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Romney campaign FBAR

Posted by Charles II on August 15, 2012

Zach Carter and Ryan Grim, HuffPo

WASHINGTON — Mitt Romney has not released his full tax records from 2010, including key documentation connected to his Swiss bank account.

people who own foreign bank accounts are required to file a separate document with the IRS that provides additional details on such overseas bank holdings, and Romney has not released that form to the public.

Tax experts say it is almost certain that Romney did file the form, known as a Report on Foreign Bank and Financial Accounts, or “FBAR” in accountant slang. The penalty for not filing an FBAR can be severe, and the IRS would have expected to receive the form since Romney listed the Swiss bank account on his tax return.

Brad Malt, the manager of Ann Romney’s blind trust, told reporters the Romneys had an account with Swiss bank UBS worth about $3 million, which generated roughly $1,700 in interest [the sum is so small as to be bizarre in itself].

Other accounts that simply executed transactions and forwarded the money along to U.S. accounts would not have to be reported on the tax return. They would, however, have to be listed on the FBAR form Romney has not released to the public.

That Romney’s disclosed account was with Swiss bank UBS has also raised eyebrows. In 2008, a whistleblower at the bank informed the IRS of thousands of accounts being operated by American clients to avoid paying U.S. taxes.

4 Responses to “Romney campaign FBAR”

  1. Kurt said

    Thank you. I’ve only been saying that for months.

  2. MarkH said

    Richard Nixon might get the IRS to hand-over private information to be released at the opportune moment. Dems won’t do that as it is illegal. But, we can just keep the public wondering whether Romney is hiding money from the tax man. Even if he finally shows his documentation he will have left a very sour public unhappy.

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