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Started By
Message
Got a letter from the IRS that pisses me off
Posted on 7/5/12 at 8:58 am
Posted on 7/5/12 at 8:58 am
Said that their records don't match mine for 2010, and that I owe them almost $30,000 for 2010. I'll tell you that there is no way I owe that, seeing that I did my taxes through turbo tax, and had a CPA in my family ok it. It's not even close (must have me mixed up for an OT baller).
Oh, and they say they will send me a bill and final notice at the end of the month, and it's my job to prove I don't owe that.
Has this ever happened to any of you??? Any guidance on how to handle. I'm giving it to my CPA soon to handle, just pissed off beyond belief. Waste of my fricken time. IRS can frick themselves.
Thanks
Oh, and they say they will send me a bill and final notice at the end of the month, and it's my job to prove I don't owe that.
Has this ever happened to any of you??? Any guidance on how to handle. I'm giving it to my CPA soon to handle, just pissed off beyond belief. Waste of my fricken time. IRS can frick themselves.
Thanks
6
Posted on 7/5/12 at 9:00 am to MakeMoney
I'm willing to bet money that you didn't report some stocks you sold.
Posted on 7/5/12 at 9:03 am to MakeMoney
my guess is the bank didn't tie the purchase of lot of a stock to the sell. So it looks like you have a $0 cost basis for a sell, meaning all profit. Not sure why banks frick this up, but it happens on a regular basis. Don't get too upset. You can correct it with minimal effort.
Posted on 7/5/12 at 9:06 am to TheHiddenFlask
quote:
Message Posted by TheHiddenFlask I'm willing to bet money that you didn't report some stocks you sold.
I'll go with this one also. One If the most common issue I've seen; the IRS always recognizes your realized gains.
I'm sure you had some losses that weren't reported when you sold. The IRS doesn't know about the realized losses though.
Posted on 7/5/12 at 9:10 am to TheHiddenFlask
quote:
I'm willing to bet money that you didn't report some stocks you sold.
This. The same thing happened to me due to moving funds between brokerages. I've sent in cost records to the IRS and they are currently reviewing my case. I hope it goes no further.
Posted on 7/5/12 at 9:15 am to ynlvr
Ok, well I personally didn't sell any stocks, but I did have a savings account with my dad's business partner that was an Investments broker. I had pulled out about that much from him and still have it sitting in my savings account with my bank. I was about to buy a house and have pushed it back. Does that sound like the culprit?
So what is the best route to fix? Send in the paperwork for the movement from this fund to my bank? Thanks again for enlightening me
So what is the best route to fix? Send in the paperwork for the movement from this fund to my bank? Thanks again for enlightening me
This post was edited on 7/5/12 at 9:18 am
Posted on 7/5/12 at 9:56 am to MakeMoney
You need to send them your cost/basis.
Showing them where you moved the money too wont help, they will need to know what you intially paid/invested.
Showing them where you moved the money too wont help, they will need to know what you intially paid/invested.
This post was edited on 7/5/12 at 9:58 am
Posted on 7/5/12 at 10:01 am to MakeMoney
Call your dad's partner and ask him for the transactions records that he made on your account.
Posted on 7/5/12 at 10:08 am to TheHiddenFlask
Will do. Thanks.
Posted on 7/5/12 at 10:10 am to C
quote:
my guess is the bank didn't tie the purchase of lot of a stock to the sell. So it looks like you have a $0 cost basis for a sell, meaning all profit. Not sure why banks frick this up, but it happens on a regular basis. Don't get too upset. You can correct it with minimal effort.
Bingo. I encountered this exact thing on my taxes this year for securities that I bought in the 90's. I had to manually look up the cost basis and input into turbotax.
Posted on 7/5/12 at 10:17 am to MakeMoney
The notice you received from the IRS should tell you what differences they have between what was reported to them and what you reported on your return for income, deductions, credits and/or payments as well as any penalties they are proposing to assess. It is usually pretty simple to provide the IRS with the documentation that accounts for the differences.
The IRS uses its computers to match amounts reported on your return with amounts reported to it via W-2', 1099's and K-1's. If you report less than they are aware of they will send you a notice of the sort you received. This is more cost effective for the IRS than conducting audit type examinations.
The IRS uses its computers to match amounts reported on your return with amounts reported to it via W-2', 1099's and K-1's. If you report less than they are aware of they will send you a notice of the sort you received. This is more cost effective for the IRS than conducting audit type examinations.
Posted on 7/5/12 at 10:22 am to Poodlebrain
Good info. I'm going to go home and dig through my transactions to find the cost basis info. I'll talk to my CPA too, but I knew you guys would be able to help me out. Thanks.
Posted on 7/5/12 at 11:00 am to MakeMoney
Did an uncle die in a plane crash an some Nigerian babker sent the money to you?
Posted on 7/5/12 at 12:16 pm to fatboydave
i got hit with this last week. apparently my in laws cashed in a $12k savings fund my wife had for our wedding in 2010 and didnt give us the paperwork to claim it. Luckily they paid the $3500 I owed.
Posted on 7/5/12 at 12:36 pm to fatboydave
quote:
Did an uncle die in a plane crash an some Nigerian babker sent the money to you?
We're still waiting for the friendly Nigerian prince to send us the Zimbabwean trillion dollar notes which we will then convert to Iraqi dinars.
Posted on 7/5/12 at 12:49 pm to MakeMoney
If you're not a girlie man you should just ignore the letter.
Or, better yet, write them and tell them to go F.O.
That's what any real man would do.
Please let us know how that works out for you, assuming you have internet access in your cell....
Or, better yet, write them and tell them to go F.O.
That's what any real man would do.
Please let us know how that works out for you, assuming you have internet access in your cell....
Posted on 7/5/12 at 1:14 pm to LSURussian
Yep, I got one for $25k last week. Called my cpa Mon and we are now having to go back and figure out the cost basis. I switched advisors in 2010 and they sold a mutual fund which I didn't even remember.
Posted on 7/5/12 at 2:43 pm to guttata
They must have really come up short in 2010. 
I got a letter from them a month ago saying I owed 1600 and they wanted it in 30 days. I had a lot of medical issues in 2010 and it appears my CPA tried to claim too much with the medical expenses. She found her mistake and I cut them a check last week. They still haven't cashed it yet though. I hate when people hold checks.
I got a letter from them a month ago saying I owed 1600 and they wanted it in 30 days. I had a lot of medical issues in 2010 and it appears my CPA tried to claim too much with the medical expenses. She found her mistake and I cut them a check last week. They still haven't cashed it yet though. I hate when people hold checks.
Posted on 7/5/12 at 2:52 pm to LSURussian
quote:
If you're not a girlie man
so what is the back story here?
Posted on 7/5/12 at 3:10 pm to C
I am dealing with this right now.
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