr. Geithner regularly received information about his tax obligations.
You hire accountants to minimize your tax obligation not to make sure you pay every penny you have. What happened is not unusual when regs are convoluted as these were and tax lawyers have a field day interpeting the law to the advantage of their client. When it goes to court it is then that the law gets tested for how well the intent matched the letter of the law. I suspect this is one of the many cases like that. When nominated for the Treasury position it then became goody two shoe time. I suspect most tax payers are trying to minimize their tax obligation and find every deduction they can. Since half of the people in that category failed to pay something I wonder if it was a email that circulated telling them not to pay or if their accountants felt the regs as they interpreted them didn't require them to. You don't get tax/investment advice from your employer you get that from your accountant or financial planner.
And yet, the Timothy Geithner controversy seems to be fizzling.
It’s not that the usual voices are silent. But faced with a made-to-order personal financial scandal, there’s been only a half-hearted response in the political echo chamber, and the consensus among Washington and media elites seems to be that the economic moment is too serious to be distracted by Geithner’s tax problems
The above is all from the link. Any issues should be directed at Politico.
"I'm almost ready to vote for you right now," said Sen. Lindsey Graham, R-S.C., after Holder agreed with the senator that the nation is at war with terrorists.
Yup it would appear you are right. Both Holder and Geithner appear well on their way to confirmation. At least MSNBC and Politico think so.
There are serious issues with this but he was not in debt to the IRS and paid them after the audit. What is most serious is that he just recently voluntarily corrected the problem for 2001-02 which was prior to the years audited.
He corrected it at the request of the Obama transition team. What does that say about the transition team. Do they think Obama supporters are that stupid to not see what is going on. Come on folks, a little honesty, give me a break!
Everyone imagine if he had never been nominated for the Treasury position and it was now revealed that the President of the New York Fed district while in that postion had been audited for failure to pay taxes, for part of the time at the IMF without any followup audit for the time not covered by the original audit. What would those headlines now be? That is also part of this story what happened then and what didn't happen then. What was the internal discussion at the IRS and who was notified and who made what decisions after the initial audit?
I don't particularly care when, what, why. He was wrong and should be held accountable. Grossed up to cover the taxes and he still did not pay. No excuses, I play by the rule so should our government officials at all levels, Democrat, Republican, whatever.
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