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Old 02-14-2020, 06:15 PM  
siberian khatru siberian khatru is offline
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I owe the IRS $4,000
So I get home and the wife says she’s got bad news: A letter from the IRS saying we owe $4,000 on our 2018 taxes.

Apparently, she sent all the right paperwork to our tax preparer, but when the preparer returned the completed forms she forgot to include one. My wife failed to check that and signed the return (and got me to sign off, trusting her) and sent it off.

So here we are. My wife is afraid I’m going to divorce her. (I’m not.)

Anyone have an experience like this? Do we have any recourse? That 4 Grand could buy a lot of Super Bowl swag.
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Old 02-15-2020, 09:35 PM   #91
cosmo20002 cosmo20002 is offline
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Originally Posted by DaneMcCloud View Post
The IRS will never, ever, ever rescind interest.

If you, as a taxpayer, can show hardship (i.e. surgery, cancer, etc.) for filing late or making a mistake, they'll likely rescind the penalty.

Otherwise, pay as soon as possible in order to avoid further interest and penalties.
False. Completely depends on the situation.
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Old 02-15-2020, 09:52 PM   #92
DaneMcCloud DaneMcCloud is offline
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Originally Posted by cosmo20002 View Post
False. Completely depends on the situation.

The IRS will rescind penalties IF the situation is/was dire.

They will never rescind interest.
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Old 02-15-2020, 10:03 PM   #93
Buehler445 Buehler445 is online now
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Originally Posted by lewdog View Post
I am working on my taxes right now.

I love that ****ing child tax credit. I see why people just keep having kids.
Right? Between the QBI, pass through DPAD from Cooperatives, and CTC my state tax is 4X my Federal.
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Old 02-16-2020, 09:17 AM   #94
Hog's Gone Fishin Hog's Gone Fishin is online now
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Texas, NO state taxes!

Ha. Suckers!
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Old 02-16-2020, 09:26 AM   #95
Bugeater Bugeater is offline
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Originally Posted by lewdog View Post
I am working on my taxes right now.

I love that ****ing child tax credit. I see why people just keep having kids.
Not me. I'll pay the taxes all day every day. And with a smile.
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Old 02-16-2020, 09:37 AM   #96
Spott Spott is offline
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Originally Posted by Hog's Gone Fishin View Post
Texas, NO state taxes!

Ha. Suckers!
Another good thing about living in Florida.
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Old 02-16-2020, 09:39 AM   #97
loochy loochy is offline
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Originally Posted by Hog's Gone Fishin View Post
Texas, NO state taxes!

Ha. Suckers!
Yeah but we pay insane property taxes to make up for it

The money has to come from somewhere
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Old 02-16-2020, 09:41 AM   #98
scho63 scho63 is offline
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Originally Posted by DaneMcCloud View Post
The IRS will never, ever, ever rescind interest.

If you, as a taxpayer, can show hardship (i.e. surgery, cancer, etc.) for filing late or making a mistake, they'll likely rescind the penalty.

Otherwise, pay as soon as possible in order to avoid further interest and penalties.
WRONG as wrong can be.

If you make a deal with the IRS they will MANY times remove entire years of penalties and interest. I know personally as I got my 6 years of past due Fed Taxes reduced to 18% of what the total was.

On the other hand, most states are god damn brutal and not only do they NOT reduce your tax burden, they are very quick to confiscate 100% of your pay until their entire bill is paid. I also painfully know that first hand as I thought they were only allowed to take a PERCENTAGE each paycheck like 10-20% but I was misinformed. They can take 100%. It's brutal.
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Old 02-16-2020, 09:52 AM   #99
Bugeater Bugeater is offline
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Originally Posted by loochy View Post
Yeah but we pay insane property taxes to make up for it

The money has to come from somewhere
Well we get both for the privilege of living in the fine state of Nebraska.
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Old 02-16-2020, 09:56 AM   #100
Spott Spott is offline
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Originally Posted by scho63 View Post
WRONG as wrong can be.

If you make a deal with the IRS they will MANY times remove entire years of penalties and interest. I know personally as I got my 6 years of past due Fed Taxes reduced to 18% of what the total was.

On the other hand, most states are god damn brutal and not only do they NOT reduce your tax burden, they are very quick to confiscate 100% of your pay until their entire bill is paid. I also painfully know that first hand as I thought they were only allowed to take a PERCENTAGE each paycheck like 10-20% but I was misinformed. They can take 100%. It's brutal.
They also cleared it for my wife when our CPA ****ed up her taxes before we were married. She ended up getting a refund after initially owing over 100K in taxes as well as getting the interest rescinded. In her case, she sold a house for over 400K and for some reason the CPA screwed up and the entire proceeds of the house was shown as income. She actually sold the house for less than she bought it for and had to bring like 8 grand to closing to pay off the loan. So instead of paying capital gains tax on 400 grand, the amended return cleared the balance and actually gave her a refund. But it was still a royal pain in the ass dealing with the IRS and the CPA.
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Old 02-16-2020, 12:16 PM   #101
Coach Coach is offline
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Originally Posted by siberian khatru View Post
That’s what I’m hoping, too. Waiting to hear from her. Just wondering if anyone here knows.
You should be able to submit an amended return with the form.

Without knowing your whole details and the whole shebang, for 1040X, generally for a tax refund, this form must be filed within 3 years after the date that the original version was filed, or within 2 years after the date that the tax was paid, whichever is later.

Also, if you anticipate a refund on your current year and if you owe prior year taxes, likely the IRS will apply that refund to prior years before refunding it out back to you or applying to your 2020 taxes.

And you should also talk to your accountant that they should bear some responsibility for this as well.
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Old 02-16-2020, 12:18 PM   #102
lewdog lewdog is offline
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Never let a woman deal anything involving money.

OP is an idiot.
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Old 02-16-2020, 12:28 PM   #103
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Another tip.

If you work and get W-2's, withhold more than you normally do, if you are able to. Yes, it doesn't accumulate interest at all, but it's another safe avenue to pay/lower your tax bill once the new year comes around.

If it's 1099's, then well, not much you can do about that one. But you can try to lower it by putting some of the money into Self-employed SEP, SIMPLE, and qualified plans, which would be an deduction of your income.
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Old 02-16-2020, 12:40 PM   #104
Mennonite Mennonite is offline
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Another tip.

If you work and get W-2's, withhold more than you normally do, if you are able to. Yes, it doesn't accumulate interest at all, but it's another safe avenue to pay/lower your tax bill once the new year comes around.

This seems like terrible advice. You're basically giving the government an interest free loan in exchange for what exactly? You end up paying the same amount in the end, and you could have used the income you prematurely forked over to invest in something that could have actually made you money.
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Old 02-16-2020, 12:49 PM   #105
cosmo20002 cosmo20002 is offline
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Originally Posted by DaneMcCloud View Post
The IRS will rescind penalties IF the situation is/was dire.

They will never rescind interest.
False. Completely depends on the situation.

Stick to what's going on with Star Wars. You know shit about everything else.
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