I have a crack CPA named Givu Gazpayne. (We’re close, so I call him GG.) I asked him today if he does my tax returns with TurboTax and he said, “No . . . RotoRooter”.
Whatever, the effect is the same . . . either way you get cleaned out. And the pain is the same.
GG is good. He keeps me honest and broke. But since I’ve been using him, I’ve never had to make a fool of myself in front of a U. S. Senate Finance Committee looking into my tax returns.
I’m going to recommend GG (we’re close, so I call him GG) to the next U. S. Treasury Secretary. President Obama has appointed boy genius Timmy Geithner to that high position. Cabinet appointments are in the process now of being examined by the Senate. This is a constitutional process, as the president’s appointments are subject to the “advice and consent” of the Senate. The Senate Finance Committee has voted 18 to 5 to approve Geithner, so he’s well on his way to being confirmed.
The entire political realm is agog over the boy genius and his credentials. Appearances count too, so his youthful good looks ring the first bell for him. He’s articulate; that rings the second one. Actually, this guy could be a one-man bell choir! He graduated from Dartmouth with a degree in government and from the Johns Hopkins School of International Studies with a master’s degree in International Economics.
Unfortunately, he’s had no basic training in how to operate TurboTax on a computer, which as you know is a popular software program widely used by American tax payers in preparing their income tax returns. It’s designed for use by ordinary people, claiming in its ads that “It’s the Easy Way to Do Your Taxes . . . TurboTax simplifies taxes, so you can complete your return with speed, ease, and confidence.”
Geithner, who will also head up the Internal Revenue Service in his new job, uses TurboTax to prepare his tax returns. Maybe he didn’t buy the deluxe version. Maybe he should try RotoRooter. GG can show him how to use it.
Here’s the story.
Geithner got audited by the IRS and had to pay back taxes for the years 2003 and 2004 for “mistakes” he made in his returns. However, even though he’d made the same mistakes on his 2001 and 2002 returns that were not being audited, he did not correct those returns or pay the back taxes on them-not, that is, until Barack Obama’s hounds discovered the little “oversight” when they were vetting him for high office.
Could it be that he knew those years’ taxes were barred by the statute of limitations, so that the IRS could not force him to pay them, even though he still owed them? Is that why he didn’t pay them earlier? He claims he made honest mistakes, not intending to defraud the government out of the $40,000 taxes he had failed to pay.
Let me get right to what you want to know, what the world has been waiting for: my opinion:
I think he knew at each step that he was liable for the taxes, but that he deemed the issue too vague to surface. After he got caught on the 2003 and 2004 audits and paid those taxes, IRS probably told him he’d paid his due . . . as to those years. He conjured that into an all-clear for the prior years’ returns as well, gambling that they would never come up again. If they did, he could hide behind the statute of limitations. What he didn’t count on was Obama’s political sleuths being more aggressive than the IRS agents were, because their incentive was greater: they didn’t want something like this coming out and stinging Obama in the beehind. It was after their discovery-and only then-that Geithner paid the 2001 and 2002 taxes he owed.
Politicians, bankers and big business are all slobbering at the mouth to get this guy confirmed as Secretary of the Treasury. Most of them don’t care whether he’s honest or not. He appears to them to be a panacea for all the woes of these desperate times, notwithstanding his recent series of major mistakes. For example, he had a hand in the bankruptcy filing of the investment bank Lehman Brothers, also was an MVP in the $85 billion bailout of AIG (later increased to $152 billion), and he, along with former Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke, flew the planes for the various financial bail outs of the last several months.
I, personally, would not vote to confirm him because of his involvement in the bailouts. But that’s another story.
What, then, about the integrity issue, if that’s what it is? He clearly did not steadfastly adhere to a strict moral or ethical code about paying what he owed, or he would have paid the 2001 and 2002 taxes, even though he wasn’t legally required to if they were in fact barred by limitations. What would I have done under the same or similar circumstances? What would you have done?
I’m checking with GG today for his thoughts on the matter. I’ll try to pass the buck to him.
Thanks for reading,