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Started By
Message
Just got notice of underpayment from IRS for 2018
Posted on 3/7/25 at 7:27 pm
Posted on 3/7/25 at 7:27 pm
Of course the penalties and interest are more than the alleged underpayment. 7 years. I had no idea they went back that far. What a racket.
10
Posted on 3/7/25 at 7:43 pm to bradyjamesrules
If they know how much we owe them, why don’t we have to do the reporting. It’s bullshite.
Posted on 3/7/25 at 7:44 pm to beaverfever
quote:
If they know how much we owe them, why don’t we have to do the reporting. It’s bullshite
This right here.
Posted on 3/7/25 at 7:57 pm to bradyjamesrules
Interest is based on the federal short term rates. I'm surprised you were not notified earlier
Posted on 3/7/25 at 8:26 pm to UltimaParadox
I’ve lived at the same address the entire time. Never anything regarding this return. I’ll be able to find my return but I don’t think my bank records will be easy to find from 8 years ago. I’m sure I’ll end up paying. Almost impossible to fight and the interest will continue to pile up.
Posted on 3/7/25 at 8:28 pm to bradyjamesrules
What are they saying you did incorrectly?
You can get all of your tax forms and transcripts online if you need them. Log into the IRS website.
You can get all of your tax forms and transcripts online if you need them. Log into the IRS website.
Posted on 3/7/25 at 8:31 pm to bradyjamesrules
As mentioned, check your return and your transcripts. If it’s big $, talk to a CPA.
If this is your first notice from the IRS, you can apply for first time penalty abatement.
If this is your first notice from the IRS, you can apply for first time penalty abatement.
Posted on 3/7/25 at 8:33 pm to bradyjamesrules
The IRS is terrible, I filed and received my check then 3 months later got a bill for the same amount. I paid it online and 3 weeks later I got a check for the same amount. There's some cra cra going on there.
Posted on 3/7/25 at 11:00 pm to bradyjamesrules
General statute of limitations is 3 years from the due date of when you filed. If you filed a return timely for tax year 2018 that should be out of statute
Posted on 3/8/25 at 5:59 am to bradyjamesrules
Years ago I filled and was rubbing my hands together waiting on my $4,500 return.
We had gotten married, bought a house and had a baby so my shite had changed for the positive - as far as taxes.
After three months I received a letter stating that they were holding my return to pay off an obligation from my wife taking 10K out of her 401K 8 years before.
I didn't even F%^King know her arse back then but they took my return.
We had gotten married, bought a house and had a baby so my shite had changed for the positive - as far as taxes.
After three months I received a letter stating that they were holding my return to pay off an obligation from my wife taking 10K out of her 401K 8 years before.
I didn't even F%^King know her arse back then but they took my return.
Posted on 3/8/25 at 6:58 am to bradyjamesrules
They did that to my wife. Couldn’t reason with anyone and had to pay the massive penalties. Pretty awesome
Posted on 3/8/25 at 7:52 am to bradyjamesrules
Real life Monopoly game Chance card. Hope you passed Go a few times since 2018!
Posted on 3/8/25 at 8:00 am to The Torch
quote:
I didn't even F%^King know her arse back then but they took my return.
Community assets can be used to satisfy separate obligations. She owned 1/2 of what they took. You then have a reimbursement claim against your wife. Good luck with that. LOL
This is why some couples have separate property regimes.
This post was edited on 3/8/25 at 8:02 am
Posted on 3/8/25 at 8:44 am to Mingo Was His NameO
quote:
General statute of limitations is 3 years from the due date of when you filed. If you filed a return timely for tax year 2018 that should be out of statute
Had this thought too. Though I have a client who hasn’t filed a return in 10+ years, IRS specifically requested 2018-2023 forms to be filed.
Posted on 3/8/25 at 9:19 am to bradyjamesrules
I just wait until it’s time for taxes and pay the penalty then. I’m not doing quarterly estimated payments, too much work and guessing.
This post was edited on 3/8/25 at 9:20 am
Posted on 3/8/25 at 10:10 am to beaverfever
quote:
If they know how much we owe them, why don’t we have to do the reporting.
Me: how much do i owe
IRS: Dont know. Figure it out yourself.
Me: ok, I paid a CPA and worked on this shite for 6 hours and here's what I owe
IRS:OK
*8 years pass by*
IRS: Hey downshift you ignorant frick, you didn't pay us enough in 2018 so here's what you owe plus interest plus a frick you fee and if you want to fight it go right ahead frick you you piece of shite.
Posted on 3/8/25 at 3:49 pm to DownshiftAndFloorIt
quote:
IRS: Hey downshift you ignorant frick, you didn't pay us enough in 2018 so here's what you owe plus interest plus a frick you fee and if you want to fight it go right ahead frick you you piece of shite.
This is exactly how it goes
Posted on 3/8/25 at 4:13 pm to Mingo Was His NameO
Going to talk to CPA Monday. He did my taxes. It’s not life changing money but more than I want to part with
Posted on 3/8/25 at 5:39 pm to bradyjamesrules
I got a letter recently, apparently 27k in debt was cancelled in 2023 from a company I was partners in 9
Years ago that folded. It was for a company vehicle that we leased and told them come repo it when we folded the company. Never knew they cancelled the debt, never got a notice or a phone call or a 1099-c from the financial company but they damn sure sent a 1099 to the IRS now I owe 8,400 because they claim I underreported income.
I have documentation to fill out the 982 and be exempt from cancelled debt being reported as income but I’m sure it’ll be a pain in the fricking arse
Years ago that folded. It was for a company vehicle that we leased and told them come repo it when we folded the company. Never knew they cancelled the debt, never got a notice or a phone call or a 1099-c from the financial company but they damn sure sent a 1099 to the IRS now I owe 8,400 because they claim I underreported income.
I have documentation to fill out the 982 and be exempt from cancelled debt being reported as income but I’m sure it’ll be a pain in the fricking arse
Posted on 3/8/25 at 8:15 pm to DownshiftAndFloorIt
quote:
Me: how much do i owe IRS: Dont know. Figure it out yourself. Me: ok, I paid a CPA and worked on this shite for 6 hours and here's what I owe IRS:OK *8 years pass by* IRS: Hey downshift you ignorant frick, you didn't pay us enough in 2018 so here's what you owe plus interest plus a frick you fee and if you want to fight it go right ahead frick you you piece of shite.
That’s not how it works, but congrats on your upvotes
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