Rep. Charles Rangel, D-N.Y., plans to hire a forensic accountant to sort through his tax liabilities as he comes under increasing pressure to step down from his chairmanship of the tax-writing House Ways and Means Committee.
Rangel admitted last week that he owed taxes on nearly $75,000 in rental income that he earned from a vacation property in the Dominican Islands (see Rangel Won't Step Down as Committee Chair). Rangel plans to amend his tax returns and pay over $10,000 in back taxes to the IRS, New York State and New York City. He has also faced new questions about discrepancies in the value of a Florida condominium that he bought in 2004 and sold in 2006, and how he reported the value and timing of the sale on his congressional disclosure forms, according to The Washington Post.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access