A now for a reality check on taxes and former hedge fund guys based upon several decades working with hedge fund people and taxes.

Romney probably always files for an extension because not all of his information is available by April 15th. K-1 forms, PFIC statements, etc. if you want to get technical.

Last year his very complicated, high dollar return went out at the last minute. While I am VERY sure it was prepared diligently, complicated last minute returns are notorious for mistakes. Everyone is tired and stressed and just doesn't care about quality as much as they typically care.

This year, you can all look forward to a new IRS form that will cause massive comments about his 2011 tax return, Form 8938. Without boring you with the details, this form requires him to report some of his offshore WEALTH, in addition to his offshore income. If you got wound up about a million dollar income, what will happen when you find out the wealth needed to generate that million dollar income.

Now I have to get back to cranking out some last minute tax return extensions of my own.