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re: Which bank transactions must be reported to the Feds?
Posted on 1/8/13 at 9:21 am to Lookin4Par
Posted on 1/8/13 at 9:21 am to Lookin4Par
quote:As you should be.
I would still be nervous with the IRS microscope.
The process itself is painful and time consuming even if you've done nothing wrong. The worst part is they make you feel like you're guilty of something so you have to prove you're innocent of everything.
As self-employed, I got questioned by the IRS about a payment made to me by a foreign client and it was NOT a pleasant method of questioning.
The irony is I had called the IRS 1-800 Help Line when I was completing my taxes (I do all of my own tax reporting just to force me to be current on tax laws) and I followed their instructions to the letter on how to report that foreign income. Thankfully, I kept the IRS person's ID # who I talked to and was able to use that information in describing my conversation and why I did what I did on reporting the income.
Thankfully, after several months I received a release letter from the IRS requiring no further action on my part.
Still I felt like I was about to go to prison at any minute for doing the right thing!
Posted on 1/8/13 at 10:00 am to LSURussian
quote:
Still I felt like I was about to go to prison at any minute for doing the right thing!
Can totally relate to this. Had a lien a few years back from a miscalculation on my 1099, they treated me like a child molester.
Finally, after hours (and days) of useless conversation with the ACS department I got it handled. I decided to go top dollar for my accountants from now on, never want to deal with those scum bags again.
Posted on 1/8/13 at 10:24 am to LSURussian
quote:
Thankfully, I kept the IRS person's ID # who I talked to and was able to use that information in describing my conversation and why I did what I did on reporting the income.
Russian, that's probably the greatest advice posted on the MT in awhile.
Sometimes it's easy to not take the time to ask those questions and make good notes of what went on in the call, but it's crucial.
I had similar experience and the fact that I had documented who I talked to and what specifically was discussed, in my opinion, was HUGE to having the IRS proceed reasonably.
In hindsight, telling them "I talked to Agent # 76187389764 who's name was Mrs Smith at 4:14 pm on 01/01/1980" instead of saying "I talked to one of your own people back in January!" was a HUGE "framing" point.
By "framing", I mean it framed the discussion as professional and "all bases covered" as opposed to "yeah I'm pretty sure I did the right thing".
Posted on 1/8/13 at 11:09 am to LSURussian
Not gonna start a new thread, and not trying to hijack, but I worry about the IRS every single year I file my taxes. I use TurboTax, the wife and I make a little less than $100k a year, but I still worry. I get the audit protection that Turbo Tax offers. The past few years we have had a rental property, but other than that, nothing out of the ordinary.
My question(s), with the small amount of money we make, are we really "targeted" or are they after bigger fish?
If I was somehow in the wrong, do they give you a chance to pay the difference? Or is it straight to prison?
I know, probably stupid questions but I am a worry wart.
My question(s), with the small amount of money we make, are we really "targeted" or are they after bigger fish?
If I was somehow in the wrong, do they give you a chance to pay the difference? Or is it straight to prison?
I know, probably stupid questions but I am a worry wart.
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