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Are you claiming job-related vehicle, travel, transportation, meals, or entertainment expenses? IF Yes Continue To Process (c)Īrmed Forces reservists, qualified performing artists, fee-basis state or local government officials, and individuals with disabilities should see the instructions for line 10 to find out where to deduct employee expenses.įorm 2106 may be used only by Armed Forces reservists, qualified performing artists, fee-basis state or local government officials, and employees with impairment-related work expenses because of the suspension of miscellaneous itemized deductions subject to the 2% floor under section 67(a) by P.L. Were you reimbursed for any of your business expenses (count only reimbursements your employer didn’t include in box 1 of your Form W-2)? IF Yes Continue To Decision (6)ĭ. Did you have job-related business expenses? IF Yes Continue To Decision (3)Ĭ. IF Yes Continue To Decision (2)ĭon’t file Form 2106 (see Notes below). Were you employed as an Armed Forces reservist, a qualified performing artist, a fee-basis state or local government official, or an individual with a disability claiming impairment-related work expenses? See the line 10 instructions for definitions. taxpayers – to defend the firms and their former executives against pending lawsuits show no sign of going away.Summary: This flowchart is for determining if a taxpayer must file Form 2106 to claim ordinary and necessary business expenses.Ī. Until then, legal payments – courtesy of U.S. But it’s likely the deadline will not be met, according to an Obama administration official. The Treasury Department is required to develop a plan regarding the future of Fannie Mae and Freddie Mac by the end of this month. Consequently, on the advice of counsel, I have concluded that the advancement of such fees is in the best interest of the conservatorship.” It is my responsibility to follow applicable federal and state law. DeMarco, the acting director of the Federal Housing Finance Agency, said: “I understand the frustration regarding the advancement of certain legal fees associated with ongoing litigation involving Fannie Mae and certain former employees. At a moral level, they don’t deserve indemnification, much less payment of such princely sums.”Īsked why it has not cut off funding for these mounting legal bills, Edward J. They defied their duty of loyalty and served themselves. “Had they cared about the shareholders, they would not have staked Fannie’s reputation on dubious accounting. “Their duty of loyalty required them to put shareholders’ interests ahead of their own personal interests,” Mr. Howard and others, given their conduct detailed in the Housing Enterprise Oversight report, are being held harmless by the government and receiving payment of legal bills as a result. Carnell, an associate professor at Fordham University Law School who was an assistant secretary of the Treasury for financial institutions during the 1990s, questions why Mr. Once those improprieties became fact, shareholders of Fannie Mae and Freddie Mac began to file lawsuits and arbitration claims as they tried to recover the stock losses they suffered. Prior to the government’s takeover of Fannie Mae and Freddie Mae, a number of questions had begun to appear regarding accounting irregularities at both companies.
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Expenses are significantly larger at Fannie Mae. For Freddie Mac, the total is more than $27 million.
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In addition to the $160 million in taxpayer money, Fannie Mae and Freddie Mac spent millions of dollars to defend former executives and directors before the government takeover. Those executives include Franklin Raines, former chief executive Timothy Howard, former chief financial officer and Leanne Spencer, a former controller.
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24 by the New York Times, the majority of costs – $132 million – has gone to defend Fannie Mae and various executives in securities lawsuits and government investigations related to accounting irregularities, bad investments and poor management decisions that occurred years before the mortgage crisis came to bear.Īccording to the New York Times article, taxpayers have so far paid more than $24 million to law firms defending three of Fannie Mae’s former top executives. And it’s taxpayers who are footing the now $160-million legal bill to defend the firms and their former executives against those lawsuits.Īs reported Jan. Following the 2008 takeover of mortgage giants Fannie Mae and Freddie Mac by the federal government, lawsuits accusing the companies of fraud have been growing by the minute.