Treasury Secretary Failed to Pay SE Tax

[BulldogTom]

I love this. The Treasury Secretary Designate failed to pay his SE tax in 2001 -2004. Somehow, two days before he was nominated, he got "tax religeous" and decided to pay up. The Dems are falling all over themselves calling it a "hiccup" and an "honest mistake". Apparently, his self prepared returns for those years were reveiwed by a CPA "who failed to catch the error".

Isn't this just great. The guy in charge of the IRS can't properly prepare his own tax returns, and when he gets caught, he blames it on the CPA (that he was too cheap to hire to actually prepare the return) who glanced at it for him.

This does not bode well for the next 4 years.

Tom

Lodi, CA

[jainen]

>>failed to pay his SE tax in 2001 -2004<<

It wasn't exactly an obvious thing. He was paid on a W-2 from an international organization that is exempt from the Social Security System. Sure, he got notices and was supposed to understand, but it's not like he was hiding income. At least he paid up. If that's the worst thing you can say about Tim Geithner you haven't looked very close.

[TAXBILLY]

<you haven't looked very close>

What say you about the household employee misstep?

I voted for Obama and think he will do a lot better job than Bush but he ran on change and here we are again "explaining". You would think they would do a better job of vetting someone who is going to be in an important position watching our money but has so many problems watching his own.

taxbilly

[JohnH]

Charlie Rangel said not to worry about this minor little misunderstanding.

Things like this can happen to anybody.

[TAXBILLY]

The report says that he should have received an employee manual at the time he worked for that company detailing the tax ramifications but I guess he never got around to reading it.

http://www.talkingpointsmemo.com/docs/Geit...sultpage=1&

taxbilly

[BulldogTom]

<<It wasn't exactly an obvious thing... Sure, he got notices and was supposed to understand, but it's not like he was hiding income. At least he paid up. >>

Jainen, you don't find it the least bit humorous or ironic that the man who will be in charge of enforcement of the US Tax Code was unable to prepare his own tax return? How about the fact that when he was audited in 2005 for the 03 and 04 returns, he did not fess up about the 01 and 02 returns that had the same error on it? He did not "pay up" until the Senate got wind of it. TWO DAYS BEFORE HIS NOMINATION he "paid up".

And you think that blaming a CPA for not catching HIS error when the CPA did not prepare the return spells good news for Tax Professionals going forward?

You been drinking the Democratic Kool Aid? Everything is just perfect when a Dem makes an error, because they must be good people because they have a "D" for their party designation.

I respect you when it comes to taxes Jainen, but your politics amaze me.

Tom

Lodi, CA

[jainen]

>>drinking the Democratic Kool Aid<<

Have you read this guy's resume? Ronald Reagan first brought him to Treasury as a supply-sider. George Bush put him in his current job as one of the most powerful members of the private Bank that brought down our economy. Self-employment tax is the least of my worries about Tim Geithner. (Okay, it's a bit more important than his maid's paperwork.) The whole purpose of this scandal is not to cast doubt, but to deflect it.

Still, as a Santa Cruz cold-water fan, I gotta go with the surfer dude.

[BulldogTom]

Jainen,

The guy may be qualified. But you got to admit, this don't look good. Remember how your Dem friends punished the auto execs for flying to Washington in their corp jets? The press was all over it. Do I smell a double standard?

What I really find interesting is the selection of Pannetta for CIA instead of one of the financial positions. He is a realistic, respected consensus builder who is known for his budgeting abilities in Congress. One of his greatest acheivements sits right across the bay from you. Cal State Monterey Bay was his working. When all the congressmen were trying to protect their military bases in their districts, he gave up Fort Ord, but got a uninversity in exchange. That is a peace dividend. I always liked Panetta. He did not play dirty with the opposition party. He respected their views and tried to work with them. So different from most of the pols in Washington today.

Enjoy the beach my friend. I have heard the weather has been fantastic the last few days over there.

Here is theater of the mind, Jainen on a surfboard with a backpack carrying all his code books strapped to his board. Flowery shorts and berkinstocks.

Tom

Lodi, CA

[jainen]

>>Jainen on a surfboard <<

Not me. I sit up on the cliff playing french harp and watching the waves pummel those guys. Yeah, the weather's been nice, but rosarians like me need a little dormancy in January, and it's not happening.

Ignore the TV news about jets or tax returns. That's not what's happening either. Tim Geithner is proof that our economic policy of corporate globalization has continued intact for decades, Dem or Republican, with no change in sight.

[taxxcpa]

>>Jainen on a surfboard <<

Not me. I sit up on the cliff playing french harp and watching the waves pummel those guys. Yeah, the weather's been nice, but rosarians like me need a little dormancy in January, and it's not happening.

Ignore the TV news about jets or tax returns. That's not what's happening either. Tim Geithner is proof that our economic policy of corporate globalization has continued intact for decades, Dem or Republican, with no change in sight.

No change is right: plus ça change, plus c'est la même chose