Taxes make the world go round
Today, I am reviewing tax returns. Lots and lots of tax returns. I manage three distinct families of venture capital funds, each of which requires returns for two limited partnerships, a general partner, and a management company. The most complex fund requires tax returns for five different entities.
These tax returns, some running several hundred pages, are only informational returns – the entities filing the returns do not actually pay any taxes themselves, but file the returns only to be able to tell their investors how much taxes are due in connection with their investment in the funds.
Lots of time for me, lots of payments for our accounting firm, and lots of taxes due from our investors.
I just hope that President Obama is doing good things with these tax dollars!