short versus long schedule and self employment tax

[moabraham1]

hello


According to Romney's 2010 return the Section A Short Schedule SE was used , however, according to Schedule SE you must use the Long Schedule SE if the total of your wages and tips subject to social security or railroad retirement {tier 1} tax plus your net earnings from self -employment was more than $106,800?


More than $106,800 in net earnings from self-employment was earned in 2010 by the Romneys.





Was the wrong Schedule SE prepared? Does it make any difference if the short schedule rather than the long schedule was filed?








s

[mwcpa]

not having seen mr. romney's return, which has been vetted by the IRS, numerous new outlets, and I am sure numerous lawyers, numerous CPAs and EAs, etc. I would venture to guess that any and all forms are proper and in compliance with the law as written. I am sure he used the correct SE tax form

While many, including me, do not agree with the special treatment afforded for carried interest, under the law it is probably correct. While many, including me, do not agree that exchanging what would otherwise be a fee for service into a carried interest... well the Wall Street effect and politics rule that one.... (under IRC section 83, non cash compensation is taxable income subject to payroll taxes... why hedge funds seem to have been given a loophole just for them is purely politics)

[vonna]

moabraham - what do you hope to find by spending so much time recalculating Romney's taxes? Don't you think that if anything had been done incorrectly, much less fraudulently, it would have already been discovered?

I'm just curious as to why this exercise is so important to you.

[TheOtherMe]

Sept 15, 2012 7:18:24 GMT -5 vonna said:

moabraham - what do you hope to find by spending so much time recalculating Romney's taxes? Don't you think that if anything had been done incorrectly, much less fraudulently, it would have already been discovered?

I'm just curious as to why this exercise is so important to you.

I have the same question. I have looked at Romney's tax returns, as well as those of Obama, Ryan, Gingrich, Santorum, McCain, Palin, etc., but I'm a retired IRS agent. I've also read some articles about Romney's tax returns and the potential reasons of why he won't release more than two years. Those potential reasons have nothing to do with the reasons you are bringing up here.

I would think in the New York Times article a few weeks ago, the CPAs that were quoted would have mentioned something like this. That is not direction that article took at all.