Tax Returns

SOUTHAMPTON, N.Y. - Mitt Romney privately raised millions of dollars from New York's elite on Sunday, as Democrats launched coordinated attacks against the Republican presidential candidate, intensifying calls for him to explain offshore bank accounts and release several years of tax returns. The line of attack, dismissed by the Romney campaign as an "unfounded character assault," follows new reports that raise questions about Romney's personal wealth, which could exceed $250 million.

FLORENCE, S.C. - His wealth and taxes suddenly a campaign focus, Mitt Romney said yesterday that he pays an effective federal tax rate of about 15 percent. That's far less than if his earnings were wages rather than gains from investments and dividends, and the disclosure under pressure triggered a sharp response from the Democratic White House, as well as from one of his GOP presidential rivals. Romney also told reporters that he received money from speechmaking before he announced his presidential candidacy early last year "but not very much.

WASHINGTON - Rep. Nancy Pelosi was emphatic. Mitt Romney's refusal to release more than two years of his personal tax returns, she said, makes him unfit to win confirmation as a member of the president's cabinet, let alone to hold the high office himself. Sen. Harry Reid went further: Romney's refusal to make public more of his tax records makes him unfit to be a dogcatcher. They do not, however, think that standard of transparency should apply to them. The Democratic leaders of the Senate and the House of Representatives are among hundreds of senators and representatives from both parties who refused to release their tax records.

Mayor Goode, the only mayoral candidate who has not released tax returns during the 1987 primary campaign, will make tax records for the years 1983 through 1986 available for public inspection next week, his campaign spokesman said yesterday. Spokesman Todd Bernstein made the disclosure after Goode's Democratic primary opponent, Edward G. Rendell, released his 1986 return and called on Goode to do the same. Bernstein said Goode's returns will be placed in the public file of the city Records Department "by the end of next week.

The tax returns submitted by Center City lawyer Thomas L. McGill Jr. were examined in microscopic detail in U.S. District Court yesterday as federal prosecutors tried to show that he intentionally evaded paying about $47,000 in federal taxes owed on income from 1980 through 1987. Through testimony and documents, the prosecution showed that McGill submitted his returns late six times between 1980 and 1987, did not enclose the amount of money he owed and made only one voluntary payment of $3,000 between 1980 and 1987 - a period in which he had taxable income of about $210,273.

Democrat George R. Burrell Jr. yesterday became the last of the eight mayoral candidates to release his income tax returns, and the reports raised new questions about his personal finances. For instance, in 1987, the year he won election to City Council, Burrell reported an adjusted gross income of $35,836 and claimed $31,759 in deductions, including $15,577 in business expenses and other miscellaneous deductions. He ended up paying $32 in federal income taxes. The average taxpayer reporting $35,000 in income in 1987 claimed $1,624 in business expenses, according to the Internal Revenue Service.

Pennsylvania and Delaware residents on active duty in the reserve or National Guard can get free assistance in preparing their 1990 standard federal and state tax returns through certified public accountants' organizations in those states. Both groups will provide the same aid for families of eligible military personnel. Although men and women serving in the Persian Gulf need not file federal returns until after leaving the combat zone, those on active duty elsewhere must file by April 15 to avoid penalties.

About 20 business students at Delaware Valley College in Doylestown Township are preparing tax returns for needy individuals and families. The students, working with the Bucks County Opportunity Council, assist those who qualify for earned-income tax credits. Fifteen other students help with child care and marketing. Accounting professor Elizabeth Kolar, who reviews the student-prepared returns, said the program would continue through April 14, with the volunteers available on Thursdays and Saturdays.

TRENTON - Gov. Christie and his wife, Mary Pat, will get more time to complete their family's 2011 income-tax returns. The Governor's Office said the Christies had filed for a six-month filing extension, though it did not specify why the delay was sought. This is the third straight year the Christies have sought a filing extension. Lt. Gov. Kim Guadagno filed her family's tax forms by Tuesday's deadline. But Christie spokesman Michael Drewniak said copies of Guadagno's returns would not be released until the Christies filed their tax paperwork.

WASHINGTON - President Obama and his wife, Michelle, reported paying $112,214 in taxes last year on $608,611 in adjusted gross income for an effective federal income tax rate of 18.4 percent, the White House announced Friday. That marks a decline from the Obamas' adjusted gross income of $789,674 in 2011, when they paid slightly more than 20 percent of it in federal taxes. The president earns a salary of $400,000, while the first lady receives no pay. The president continues to receive royalties from his published books; declining sales appear to have contributed to his drop in income between 2011 and 2012.

WASHINGTON - President Obama and his wife, Michelle, reported paying $112,214 in taxes last year on $608,611 in adjusted gross income for an effective federal income tax rate of 18.4 percent, the White House announced Friday. That marks a decline from the Obamas' adjusted gross income of $789,674 in 2011, when they paid slightly more than 20 percent of it in federal taxes. The president earns a salary of $400,000, while the first lady receives no pay. The president continues to receive royalties from his published books; declining sales appear to have contributed to his drop in income between 2011 and 2012.

NOT TO RILE anyone facing the duty of filing tax returns by next week's deadline (a/k/a that time of year one really looks at how much of one's money the government gets), but every time I turn around there's reason to be pissed off. I'm not talking about ongoing aggravations such as the pay and perks of City Council, the state Legislature and Congress, members of which collectively do more to us than for us while spending our money. (Digression: Can I get an eye-roll for President Obama "sacrificing" 5 percent of his $400,000 salary because of sequestration?

WHAT WOULD a tax season be without confusion and last-minute changes? First up, a lot of H&R Block customers are irate about a snafu that will delay their federal tax refunds by weeks. For days, customers complained on Facebook that they weren't getting a clear explanation as to why their refunds were being delayed. As it turns out, there was a problem with returns that included Form 8863, which is used to claim two higher-education credits - the American Opportunity Tax Credit and the Lifetime Learning Credit.

In the Region Green discharge costs Teva $2.25M   Teva Pharmaceuticals USA Inc. , of North Wales, agreed to pay a $2.25 million penalty for violations that included a fluorescent green discharge into a river at its plant in northeast Missouri. Details of the settlement were announced by the U.S. Environmental Protection Agency and Missouri Attorney General Chris Koster. Teva makes antibiotics at a plant outside of Mexico, Mo. Koster said the green discharge flowed into the Salt River from a wastewater treatment plant in 2008.

* THE WORLD ACCORDING TO DICK CHENEY. 9 p.m. Friday, Showtime.   YOU'D HAVE to have strong feelings about Dick Cheney to spend two hours on Friday night watching a documentary about him. Fortunately for Showtime, where "The World According to Dick Cheney" makes its TV premiere this week, plenty of people have strong feelings about Cheney, whose vice presidency made him a lightning rod for controversy. And a willing one, at that. In the excerpts from several days of interviews with documentary filmmaker R.J. Cutler ("The War Room," "The September Issue")

D EAR HARRY: I just finished working on our tax returns, and I found a little problem in reviewing the 1040. The return as I prepared it has $12,100 of itemized deductions, mostly charity but also taxes and medical costs. The standard deduction for us is $11,900. The difference is just about $200. If I take the standard deduction, my taxes will go up by just about $50. If I itemize, there is a greater chance that the IRS will come after me to examine some of those items than if I take the standard deduction.

SAN FRANCISCO - For Mina Meyer and Sharon Raphael, two women in their 70s who fell in love more than four decades ago and have been married for more than four years, the U.S. Supreme Court's pending consideration of a law that prohibits the federal government from recognizing unions like theirs is about more than civil rights. It is about buying a new roof for their California home, replacing their 2005 Toyota Camry, and ensuring Meyer doesn't take a financial hit if Raphael dies first.

The owner of a New Jersey architectural and engineering firm admitted filing fraudulent corporate tax returns and faces up to three years in prison when he is sentenced June 4. Prosecutors said Pravin Patel, 67, of Toms River, admitted filing returns between 2005 and 2009 that passed off personal expenses as legitimate business deductions. Among the personal expenses he improperly used to reduce the company's tax liability were $112,650 in payments for renovations to his home and $8,200 in expenses for his personal country club membership and associated fees.

Great news: The Internal Revenue Service began accepting tax returns this week. OK, maybe that's not so great. But smartphone applications are here to help with the chore, though they need improvement. Be cautious. Even though some apps promise free filing for simple federal returns, many still charge to prepare a return, or to file a state return. Sure, TurboTax SnapTax , by Intuit Inc., is free for Android and Apple devices, but filing costs $24.99, and the app's uses are limited.