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View Diary: Here's why Romney will NEVER release his tax forms, and why we need to keep hounding him (186 comments)

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  •  Yes, there's a question (1+ / 0-)
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    Zack from the SFV

    Is there any doubt that he has had accounts of one kind or another outside the United States for a long time? True, I haven't heard him or his campaign say it, but it seems to be taken for granted that he's used the Cayman Islands and other foreign places for accounts.

    Assuming that that's known to be the case, a check-mark in the return itself won't tell us anything we don't already know.

    My question is different, though.

    Take someone who is filling out a tax return using software at home. (Not Romney, obviously.) Check that off and the TDF 90-22.1 will pop up. But you send the form itself to some other part of the Treasury Department. It has a lot of info that is not ordinarily filed in the tax return about domestic accounts—institution (including address), account number or other identifier, and maximum balance during the year.

    Is this a legitimate part of a tax return that candidates should release, or no?

    Technically, I don't think it is part of the tax return, since it isn't filed with the IRS. It isn't used to calculate income or deductions or tax liability: it just informs the federal government of the whereabouts of your overseas accounts.

    The tax filer is required to include all the income from those accounts as income on the tax return, so that information will still be seen in a tax return that is released.

    •  Interesting...don't quite agree... (0+ / 0-)

      The FAQ on filing FBARs are on the IRS website - in terms of all the places that one enters those accounts.  But the FBAR is sent to the Treasury Department, yes.  Would it be considered part of a tax return...hmm. Good question - so we might never see that - but we would see it on past returns in all the spots that it is supposed to be recorded.  The only thing we would not know is when the account was actually setup.

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