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View Diary: Updated x4 w poll: Bain Tax Bombshell Bigger than Before (150 comments)

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  •  I haven't seen anything to indicate that any IRS (2+ / 0-)
    Recommended by:
    wilderness voice, JVolvo

    audit included any tax year in which the particular "creativity" involved here was employed. "Likely" would seem to be an unfounded generalization, especially in light of the public statements by IRS that their audit resources have been insufficient for an extended period of tme.

    There can be no protection locally if we're content to ignore the fact that there are no controls globally.

    by oldpotsmuggler on Fri Aug 24, 2012 at 12:04:27 PM PDT

    [ Parent ]

    •  oldpotsmuggler - except that (1+ / 0-)
      Recommended by:
      Eman

      they have been taking this treatment for a decade, each of the many funds files an annual return, as do each of the BC equity holders. All of those returns have this treatment there like a flashing red light. I think the odds of an audit of one of these returns is high, and I don't think once they saw it the IRS would miss it.

      "let's talk about that"

      by VClib on Fri Aug 24, 2012 at 12:33:30 PM PDT

      [ Parent ]

      •  Yes, both of us would like to think that such (6+ / 0-)

        audits have taken place, and neither of us knows that to be the case.

        In the absence of written clarification from the IRS, this seems to be exactly the sort of thing that an audit should have bumped upstairs. The dollar amounts involved justify seeking definitive resolution, and failure to do so should clearly now be reviewed.

        There can be no protection locally if we're content to ignore the fact that there are no controls globally.

        by oldpotsmuggler on Fri Aug 24, 2012 at 01:07:48 PM PDT

        [ Parent ]

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