Wednesday, February 14, 2007

YES, WELL JUST THE SAME, COULD WE HAVE THE MONEY BACK?

For the last nine consecutive quarters, The town of Snow Hill has routinely failed to tax its federal taxes in a timely manner and instead opted to pay penalties of $10,000. And for their own, unclear reasons, town officials failed to catch the "mistake" for more than two years. This oversight raises some questions, not the least of which is "where the hell were the accountants and auditors when this was happening?".... No answer yet to that one.... And as much as I would like to see the town get its money back from the IRS, I'm having trouble justifying why they should get it. I mean, the town hired its bookkeeppers and had a responsibility to provide oversight. The fact that it apparently didn't do so is the fault of the mayor and council and the town manager, right? To me, that looks like a breach of fiduciary responsibility. So if the IRS declines.... well, that's $2,500 each they should cough up.

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