What’s Missing from Mitt’s 2010 Return

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Mittens keeps saying he has released his 2010 returns. But Josh Marshall notes the returns are missing his FBARs — Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts.

Back in 2009, the IRS instituted a major tax amnesty program for folks who had previously secreted money in Swiss and other offshore banks. The amnesty stemmed from a settlement the US government had reached with UBS that year. Those who came forward voluntarily in the prescribed period of time could pay their back taxes, pay their fines but avoid any criminal penalties.

So, did Romney or anyone acting on his behalf or for some entity he controlled take advantage of the 2009 UBS amnesty program? You’ll note the reporter’s question flagged above asked if all FBARs were filed “in a timely fashion.” Malt didn’t address that part of the question. He just said all had been filed. So in addition to the question of the amnesty, were FBARs retroactively filed?

Given the radioactive-ness of the whole Swiss bank account issue I’m a little surprised that this whole thing hasn’t gotten more attention. And I’m also surprised since to the best of my knowledge — hard to prove a negative — Romney or his representatives have never been asked whether he took advantage of the amnesty program.

There are other possibilities — read Josh Marshall’s post for details.

11 thoughts on “What’s Missing from Mitt’s 2010 Return”

  1. The FBAR isn’t a tax return. It’s an anti-money laundering form that’s filed w/ the Dpt of Treasury for anti-laundering purposes, not an income tax return.

  2. Yesterday mitt was screaming to a crowd about how Obama was not vetted. Bad us! We the people dropped the ball! But mitt wont allow himself to be vetted for the exact same job…WTF??????

    Just say mitts magic underpants lead you to your calling and you wanted to work for mitt. He is refusing to give the basic information he would require from you as a perspective employee.

    So I am calling bullshit here. The romney camp has decided that the drama about not releasing these returns is less harmful than showing us truthful, complete tax returns and less harmful then the contents of the hidden returns. Polls show people want to see them and they believe he is hiding something that would make him unfit to serve. THIS is a job interview and he is welcome to give the needed information to qualify for the position or he can take his application off the table and NOT try for the job. Thats how it goes in the real world for the rest of “you people” but mitt says not him…is that good enough for you?

  6. From the IRS website:
    http://www.irs.gov/businesses/small/article/0,,id=148849,00.html

    Here’s the description:

    “The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.”

    I know nothing about the tax rules, so maybe someone who knows can answer this for me – is submitting a FBAR an admission of former tax dodging that this program amnesties?
    And is THAT why Mitt didn’t include that in his returns?
    This enquiring mind wants to know.

    Mitt Romney acts like a rich entitled weasel.

    we haven’t gotten over the 8 years of the last clown who acted like that. Lord have mercy on our souls if Mitt Romney is elected – though we’ll deserve none as a nation. I know the Lord is supposed to love drunks and fools – but I’m sure that even HeSheIt has limits.

  7. FBARs are filed separately from tax returns. The directions for the FBAR and the income tax return explicitely instruct the filer to NOT include them with the tax return.

  8. @ cund gulag: no, it’s not an admission of tax dodging. It has to be filed by anyone w/ a “financial interest” in a foreign “financial account” the balance of which was >10,000 during the year. (scare quotes indicating weirdly complicated technical terms that trip people up). If he participated in a VCI, he’d have to send in late FBARs. They might say “AMENDED” across the top, but in any event the date signed wouldn’t match the year of filing (for 2010, for example, Mitt’s signature would be dated sometime in June 2011, since they’re due 6/30)

  9. jpe,
    Thanks.
    So, if the hadn’t filed that FBAR, might his political ambitions be FUBAR?

  10. Thanks Mr. uncledad, I am ashamed to say, I hadn’t heard the “Alabama Shakes” before. That woman has something good going.

    Okay, back to FBAR.

  11. There can be be innocent reasons for not filing an FBAR (it can get complicated…..), but I don’t think that’s the case for Mittens. If he didn’t file an FBAR, then it’s hard to imagine an innocent reason and I think his political ambitions would, indeed, be FUBAR.

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