How many of you honestly bought the Geithner TurboTax line?
I know this is old news, but I didn't want to seem like a Geithner-basher by bringing this up sooner.
I have a really hard time believing the former President of Federal Reserve Bank of New York, former director of the Policy Development and Review Department at the International Monetary Fund, Under Secretary of Treasury, and etc... didn't have a competent CPA. Are we really to believe that he used TuboTax!!!!
Besides, why hasn't TurboTax publicly confirmed or denied the presumptions that they may be at fault (they may have done so, and I'm not aware). Don't they guarantee their work?
How can a person of his professional caliber not have a CPA? I just don't get it... It's a shame that they really think so little of the public and their constituents.
Clarification added 9 months ago:
Hello everyone - thank you all so much for participating in this discussion. My question wasn't intended to be a comparison of software vs. man. Rather, I was just offended by our so-called leaders who simply let the matter just rest.
And just as a marketing issue, I was also surprised that TurboTax didn't defend itself or refute Geithner's claim that he had used TurboTax on the questioned tax returns.
In any event, the replies about my assumption about the software were extremely interesting. In my own mind, I had never seen my question as a software issue. My intention was to explore the political and social aspects of this issue.
The software angle is a great example of how individuals see the world through their own unique prism.
The unintended outcome of this question was great. Thanks again everyone.
Answers (10)
Robert P
Operations Engineer
Best Answers in: Using LinkedIn (7), Government Policy (6), Ethics (5), Staffing and Recruiting (4), Information Security (3), Job Search (2), Mentoring (2), Criminal Law (2), Advertising (2), Public Relations (2), Labor Relations (2), Career Management (2), Computers and Software (2), Information Storage (2), Web Development (2), Travel Tools (1), Education and Schools (1), Occupational Training (1), Personnel Policies (1), Internationalization and Localization (1), Offshoring and Outsourcing (1), Treaties, Agreements and Organizations (1), Contracts (1), Intellectual Property (1), Internet Marketing (1), Business Development (1), Customer Relationship Management (1), Writing and Editing (1), Change Management (1), Organizational Development (1), Planning (1), Positioning (1), Professional Books and Resources (1), Communication and Public Speaking (1), Enterprise Software (1), Computer Networking (1), Wireless (1)
The real shame here is that you think so little of TurboTax. You know, just for fun I'd like to see you throw a little of your disposable income Intuit's way, do some homework and come back with a defensable, factual basis for placing TurboTax and incompetent accountants at the same level. And while you're at it, how about Googling the definitions of "competent" and "ethical". Different spellings, phonetics, maybe different meanings - who knows? Oh and one more thing. I'd love to see a list of the admitted upper class tax cheats who did have competent CPAs --
Tnx!
R
Busola O
Management & HR Solutions Provider - Thinking Creatively & Critically
Best Answers in: Staffing and Recruiting (1)
I think that with the recent investment scams and everything else going on around us, more people will be hesitant to hand over their financials and finances to 'professionals'.
Ralph B
Owner, Consultingwoodworker.com
Best Answers in: Government Policy (1), Staffing and Recruiting (1), Business Development (1), Sales Techniques (1), Quality Management and Standards (1), Energy and Development (1), Blogging (1), Using LinkedIn (1)
What I find REALLY disturbing is that we have a tax code that even a President of a Federal Reserve Bank can't navigate successfully!
Ralph Bagnall
Jeff W
Experienced Leadership and Management professional in IT Operations, Professional Services and Manufacturing sectors
Best Answers in: Government Policy (12), Organizational Development (7), Using LinkedIn (7), Ethics (4), Change Management (3), Occupational Training (2), Personnel Policies (2), Staffing and Recruiting (2), Internationalization and Localization (2), Business Development (2), Planning (2), Manufacturing (2), Market Research and Definition (2), Career Management (2), Green Business (2), Computer Networking (2), Purchasing (1), Job Search (1), Mentoring (1), Customer Relationship Management (1), Sales Techniques (1), Business Analytics (1), Inventory Management (1), Project Management (1), Small Business (1), Energy and Development (1), Computers and Software (1), Databases (1), Web Development (1)
I didn't and I also didn't accept that this guy was our only and best hope for solving the financial "crisis". He, obviously, IS NOT the smartest guy around and has proved it.
How many tax related lawsuits will be thrown out of court by defendants using the "Geithner Defense"?
I'm fearful that we've lost our way in so many areas of government that the few who are/were engaged will unplug and then nobody will be held accountable. Maybe this is one of the administrations objectives.
Stuff that I wonder about: Will the grassroots "tea parties" take hold and spark new interest in involvement? Can we turn back to our Constitutional heritage and recover the values of our founding fathers? Have entitlements destroyed our ethics?
~Jeff
Jean M
owner of Compliance Partners, LLC--serving the broker/dealer and investment adviser communities
I second your response, Ralph. If the number of Obama appointees with tax issues isn't a case for tax reform, I don't know what is. And as for competent CPA's--I've had CPAs do my taxes 4 times and every time I found errors. Unless and until I find myself with a really complex tax return, I'll stick with my Wharton education and TurboTax.
Last year I sat for and passed the AUD,FAR, and BEC sections of the CPA and I recently sat for REG (taxation), which is by far the most confusing and difficult section of the CPA. TurboTax can be difficult to use even if you know what you are trying to do and I don't blame anyone for making a mistake on their taxes. TurboTax does speed up the process of filling out the tax forms, but you still need to have some idea of what you are doing.
Dean E
Program Manager, Worldwide Logistics Support Services (WLSS) at Siemens Government Services
Best Answers in: Exporting/Importing (9), Government Policy (7), Treaties, Agreements and Organizations (7), Government Services (3), Internationalization and Localization (3), Planning (3), Government Contracts (2), Social Enterpreneurship (2), Supply Chain Management (2), Biotech (2), Using LinkedIn (2), Commercial Real Estate (1), Purchasing (1), Regulation and Compliance (1), Education and Schools (1), Job Search (1), Mentoring (1), Auditing (1), Corporate Taxes (1), Economics (1), International Law (1), Customs, Tariffs and Taxes (1), Employment and Labor Law (1), Labor Relations (1), Manufacturing (1), Packaging and Labeling (1), Personal Taxes (1), Wealth Management (1), Market Research and Definition (1), Communication and Public Speaking (1), Professional Networking (1), Small Business (1), Green Business (1), Energy and Development (1), Green Products (1), Telecommunications (1), Software Development (1)
I have always used TurboTax - but also understand the outcome is only as good as the data each taxpayer enters.
The bigger question is why Geithner "sat" on this knowledge until it became politically important to pay; does anyone really thing the average Joe out there would get away with owing $10,000 in taxes? In this economy?
...and if there's any doubt, I think he's an unethical SOB - but a connected, elitist, unethical SOB who believes laws (and tax bills) are for "the little people".
Deploy auditors, and deploy them now!!
Paul C
Business Analyst and Technical Writer
Best Answers in: Government Policy (27), Using LinkedIn (3), Communication and Public Speaking (2), Ethics (2), Education and Schools (1), Job Search (1), Economics (1), Personnel Policies (1), Treaties, Agreements and Organizations (1), Corporate Law (1), Internet Marketing (1), Business Development (1), Sales Techniques (1), Change Management (1), Equity Markets (1), Career Management (1), Computers and Software (1), Web Development (1)
The issue isn't TurboTax, of course... it's the evasion of personal responsibility. Geithner, like most liberal Democrats, believes wholeheartedly in this evasion. They feel that so long as what could be a plausible explanation for their behavior is offered, said behavior shall be excused.
Michael G
Life Coach, Trainer, Visionary, Dreamer
Best Answers in: Government Policy (25), Ethics (6), Using LinkedIn (6), Mentoring (4), Treaties, Agreements and Organizations (2), Career Management (2), Economics (1), Government Services (1), Tax Law (1), Customer Relationship Management (1), Bond Markets (1), Equity Markets (1), Manufacturing (1), Small Business (1)
As we know, as long as the liberals keep confiscating other people's money and spread it around to pander for votes, they don't have to worry about ethics. Those of the entitlement mentality will just keep on looking the other way.
James C B
JCBCapital.com, JCB Capital Performance - Personal Wealth Management, Asset Manager, Financial Planner, Wealth Adviser
Best Answers in: Economics (56), Equity Markets (42), Commodity Markets (20), Currency Markets (20), Financial Regulation (15), Personal Investing (14), Derivatives Markets (12), Government Policy (11), Bond Markets (9), Futures Markets (8), Wealth Management (8), Retirement and Estate Planning (6), Accounting (5), Risk Management (5), Hedge Funds (5), Option Markets (4), Individual Insurance (4), Personal Real Estate (4), International Law (3), Budgeting (2), Venture Capital and Private Equity (2), Mergers and Acquisitions (2), Personal Taxes (2), Career Management (2), Energy and Development (2), Education and Schools (1), Auditing (1), Corporate Debt (1), Foreign Investment (1), Corporate Taxes (1), Government Contracts (1), Compensation and Benefits (1), Staffing and Recruiting (1), Internationalization and Localization (1), Finance and Securities Law (1), Corporate Governance (1), Change Management (1), Non-profit Management (1), Manufacturing (1), Project Management (1), Personal Debt Management (1), Ethics (1), E-Commerce (1), Computers and Software (1)
Hi Armond,
My understanding is that Geithner was beyond the "statue of limitations" but asked to pay all taxes owed by the Obama administration.
Be happy in that although possibly being "creative" with his tax return - he may be one on the best qualified in the nation to deal with failed regulatory policies over the past 18 months.
JC Brandon
