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« WATCH: Assassination Attempt On Bulgarian Leader - Caught On Tape | Main | CHART: The Real Inflation Rate Is 11% According To CPI Calculations From 1980s »
Saturday
Jan192013

U.S. Tax Court Rejects Geithner Turbo Tax Defense

Cue laughtrack in 3,2,1...

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Ruling: Bartlett v. Commissioner - Sept. 4, 2012:

Petitioner admits that her income was misreported and that her taxable income was underreported.  She maintains that she reported all of her income and that the mistakes made were "honest mistakes" resulting from her lack of familiarity with the TurboTax program.  Petitioner claims she used the audit portion of the TurboTax program, believing the audit portion would catch any mistakes she otherwise might make.

It is apparent that a portion of the information petitioner entered into the TurboTax program was incorrect; hence the mistakes made (which resulted in the underpayment) were made by petitioner, not TurboTax.  TurboTax is only as good as the information entered into its software program.  See Bunney v. Commissioner.

This is the only time a U.S. Tax Court has allowed the Geithner defense.

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But Geithner has an explanation:

"I blame it all on Turbo Tax..."

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Recent Geithner stories:

Geithner Dumping TARP Bank Shares At Below Market Prices

Chris Whalen: "Tim Geithner Has Already Cut His Deal With Goldman Sachs"

Barney Frank Asks Geithner If Future Wall St. Bailouts Are Legal Under Dodd-Frank

 

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Reader Comments (5)

Here's the only time a tax court has allowed the Geithner defense:

http://taxprof.typepad.com/taxprof_blog/2011/11/for-first-time.html
Sep 6, 2012 at 9:49 PM | Registered CommenterDailyBail
Obama's economic saviour savaged as Keating lets rip

http://www.smh.com.au/opinion/obamas-economic-saviour-savaged-as-keating-lets-rip-20090306-8rk7.html#ixzz25kENIhlr

This is a great thrashing of Geithner by the former Aussie PM who dealt with him at the IMF.
Sep 6, 2012 at 9:52 PM | Registered CommenterDailyBail
Paul Ryan Booed At Wisconsin Town Hall For Defending Tax Breaks For The Wealthy

http://dailybail.com/home/video-paul-ryan-booed-at-wisconsin-town-hall-for-defending-t.html

Clip is from last Summer. Just rediscovered it.
Sep 7, 2012 at 2:29 AM | Registered CommenterDailyBail
Stop it DB. Paul Ryan cares for us and I really find reality distasteful.
Sep 7, 2012 at 7:19 AM | Unregistered CommenterSKINFLINT

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