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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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I got notified that I needed to file my tax return that I hadnt

Resolved Question:

I got notified that I needed to file my tax return that I hadn't from 2008. Long story short - I had gone thru some personal tradgedies and a person I met in the unemployment office was an accountant....I gave him my taxes and he told me he filed an extension and we met to later to give him my 2009 taxes - he said I didn't need to worry - one day he told me he finished and he was signing my taxes to avoide delay and he called me at work on a Friday afternoon and said I owed $1125.00 for 2008 and he would finish my 09 shortly. He told me it had to be a money order. He met me at my bank and my bank charged a fee - he said he got it for free so LIKE an IDIOT I gave him cash. You already know where this is going. In December I got a notice from the IRSa few months ago that I owed a ridiculous amount of money like $70,000. I had done turbotax before and knew this was because on the 100 or so trades in my investment account the IRS did not have the cost of the stock sold - just the GROSS. It took 4 months to find all mypaperwork - but I finally did my taxes and what Turbotax says it should be is I oe $4708. How to I go about getting this to the IRS ?? Don't they have to take the actual amount it really should be or can they just tax me any way they want. I had my neighbor who does taxes for his company verify my work with TTax - the $4708 is correct. What advice can you give me - I got scammed - I'm embarrased as it is - I would have to sel]l my home to come up with the money they want. I care about finding that gut - but that's secondary . Does the IRS hae to look at the actual numbers - instead of what they came up witth ?
Submitted: 3 years ago.
Category: Tax
Expert:  RD replied 3 years ago.

RD :

You need to file and amended tax return, form 1040X to correct the original return filed by you and than provide the IRS with a copy of this return.

RD :

IRS will update the information and send you a revised notice.

RD :

You need to amend the tax return and provide a copy to the IR

RD :

S

RD :

You can report the correct information on the amended tax return.

Customer:

Let me explain a little better - the guy who scammed me - NEVER filed anything - he made me think so - on top of that- he disappeared - but I was able to get my records back - boxes of paper I had to reorganize...some things were missing. So to be clear I had never file a return for that year and NOW the IRS is giving me a return they made - saying I owed $70,000. It notified them that I now had all my paperwork and I did the return the right way - it came out to 4708...I know I owe penalties etc. What I am asking is - they can't deny me from settling this with the correct amount - ie.saying I ow $70,000 when the paperwork proves it's only $4708

RD :

That is correct. IRS cannot make you pay $70K if your actual tax liability is $4700 plus interest and taxes.

RD :

You need to provide them with the correct return and talk to the IRS officer handling your case.

Customer:

Thanks - that's what I was trying to make sure of - it was quite scarythinking for a moment that could happen - thanks - it was worth the $30 so I can go to bed !!!!

RD :

Not a problem...but you will definitely not owe $70K if you actual liability is less

Customer:

Th

Customer:

Thats all I need to know - have a good weekend !!!!

RD :

thanks, XXXXX XXXXX accept and feedback,

RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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