Releasing tax returns--problems?

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Number Six
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Releasing tax returns--problems?

Postby Number Six » Tue Mar 08, 2016 2:09 am

Recently the issue of problems connected to a certain wealthy individual's tax returns being released during audit came under scrutiny: http://www.msnbc.com/the-last-word/watc ... 6758083687

Are there any real problems likely with properly released tax returns? Government agencies, banks and other entities ask to see returns if it is relevant to a client or citizen's objective in proving income. Politicians since Adlai Stevenson have been releasing them to show good faith transparency.
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LaVidaRoja
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Re: Releasing tax returns--problems?

Postby LaVidaRoja » Tue Mar 08, 2016 3:19 am

Traditionally, a political candidate releases HIS OWN RETURNS. The IRS does NOT release the returns UNLESS the candidate for some reason ASKS the IRS to do so. The IRS has NO prohibition on an individual releasing their own return. Whether the return is currently under audit is not a consideration. It is the individual's own choice whether or not to release.
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Re: Releasing tax returns--problems?

Postby Burnaby49 » Tue Mar 08, 2016 3:52 am

LaVidaRoja wrote:Traditionally, a political candidate releases HIS OWN RETURNS. The IRS does NOT release the returns UNLESS the candidate for some reason ASKS the IRS to do so. The IRS has NO prohibition on an individual releasing their own return. Whether the return is currently under audit is not a consideration. It is the individual's own choice whether or not to release.


Same in Canada. If a politician here wanted to make his returns public he'd be free to release whateve he wanted but the Canada Revenue Agency could release nothing, even on his instructions. He'd have to get a copy of his own filed return from the CRA and release it himself.
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