IRS Sons of dogs!!! Grrrrrrr!!!!!

instead of giving 100k to IRS y not go to china, or some other country and live like millionaires (in there currency)
 
Quote from LEAPup:

The CPA's say they got all of the basis numbers in. However, they are going through everything they sent as we speak.

I know there was a 1099 that was missed, but that is my fault for not remembering it. (actually for net keeping good records. What a learning lesson!!!! I will be keeping records on ALL income now, which should be about the same as taking on a part time job.:( )
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so you forgot a 1099 that generated 80k in taxes? lol. thats my story and im sticking to it.
 
Quote from LEAPup:

The CPA's say they got all of the basis numbers in. However, they are going through everything they sent as we speak.

I know there was a 1099 that was missed, but that is my fault for not remembering it. (actually for net keeping good records. What a learning lesson!!!! I will be keeping records on ALL income now, which should be about the same as taking on a part time job.:( )
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Re the 1099. This is odd.

If you had to make quartly estimated tax payments, you'd include income in each quarter and tally up the 1099 with the estimated income from the same company at the end of the year.

Even if a company issued no 1099, you still should be reporting income. Not hard to miss. You cashed a check, how was it recorded?

All in all, paying estimated quartely taxes based on even seasonally adjusted income should have prevented any large oversights.
 
Quote from nutmeg:

Re the 1099. This is odd.

If you had to make quartly estimated tax payments, you'd include income in each quarter and tally up the 1099 with the estimated income from the same company at the end of the year.

Even if a company issued no 1099, you still should be reporting income. Not hard to miss. You cashed a check, how was it recorded?

All in all, paying estimated quartely taxes based on even seasonally adjusted income should have prevented any large oversights.
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Not my area of expertise, but for the sake of discussion.

Wouldn't an overlooked 1099 make sense? They only see proceeds, not basis, so perhaps they give it a zero cost basis?

There would be no quarterly tax due except on the net, which was likely a small part of the total.
 
Quote from Free Thinker:

so you forgot a 1099 that generated 80k in taxes? lol. thats my story and im sticking to it.
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Gotta say, you are a free thinker.
 
Quote from donnap:

Well good, because your title is a total insult - To DOGS!
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Agreed. I like dogs which is why I have four rescues.

I shouldn't have correlated the IRS to dogs. Other wording would be more appropriate.
 
I happenned to me one, they said I owned 80K, after running around and nobody would take my case for 50/50 I called them up using the number lised on the letter, 5m later they figured out they calculated the number in the wrong catagory, case closed.
 
Quote from nkhoi:

I happenned to me one, they said I owned 80K, after running around and nobody would take my case for 50/50 I called them up using the number lised on the letter, 5m later they figured out they calculated the number in the wrong catagory, case closed.
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I'm hoping this is the case. We'll see. It's been a "fun" experience thus far.:(

Why the hell do we not have a flat tax in place? This is asinine!
 
Quote from LEAPup:

Why the hell do we not have a flat tax in place? This is asinine!
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Because the government doesn't want the general taxpayer to know that half of all income earners pay NO INCOME TAX. In fact, they get money from the government. They like to keep the code complicated so you can't easily see the special interest breaks they give out.

Charlie Rangle who was in charge of writing income tax law got caught making his own tax breaks.

"I DID NOTHING ILLEGAL." Charlie
 
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