Skip to comments.Warren 'Raise My Taxes' Buffett's Company May Owe IRS $1 Billion
Posted on 08/30/2011 4:45:07 PM PDT by Sub-Driver
Warren 'Raise My Taxes' Buffett's Company May Owe IRS $1 Billion By Noel Sheppard Created 08/30/2011 - 5:29pm
As NewsBusters reported Monday, American media almost completely ignored a report that Warren "Raise My Taxes" Buffett's company Berkshire Hathaway has been fighting with the IRS for almost a decade over taxes it owes.
On Tuesday, the organization digging into Berkshire Hathaway's numbers, Americans for Limited Government, estimated the total could be as much as $1 billion:
Using only publicly-available documents, a certified public accountant (CPA) detailed Berkshire Hathaways tax problems to ALG researcher Richard McCarty. Now, the American people have a better idea of how much in back taxes the company could owe Uncle Sam.
According to page 56 of the company report, At December 31, 2010 net unrecognized tax benefits were $1,005 million, or about $1 billion. McCarty explained, Unrecognized tax benefits represent the companys potential future obligation to the IRS and other taxing authorities. They have to be recorded in the companys financial statements.
He added, The notation means that Berkshire Hathaways own auditors have probably said that $1 billion is more likely than not owed to the government. Google News and LexisNexis searches have uncovered only the New York Post as a major outlet reporting ALG's previous revelations.
Now that the money involved is 10 figures, will anyone in the Obama-loving media address the hypocrisy of one of the President's wealthiest supporters?
Wow, so if RMT Buffet “settles” with the IRS for say $50M, then everyone can crow that Hussein “forced” the rich to pay more in taxes and Buffet and Hussein can share a big laugh.
No Wonder he was was sucking up to the One.
Quick math says that 1 billion would cover our operational deficit for about 6 hours.
Always good to be in the company of little timmy.
LOL Typical liberal, wants everyone else to pay and then they hide their assets and never pay their fair share...
Obama should be asked, what tax deduction he has ever refused to take....
A billion here, a billion there, and pretty soon you're talking real money.
Of course, it would take 15,000 x a billion to pay off the current national debt (not including the trillions of dollars of unfunded pensions and other government benefits), but every little bit helps.
Buffett's company Berkshire Hathaway has been fighting with the IRS for almost a decade over taxes it owes. On Tuesday, the organization digging into Berkshire Hathaway's numbers, Americans for Limited Government, estimated the total could be as much as $1 billion...Born with a silver spoon in his no-doubt-deserving mouth, Warren Buffett will fight this until his last breath, or until $1 billion (plus legal costs) are seized by Holder's People. They've got what they wanted out of him, and their only regret is, there aren't 14,000 more just like him to pay off the federal debt.
I hope one day we can get Buffet up to the Bush Rates.
OK, hold the phone on this one. “Generally Accepted Accounting” rules, used to prepare annual reports, are different than tax accounting rules. Most of the differences relate to the timing of certain deductions and income items. So accountants create a “deferred tax asset” or “deferred tax liability” account to reconcile the difference between income taxes figured under the tax law as opposed to income taxes figured under the rules for financial statement presentation.
This is why journalists get all agitated when they report that XYZ, Inc. earned eleventy billion dollars last year yet “paid no taxes”!! The rules are different.
The solution of course is to make the rules for financial reporting identical to the tax law. Then you would see some crying from Wall Street and there’s a possibility that the system could be reformed.
Seems Obama only associates with tax cheats. If all of his buds would pay their back taxes, it would help the debt.
Last thing the federal gov’t needs is MORE MONEY..
Buffet thinks he’s above it all...
Warren Buffett - the $1,000,000,000 hypocrite.
I never realized that Buffett was a synonym for hypocrite!
Beuffet is a Democrat....they are ALL HYPOCRITES!! TAX CHEATING HYPOCRITES!