Possible Problem with Palin's Tax Returns

[MannyIsGod]

It does not appear that Gov. Palin reported as income the per diem reimbursement she received for travel, meals, and lodging expenses as governor of Alaska. Her 2007 W-2 reports $107,987 of income as governor, and the Washington Post pegs her governor's salary as $125,000. I blogged the tax issue raised by the per diem at:

http://taxprof.typepad.com/taxprof_b...-releases.html

I'm not sure how significant this will turn out to be but it strikes me as having potential.

Her lawyer has already released a statement.

Unless employees have reason to know that the W-2 is incorrect, the IRS expects employees to rely on the employer's W-2 as prepared & filed with the IRS, as Governor Palin did. The income tax aspects of fringe benefits are complex and highly technical, and not subject to second-guessing by laymen. The State of Alaska is confident that its position is correct. Its employees were en led to rely on that determination, So was Governor Palin.

I'm no tax lawyer, but that strikes me as bull . In no way is W2 info considered to be final for tax returns, so it just doesn't seem to make much sense to me. That being said, I am far from educated on tax issues so the lawyer with the education in the matter may be right or he may be trying to cover Palin's ass. We'll see.

[CubanMustGo]

Leave poor middle-class Sarah alone!! Golly don't we all have so much on our minds that we can't worry about the arcane details of taxes and oh my gosh you know the upkeep on their vacation home and all that land costs a lot so anyway why are you looking to the past instead of saying what we should be doing which is looking to the future where that maverick Senator John McCain the POW hero is going to lead this great and glorious nation so that none of our children will have to hear their parents say they can remember a time when America was a great country.

[ChumpDumper]

What an odd statement.

I don't think the story has legs though. At worst she'll just pay some more.

[MannyIsGod]

I don't know CD. If it comes out she ed that up, I can see a lot of spin on "how can we expect her to fix our nations finances if she can't correctly do her own" type of . I dunno, how much traction it would get, but we'll see.

[whottt]

It's really sad you've sunk to this level Manny.

[MannyIsGod]

It's really sad you've sunk to this level Manny.

Post of the year

[Clandestino]

yeah, no . if i have never second guessed my w-2. who the does that?

[Clandestino]

manny is the typical liberal democrat... an expert at everything.. taxes, weather, music...you name it... he knows every ing thing... however he just knows about it and doesnt put anything to practice and actually make the world a better place about. he just likes to about everything like he is 95 yrs old. i still remember the poor pizza delivery boy

[MannyIsGod]

manny is the typical liberal democrat... an expert at everything.. taxes, weather, music...you name it... he knows every ing thing... however he just knows about it and doesnt put anything to practice and actually make the world a better place about. he just likes to about everything like he is 95 yrs old. i still remember the poor pizza delivery boy

You should learn to read. It will help you in life. I'll tip the next pizza guy with the 50 you're going to owe me on Nov 5.

[2centsworth]

this is a total non-story. the real tax return story is how does biden make $6million bucks and only have $150k to show for it?

[George Gervin's Afro]

Any of you right weeners speak up about Congresman Rangel's unpaid tax issues? Call for his resignation ? Or is this one of those it's ok for our side but not the other?

[ploto]

I see 2 different issues.

First, it is possible that her stated taxable income is actually correct. She could have certain deductions taken out of her pay on a pre-tax basis so that part could be right- that is, the salary as listed on form W-2 not being equal to $125,000.

The second part- I think- is her responsibility. If she is given a per diem in addition to her salary, I believe that she is responsibile for reporting it.

Then again it has been a while since I have dealt with tax issues.

[Yonivore]

Any of you right weeners speak up about Congresman Rangel's unpaid tax issues? Call for his resignation ? Or is this one of those it's ok for our side but not the other?

You're comparing a possible (probable) oversight that can be corrected, if actually true, through the payment of back taxes and penalties to Rangels crimes?

Besides, in Texas at least, per diem is either added to the paycheck (partial per diem for day trips) or is considered state (tax free) expenditures. I think the author and you guys are getting this mixed up with an expense account...which most state employees do not enjoy.

Manny said he was no tax expert and I'm no per diem expert, although I have some experience, but to compare this to Rangel's misdeeds is laughable.

[George Gervin's Afro]

You're comparing a possible (probable) oversight that can be corrected, if actually true, through the payment of back taxes and penalties to Rangels crimes?

Besides, in Texas at least, per diem is either added to the paycheck (partial per diem for day trips) or is considered state (tax free) expenditures. I think the author and you guys are getting this mixed up with an expense account...which most state employees do not enjoy.

Manny said he was no tax expert and I'm no per diem expert, although I have some experience, but to compare this to Rangel's misdeeds is laughable.

Oh ok. Probable oversight for the republican and crime for democrat.

I'm shocked the yoni has 2 different standards for both parties. Of course Rangel has already made amends for his oversite, I mean crime...

[Yonivore]

Oh ok. Probable oversight for the republican and crime for democrat.

I'm shocked the yoni has 2 different standards for both parties. Of course Rangel has already made amends for his oversite, I mean crime...

There's nothing ambiguous about the tax status of rental income. If you receive it, you should pay taxes on it.

State per diem, on the other hand, is rather nebulous.

And, I'm sure if Palin is discovered to have been remiss in her tax obligations, she'll pay up.

[Yonivore]

Of course that's not all about Rangel...

Mr. Rangel’s personal finances have been under scrutiny for months, and he has already asked the ethics committee to investigate two other matters.

In July, The New York Times disclosed that a prominent New York developer had allowed him to lease four rent-stabilized apartments at prices far below market value. He used one as a campaign office, which violated state requirements that rent-stabilized apartments be used solely as a primary residence. Mr. Rangel agreed to relinquish the campaign office, but he asserts that there is nothing improper about keeping the others, and points out that two of the units were combined by a previous tenant who had a wall removed.

While there is nothing illegal about landlords’ allowing a tenant to lease multiple rent-stabilized apartments, some government ethics experts say that the tens of thousands of dollars in rent savings Mr. Rangel got each year could be considered a gift and a violation of the $100 annual limit on gifts to House members.

He has also been criticized for using his official stationery to solicit donations for a new educational center at the City University of New York that will be named for him. The ethics committee is now examining whether that violated Congressional rules.

The guy's a ing criminal.

[JoeChalupa]

It's really sad you've sunk to this level Manny.

[ploto]

As I recall, the per diems are not included in your taxable income IF AND ONLY IF the employee provides a detailed expense account to the employer showing exactly how and where the per diem was spent and only on allowable expenses and with receipts. Given that she was home and not actually traveling when she took a bunch of these per diems, I highly doubt an appropriate expense report was filed.

[MannyIsGod]

wtf?

I thought the same thing when I read that the first time, but after reading it a couple of times I Figure he's referring to Sarah.

[MannyIsGod]

As I recall, the per diems are not included in your taxable income IF AND ONLY IF the employee provides a detailed expense account to the employer showing exactly how and where the per diem was spent and only on allowable expenses and with receipts. Given that she was home and not actually traveling when she took a bunch of these per diems, I highly doubt an appropriate expense report was filed.

Well in any case, its looking like if she did do something wrong here it was on a complex issue the public won't care about. Those claiming is a non story are more than likely right since the media has yet to say about it.

However, doesn't her church require her to give 10% in donations?

[ChumpDumper]

this is a total non-story. the real tax return story is how does biden make $6million bucks and only have $150k to show for it?

He ran for president twice. He still has loans from that to pay off.

[Viva Las Espuelas]

gee, i wonder what the liberal stance on the rangel tax "misunderstanding" is.

[DaDakota]

Per diem is taxable income, as is the travel for her family to the Governers residence (over 43k charged last year).

She has not reported it....and anyone that has a decent income knows better.

Middle class Sarah is a tax cheat.......color me....NOT shocked.

DD

[Wild Cobra]

Per diem is taxable income, as is the travel for her family to the Governers residence (over 43k charged last year).

She has not reported it....and anyone that has a decent income knows better.

Middle class Sarah is a tax cheat.......color me....NOT shocked.

DD

Per Diem is not taxable. It is often business expense that businesses get to write off. From wiki:

When an employer reports an employee's earning at the end of the year on a W-2, per-diem is listed separate from taxable income, under 'Misc. non-taxable'.

All his thread and story are, is another LAME attempt to discredit Palin. Grasping as straws. Shows there is no real dirt on her. I don't mind, keep it up, and the common voter will see just how pathetic liberal pundits are. Those of you involves are petty, and should be ashamed.

[MannyIsGod]

Per Diem is not taxable. It is often business expense that businesses get to write off. From wiki:



All his thread and story are, is another LAME attempt to discredit Palin. Grasping as straws. Shows there is no real dirt on her. I don't mind, keep it up, and the common voter will see just how pathetic liberal pundits are. Those of you involves are petty, and should be ashamed.

My thread is an attempt to discredit Palin?

I didn't realize my threads had such influence. I figured it was just for our entertainment and discussion. You swallow that damn kool-aid hard man.