2jesusandjohnwayne
Maria Popova 360x1000
Gilgamesh 360x1000
3theleastofus
3paradise
Thomas Piketty2 360x1000
4albion
storyparadox3
2paradise
399
1albion
George M Cohan and Lerarned Hand 360x1000
4confidencegames
George F Wil...360x1000
1gucci
Thomas Piketty1 360x1000
1empireofpain
2gucci
3albion
1madoff
2falsewitness
Tad Friend 360x1000
Brendan Beehan 360x1000
1paradide
Susie King Taylor 360x1000
2confidencegames
1trap
Stormy Daniels 360x1000
Susie King Taylor2 360x1000
2lafayette
Ruth Bader Ginsburg 360x1000
9albion
Storyparadox1
2transadentilist
2lookingforthegoodwar
1theleasofus
Margaret Fuller1 360x1000
2theleastofus
lifeinmiddlemarch1
6confidencegames
2defense
1lauber
7confidencegames
1lafayette
2albion
199
Edmund Burke 360x1000
Mark V Holmes 360x1000
Samuel Johnson 360x1000
Office of Chief Counsel 360x1000
1transcendentalist
Learned Hand 360x1000
299
11632
Adam Gopnik 360x1000
10abion
13albion
lifeinmiddlemarch2
2trap
Margaret Fuller3 360x1000
AlexRosenberg
5albion
James Gould Cozzens 360x1000
499
1jesusandjohnwayne
1defense
Lafayette and Jefferson 360x1000
Margaret Fuller5 360x1000
Margaret Fuller2 360x1000
6albion
LillianFaderman
14albion
Margaret Fuller4 360x1000
Thomas Piketty3 360x1000
8albion'
Mary Ann Evans 360x1000
1lookingforthegoodwar
7albion
Margaret Fuller 360x1000
Anthony McCann2 360x1000
11albion
Richard Posner 360x1000
5confidencegames
1falsewitness
12albion
3confidencegames
Spottswood William Robinson 360x1000
storyparadox2
Margaret Fuller 2 360x1000
Anthony McCann1 360x1000
3defense
Maurice B Foley 360x1000
1confidencegames
Betty Friedan 360x1000
Originally Published on forbes.com on April 19th, 2012

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Looking at my twitter feed, I see a lot of people are making a big deal out of Romney extending his tax return.  Now if you think being a rich guy who is involved in venture capital partnerships disqualifies him from being President, you’re entitled to that opinion.  Go ahead and knock him for that. But if you knock him for extending his tax return, like it is part of some nefarious plot, you are just showing your ignorance.  He released a draft copy of his 2011 return which shows adjusted gross income of around 21 million which is similar to his 2010 return.  The roughly 3 million in tax (about 20 times what the President paid) was covered by overpayment from the previous year.  His income is weighted heavily towards capital gains so his percentage is lower than most people.
I’m just a tax blogger, not a political analyst, but I doubt that it is doing him much good to release a draft return which reinforces the story about him being a rich guy who pays a low rate now and then having to release the final return which will reinforce the same story sometime in September or October.  There will probably be some blogger who will have the patience to pick apart the differences between the draft return and the final return.  Since I am hoping to hang on to my day job, that blogger will probably not be me, because I will be too busy wrapping up returns from other people who simply had to extend including my own.
Romney is a partner in partnerships.  In order to do his return you need a K-1 from the partnership just like  the President’s accountant needed a W-2.  W-2s are supposed to be distributed by January 31 and I don’t know whether there is any provision for extending that.  K-1s are due April 15 (adjusted for weekends and holidays) just like individuals.  Partnerships can get an automatic 5 month extension.  I think it likely that some of Romney’s partnerships are partners in other partnerships, some of which may be partners in other partnerships.  You only need one of them to be late to force him to extend.  If he did not extend, he would be forced to amend when the real numbers came in.
If he wanted to avoid extending and then having to amend the only way to do it would be to estimate high, pay more than he would ultimately owe and then not bother to file for a refund.  There is a clever idea for his campaign.  Why didn’t somebody at PWC think of that ?  There is probably a flaw in there somewhere.
I’m not a big fan of Romney just like I’m not a Newt Gingrich fan.  Still when Newt was being unfairly knocked about the S corporation thing, I stood up for him, so I figure I owe Romney the same courtesy.  Since the extensioncriticism is so unfair, I’m not even going to mention the dog thing.
You can follow me on twitter @peterreillycpa.