May 3, 2008
Al Franken the tax deadbeat
Yesterday, AT noted Al Franken's problems as a tax deadbeat in several states. Franken blames his accountant, though he refuses to allow his accountant to speak to the press. Minnesota Democrats Exposed reports today that the largets newspaper in the state, the Star-Tribune, has sent a reporter to New York to interview Franken's accountant. When performers or athletes or others earn money in a state, they must file a state income tax report on the earnings, and this is what FRanken reportedly failed to do in a number of states.As a CPA I find the Franken tax situation an amusing lesson. I suspect the accountant probably advised Franken of the obligations and Franken told him not to prepare returns for the non resident states. I had that happen more than once with people who owned pass through entities that operated in several states. Often the client made this decision after weighing the costs of being caught by...(Read Full Post)