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Romney’s tax audit issues

By Kay Bell · Bankrate.com
Tuesday, July 31, 2012
Posted: 12 pm ET

Mitt Romney is still holding his tax return cards close to his vest. He says all he will show the American electorate is his final 2011 return when it's filed sometime between now and the Oct. 15 extension deadline. I'm voting it'll be at the last possible moment.

I'm a pretty private person, so I understand Romney's reluctance to bear his finances via Form 1040. But I'm not running for president of the United States.

Sure, it's only a voluntary tradition that presidential candidates make public their returns, but it's one that's become entrenched. And that poses another problem for Romney.

We all get to speculate on what it is Mitt and Ann don't want us to see.

Over the weekend, the Internet was abuzz about a story that the Internal Revenue Service database had been hacked and Romney's tax returns from the last 25 tax years had been put online.

It was a joke from a satirical website, following in the footsteps of Jon Stewart who on "The Daily Show" a couple of weeks ago revealed "The Romney Returns." Yep, Stewart and staff made up goofy tax breaks for the Romneys.

But we also learned this weekend that the IRS has audited the Romneys. The candidate told ABC News that while he and his wife pay only what the tax code requires, they have "from time to time" been audited.

So maybe Mitt doesn't want us to see how creative he and his accountants have been over the years in filling out the Romney tax returns.

Personally, I think finding out exactly how Mitt pushed the tax envelope would make him more personable.

C'mon, who among us hasn't at least thought about fudging our Form 1040 numbers a bit?

To be clear, I'm not recommending that you do so. Neither am I admitting to anything. I'm just saying that considering how to slip one by Uncle Sam at tax time is just human nature.

Of course, if you get caught cheating on your taxes, you'll owe not only what you should have paid in the first place, but you'll also pay penalties and interest. So it's generally not worth it.

As a reminder, you might want to check out the red flags that could cause the IRS to audit you. And if you do ever get word that the IRS wants to more closely examine your filings, Bankrate also has some tips on how to handle a tax audit.

What do you think Romney is trying to hide by not revealing his tax returns? A very low or no tax bill in one or many years? Some tax cheating? Or is he just a really private guy?

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13 Comments
redshoes4all
August 12, 2012 at 11:52 pm

alicia really looking for Obama's Birth Certificate???

You are strange...

redshoes4all
August 12, 2012 at 11:49 pm

Where are those tax returns??? when applying for a job,a mortgage tax returns are required...it is typical of romney to think that applying for the position of President that he dosen't need to comply...just what is in those tax returns that romney gave mcain that mcain decided to pick sarah palin...lol...

they mysterious romney/ryan

road to ruin romney ryan = bush policies = same results...

nells
August 11, 2012 at 12:19 pm

Alicia Rodriguez 1st off as the article states even though it is not the law it has become standard for presidential candidates to release all their tax records. Except for John McCain. The difference since Romney's main platform for running is his business acumen and how he created jobs during his time at Bain Capital. Then any reasonable person would want to see Romney's tax returns. One to see when he really left Bain Capitol. Two to see if maybe there was something in his tax returns that made McCain choose Sarah Palin LMAO Sarah Palin over Romney for his Vice Presidential candidate. Three how "creative" Romney was in "sheltering" or divertiing his money so as not to pay his fair share of taxes in the USA. On the 1st one I'll give you that most reasonable people do not need to see Romney's returns to know that He was still pretty much running things while Bain Capitol Outsourced many jobs. On the second issue. How bad did Romney's RED flags have to be. And was one of them something in his tax returns. That McCain thought Palin was a better choice. But the scariest part is that some people would STILL vote for Palin for anything even local dogcatcher. It is only far right wing birther nutjobs who question Obama's birth certificate. Give it up already you are embaressing yourself and showing your ignorance. As for college records. It is not standard operation to release college records.

joel
August 11, 2012 at 9:07 am

IRS audits are fun. But, you need to have a professional who knows the law. LOL

Larry Rogers
August 09, 2012 at 2:24 am

I could care less about, Romney's taxes or Obama's. They're both rich and that isn't going to change. Let's talk more about the economy, because that's what we should be worrying about!

alicia rodriguez
August 07, 2012 at 7:15 pm

IF PRESIDENT OBAMA RDESENT HIS BIRTHSERTIFICATE & HIS GRADE IN COLEGE, I WILL BE HAPPY TO SEE ROMMNEY INCOME AX

John Fenner
August 06, 2012 at 7:02 pm

Romney's Secret Plan to revive the economy--He will bring all of his off-shore money, back to the USA.

Pony971
August 06, 2012 at 3:25 pm

I hope everyone gets the chance to deal with the IRS at least ONCE in their lifetime...they...THE IRS misread one of my daughters' SS numbers and rejected her as a deduction because according to them she didn't exist...they billed me $2700 and added a fine for not paying it on time (even though my return was filed on time and accurately....I refiled my return with a copy of her SS number...they continued to try and charge me a penalty and interest even after they accepted her as a deduction. The IRS is a MONSTER to deal with it took me FIVE YEARS to beat them

Toni
August 02, 2012 at 2:02 pm

Clearly there were adjustments during some, or all, of the audits or he would have said they were all accepted as filed.

I would think he has been planning on running for at least the last couple of years, or more, so those returns that have been provided may be very different from prior years.

I hope we get to see some others but I doubt it. Unfortunately, even if he does provide some there is no way to be sure they are copies of what was filed.

I would be even more interested in seeing the audit reports but that will never happen.

JayMagoo
August 01, 2012 at 12:49 pm

Shrewd move by Sen. Reid. Okay, Mittens, you pompous ass. Prove to us that you paid at least some taxes. Continue to deny it, and Harry Reid can sit back with the rest of us and say, "Prove me wrong, Mittens. I'm still waiting."

If Romney refuses to release any information, Reid, like the rest of us, wonders how bad it really is.

Either way, Romney, the pathological liar, is in a "put up or shut up" spot.

Romney so far has proven himself an insufferable ass and a ridiculous clown. Ask Richard M. Nixon what good "stone walling" did for him. All the Republican trolls and apologists are coming out of the woodwork in defense of Romney, and each excuse sounds weaker and more lame than the last one.