John Kerry has to pay $800,000 in Tax Debt- What?
That's right, Senator John Kerry may have to pay over $800,000 to the IRS out of his own pocket. The IRS has filed a Tax Lien against the John Kerry's 2004 campaign for $819,000. A Kerry Campaign representative said the Tax Debt was already paid, but since the IRS tends to be certain a debt is owed before the Tax Lien is filed, this claim is likely erroneous. Here's the scoop...
John Kerry's Campaign and their $800,000 Tax Debt, their claim? "We're Innocent!"
"The IRS merely has a gap in their electronic records of the 2004 campaign's payroll forms," Kerry spokeswoman Whitney Smith told the Washington Times. "We filed these forms correctly, and we're working with the IRS to provide them any and all needed information to set the record straight."
According to Whitney Smith, the campaign received an IRS Notice on January 7, 2008, stating that the IRS was missing W-2 forms from them. The penalty noted at $819,000.
Whitney Smith said the campaign did in fact file the forms correct in 2004, but they filed them again in response to the IRS notice.
"We've checked with the IRS at least once a month since then asking why the issue has yet to be resolved," she continued. "We still don't have an answer."
The Kerry Campaign's $800,000 Tax Blunder from the IRS's Perspective
Federal Laws prohibit IRS employees from discussing individual cases, so more details about this case are off limits. But we do know how tenacious the IRS is when it comes to collecting their money. John Kerry's estimated net worth is at $284 million to $336 million, according to the nonpartisan Center for Responsive Politics. John Kerry's campaign accepted public funding, so we don't know if he'll have to pay the debt. But if he does, the IRS will see he can cover it and they will attack for the full amount!
A First-Time for Everything
As far as I know, this is a unique situation for the IRS. After all, this campaign is already terminated! But fair is fair, and a campaign is an employer and a business. If all other businesses have to pay taxes, so should the John Kerry Campaign.
Moral of the Tale If someone like John Kerry is vulnerable to the IRS collection methods, what makes you think you're safe? Take this high profile example as a lesson, and stay in compliance with the IRS?
I'll keep you posted as more information becomes available.