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MUST READ FROM THE STAR TRIBUNE: “FRANKEN PAYS $70,000 IN BACK TAXES AND PENALTIES IN 17 STATES”
By Michael B. Brodkorb | April 29, 2008
“Democratic U.S. Senate candidate Al Franken, front-runner in the race to unseat Republican U.S. Sen. Norm Coleman, said on Tuesday that he has paid $70,000 in back taxes and penalties owed in 17 states going back to 2003.
Franken, who delivers speeches across the country and still receives residuals from television shows, movies and books, blamed his accountant of 18 years for what he said was a mistake.” Source: Star Tribune, April 29, 2008
Click here for the complete story.
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“Franken said he would not release his personal income tax returns but noted that he paid $917,344 in state and city taxes between 2003 and 2006 when he should have paid $921,495. Franken said he has filed for an extension on his 2007 taxes.
Campaign manager Andy Barr said Franken was unable to reconstruct his tax situation before 2003 because his financial records weren’t complete before that time. Chanzis, Barr said, ‘had some stuff, but you have to have everything together and it just happens that [the accountants] were able to go back to 2003.’
Chanzis did not return calls for comment.” Source: Star Tribune, April 29, 2008
Click here for the complete story.
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This post also appears on Blogs for Norm!, an online community and blog covering the 2008 U.S. Senate campaign in Minnesota. The primary goal of Blogs for Norm! is to organize bloggers who support U.S. Senator Norm Coleman.
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April 30th, 2008 at 12:17 am
“Franken said the $70,000 is his newly hired tax team’s estimation of taxes and penalties owed in the various states. Once those amounts are recorded, he said he well be able to apply for a CREDIT on taxes OVERPAID in New York and MINNESOTA.”
StarTribune 4-29-2008
April 30th, 2008 at 11:52 am
I think that it will be interesting to see what the final money shift will look like.