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Recent Amended Return questions

I received a letter from he IRS telling me I owed $538.00 on

I received a letter from he IRS telling me I owed $538.00 on 14 August2016. I replied by letter mailed 24 August with information as follows: "Due to my poor proof reading skills I entered a wrong Social Security Number on my return. I had called both the Virginia Tax office and the and the IRS after I found the error a day after I had mailed the return and found my error to ask them if I should mail an mended return and was told by both not to send an amended return as it would only confuse the offices. They were notified by pone and I have no record of the call. About two months ago The Virginia Tax office notified me that I owed taxes and I responded by telephone and by letter enclosing my true SSN along with my withholding statement, my Amended tax form and a cop of the front and back of the check for payment due with my return which was cashed but not credited to our account. The matter was closed to my satisfaction by Telephone in a matter of three days.I replied to the IRS in Kansas , MIS with same information to the IRS that provided to Virginia. That letter was mailed on 24 August. On September 15, 2016 I received a notice from the IRSi in Kanss City that I not only owed the $538.36 but it was due on 29 September and if it was not paid by then I would be subject to a federal tax lien proceedings .Iwas on vacation from September 16th to September 23rd and could not call the IRS Kansas City office yesterday due to high call volume an cannot call until Monday the25th.My real question is how can I find out if the ever received my first letter and what is thestatus of their investigation? Should I pay the amount and hope to get the money back if it is resolved n my favor?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
Trying to find out if I have to pay taxes on LTD monthly

trying to find out if I have to pay taxes on LTD monthly paymentsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have a copy of my group LTD policy from Cigna and I pay my premiums after taxes using payroll deduction my company doesn't contribute all moneyJA: Is there anything else the Accountant should be aware of?Customer: I was paid 6 months and they dropped me and I received a W2 that had an amount in box 1 and a different amount in box 3 and 5 and box 13 had third party six pay but I stopped working in dec 2014

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
I need help with the foriegn income exclusion, Ok well

HiJA: Hello. How can we be of help?Customer: I need help with the foriegn income exclusionJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Ok well mailed out my taxea for 2013. I live in australia i a us citizen. I used the bonifide resident test. I only made about 20k. I just wanted to go over with an account if i used the right test. If i did not and i mailed the retuen already can i use the physical presence teat and mail an amended return for 2013 wven though i juat mailed a late one for 2013.JA: Is there anything else the Accountant should be aware of?Customer: Yea for all of 2013 i was in australia leas ten days in vietnam. Australia was my taz home i paid income taxes. I had permenant employment in australia but got let go dfuqrring 2013 and for new permenant employment in australia.

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
I have a question, can a 1099 contractor who was overpaid by

I have a questionJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: can a 1099 contractor who was overpaid by me file amended returns?JA: Is there anything else the Accountant should be aware of?Customer: and how do I charaterize or deal with the money returned? he was overpaid the last few years

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,192 satisfied customers
I half own an S Corp that my annual W-2 is over $200k and my

I half own an S Corp that my annual W-2 is over $200k and my half of the company profits range around another $100k or so that goes on my tax return. Been a W-2 employee there since 1990 and have a good book keeper and accountant. This job also provides a company car and my health insurance.I have several rental houses in my personal meme that produced income.In addition, on the side I dabble with flipping houses. Since I'm short on time about 1/4 or so of the 5 or 6 houses a year that I sell a year I hold for over a year. No rents. They just sit. Busy.I have always reported the sales on Schefule D except for in 2013 I included two sales on C and 2015 I included two on C. The reason at the time I reported those on C was that they were the only houses I carried in my LLC. The others were in my personal name. Income from the sales are around $100k a year.This year my pay from my normal job will remain the same as well as the company profits rolled to me. Sales of the houses, 2 being held for over a year with one rented for six months to the eventual buyers come Dec.What I want to do is just report all from here on out on Schedule D. I have a full time well paying job outside of real estate. I also am contemplating amending those two other returns to switch the sales from C to D. Do you think this would throw up red flags?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
I have a client who recieved a letter from a State tax

I have a client who recieved a letter from a State tax authority showing they had a bill for 2012. They had left the state in 2012 and never filed a return for that year. I got a copy of their IRS transcripts, and discovered they had unreported 2012 federal income of about 30,000 dollars. This was not intentional on their part. They apparently never got a 1099 that the IRS got. Now, the state is threatening levy, no return was filed, and State has the the 1099 income record. And it file the state return, I have to attach federal return. I have done the correct state return, and amended the federal returnn to do so, and told the client about the debt they now have. The returns have not been filed. The client is unhappy and does not think they owe the money. They do not think they got the 1099 income reported. This seems rather unlikely. I think they would like to avoid amending their 2012 federal return. I just assumed amending would be correct and the safest thing for my client. I suppose they could pay the state amount if it is calculated for them without filing a return (which is inflated as it was not all state income) and cross their fingers that the IRS never notices. Maybe I am too honest, but I just assumed they would amend and pay the correct federal figure. If they do not, what are the likely consequences? The IRS transcripts show they made more money then they reported. IRS has done NOTHING about it .... YET. Have they already gotten away with it? Or is IRS likely to find out. If found out at a later date? Are extra penalties for fraud possible? As the income was not reported, there is no statute of limitations running, so the IRS could find out about this at any time and come after them, correct? Am I being too hard on my client, in wanting ot amend the federal return? Or is this very much in their best interest, when is all is considered?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
I had a second mortgage, I became unable to pay it to

I had a second mortgage, I became unable to pay it to Beneficial, then wrote off the loan and sent me a 1099c. I called them and they told me that they had forgiven the debt and released the loan. Can they still come back at me and/or my property?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: MissouriJA: Has anything been filed or reported?Customer: filed by them?JA: Anything else you want the lawyer to know before I connect you?Customer: nothing has been filed that I know of

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
Company failed to claim deduction for 3 business vehicles in

Company failed to claim deduction for 3 business vehicles in prior years. Co. does not want to file amended returns. Can the vehicles now be "placed in service" in the current year for depreciation purposes (no Sec 179)

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
I inherited 50k in stocks when my dad died in 2014 which I

I inherited 50k in stocks when my dad died in 2014 which I cashed in shortly after receiving them. I know there is no capital gains tax as they reset at the date for which I got them. However, in Florida, do I have to pay income tax if I cash them in?

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
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