California's Governator is dealing with more tax woes. This time, though, they're federal.
And they're personal.
The IRS filed a tax lien against Gov. Arnold Schwarzenegger for $79,064 in May.
That document shows that Schwarzenegger owes the IRS $39,047.20 from 2004 and $40,016.80 from 2005.
Ahnold's office blames the unpaid taxes on "a minor paperwork tracking discrepancy."
Apparently, there were problems with information returns, filings that alert the IRS to payments made to employees or vendors (such as W-2s, 1099s), submitted by the governor. The IRS assesses a $50 penalty for each late-filed information return and for the filing of incomplete or incorrect information. The maximum such fine per year is $250,000.
Representatives of the governor say they have contacted the IRS. "The issue is completely unrelated to the payment of taxes," Schwarzenegger spokesman Aaron McLear said in a statement. "The governor is resubmitting certain information to the IRS and we fully expect that the matter will be resolved and the lien expunged without any penalty assessed upon the governor.
The IRS better hope that McLear is correct and that the governor doesn't owe any delinquent federal taxes. Otherwise, Uncle Sam just might get one of those infamous California tax IOUs.
- Californians face added withholding
- Californians, your tax IOUs are in the mail
- California tax hikes on the way
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