BOSTON (AP) — An audit has found that Massachusetts Treasurer Timothy Cahill's campaign has not paid a state tax on interest earned from funds held in certificates of deposits during the last eight years.
Cahill's manager for his independent campaign for governor said in a statement released Tuesday that the campaign paid a 35 percent federal tax rate in interest-earning CDs in each of the last eight years.
But an internal audit with the guidance from the Massachusetts Office of Campaign and Political Finance showed that the campaign has not paid a 5.3 percent state tax on this interest.
Cahill's campaign on Tuesday filed amended state tax returns. Officials said they will be working with authorities over the next few days to ensure that taxes owed to Massachusetts are paid in full.
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