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View Diary: Oh for God's sake, it isn't a swiftboating. (193 comments)

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  •  I just saw a cartoon in the Craig Fegeson (13+ / 0-)

    post asking how someone get $100 million in an IRA account?  We're already getting a taste of why Romney does not want to release more tax returns.

    The means is the ends in the process of becoming. - Mahatma Gandhi

    by HoundDog on Fri Jul 13, 2012 at 10:17:35 PM PDT

    [ Parent ]

    •  he squirmed when asked about the 2010 return (5+ / 0-)

      He has promised to release two years of tax returns.  He has only released one year so far.  His accountants are currently "preparing" his 2010 return for release.

      What does that even mean?  I mean release the docs or don't.  Why does it take months to prepare to release a tax return?

      I suspect there will be some issues raised in the 2010 tax records.

      And then he stated flatly that that is all he will be releasing.  You can tell it's a vulnerable spot cuz he always squirms when he's poked there.

      •  ya know.... (5+ / 0-)

        Please help me here....
        Once a return has been submitted to the IRS, what else needs to be done to it 'to prepare it' for release?
        I understand, we the little people, probably won't see the entire document (probably some things redacted), but the actual people who do need to scrutinize it are the IRS and whomever else is deemed appropriate should see the return as it stands.  What goes into the preparation for release?  It's a done deal.
        I'm really asking because I don't know what else needs to be 'prepared'.

        I think, therefore I am........................... Plus ca change, plus c'est la meme chose....AKA Engine Nighthawk - don't even ask!

        by Lilyvt on Sat Jul 14, 2012 at 06:51:30 AM PDT

        [ Parent ]

        •  They are probably doing it this way: (3+ / 0-)
          Recommended by:
          HoundDog, sacrelicious, elwior

          Quarterly filings, all of which can be re-stated after the fact of course. Naturally, given all the chances one has to both re-state and re-file, they are dragging this out to the maximum.

          If you are self-employed or have investment income, this is one way to deal with the modern vagaries of the market, by filing every 3 months to keep taxes paid at or near the correct amount that the IRS says you are liable for. In other words, trying to avoid over- or under- payment of taxes as much as possible.

          My folks do this, as they have some money invested in various financial instruments, for example, some stocks dating back over 50 years. They don't have much when compared to the 1%, but it does lessen the tax load by the time April 15th rolls around.

          IANA tax person of any kind, by the way. Any amplification and/or correction by someone who is in the field is entirely welcome of course.

        •  Come on, (2+ / 0-)
          Recommended by:
          HoundDog, elwior

          you know what's happening!  They have to clean it up, redact it, add or change where necessary, make copies, and prepare it for the "little" people, since clearly we will not be able to understand all the legal jargon within those documents.

          Every Rethug out there, who also happens to be a lawyer, will be helping clean up rmoney's paperwork.  Since it will probably mean more to them if he should win the election (which we are going to make sure he doesn't)!  They know that they will get business from the White House if they help.  I can see it all now!  What we, the public, will see will be nothing compared to what is really out there!  And I hope that none of us think we will be receiving or seeing the real thing.....because we won't!

          "If you want to hear the Lord laugh, tell Him what you've got planned."

          by RO45 on Sat Jul 14, 2012 at 12:48:58 PM PDT

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