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View Diary: NYT: Bain’s tax “dodging” is "not legal," “subject to serious I.R.S. challenge” (128 comments)

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  •  no, they don't, or shouldn't. (1+ / 0-)
    Recommended by:
    Or do his tax returns reflect some sort of penalties imposed because of audits?
    penaties asserted by governmental agencies are not deductible, for tax purposes. this is because they are imposed for violations of public policy, and are not considered ordinary and necessary business expenses. presumably, your business is not to violate public policy.
    •  Yes, but I'm not talking about deducting (0+ / 0-)

      penalties as an expense.

      If you owe penalties and don't pay them directly, do you have to declare them?

      For example, I don't have penalties but I have that homebuyer's credit (the one you have to pay back).  They don't bill me, they add it to my tax returns (you used to have to fill out a specific form, but now you don't).

      If you owe the IRS money because of a penalty, is this reflected on your taxes?

      Why is it that a 3% tax increase for the wealthy is considered "socialism" and an 8% wage cut for the middle class is "doing your part"? MartyM

      by delphine on Sat Aug 25, 2012 at 01:45:45 PM PDT

      [ Parent ]

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