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Recent Amended Return questions

Anne, The IRS sent me a CP2000 notice for tax year 2014. My

Hi Anne,The IRS sent me a CP2000 notice for tax year 2014. My credit union reported HSA distributions to me of $1318, all of which went to pay for qualified medical expenses. I did not, however, enter "1318" on Form 8889, Line 10 (Qualified HSA funding distributions). As a result, the IRS says I under-reported my income by $1318, which I guess I (accidentally) did. What should I do now? The IRS says I owe $648 and wants my response by September 22, 2016; and I'm leaving for India tomorrow (August 27) and will return on September 10. What should I do?Thanks in advance,Brent Dorshkind

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
The IRS is asking me for $35k to be paid in half a month and

The IRS is asking me for $35k to be paid in half a month and I just recieved the notification because I moved. what can i do as I dont have the money and its like 11th hour. my tax acountant will charge the shit outr ofd me. Help to avoid paying the 35k as I would rather make a settlement. Advice?

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
I claimed my sister and her son on my taxes they were not

I claimed my sister and her son on my taxesthey were not living with us but I was paying their bills. am I going to be in trouble

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
Are the new streamlined offshore program rules attached

Are the new streamlined offshore program rules attached valid. I just talked to attorney who said to be in compliance one must amend 8 years of income tax, pay back taxes and interest, penalty, and 27% of the highest balance on the account.Can a non-willful taxpayer really amend only the last three years of tax returns, pay the interest and taxes on those returns and pay a penalty equal to 5% of the highest year-end value of undeclared assets in the last six years?How many years of FBAR does one need to file?

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
Tax training: I need training in preparing and all of the

Tax training: I need training in preparing and all of the line items for Schedule C Profit or loss from a business. Free training and links for all line items for federal and state laws with links

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
Got a letter from the IRS saying I owe a bunch of money on

Got a letter from the IRS saying I owe a bunch of money on "securities" I have in a brokerage account Ididn't report but Im confused on what they're asking because the account is pretty much where it's always been.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,988 satisfied customers
Q; Should our son file an amended return? For TY 2015 our

Q; Should our son file an amended return?For TY 2015 our son filed his 1040 - back in Feb 2015. He is a college student - going to be a senior this fall-- and is applying for Federal Student aid -- we have submitted the FASFA to his college. His FASFA has been "Selected for Verification"; i.e. his college is auditing the FASFA App since his FAFSA does not exactly match his tax return. He has submitted his tax return and his 2015 tax transcript to his college.When the IRS transferred his tax data to his FASFA- we noticed a few entries ( Total Income) and one other item was different than his Tax Return. The Tax Transcript has entries like "adjusted Gross Income" then immediately on the line below it says "Adjusted Gross Income Per Computer". This creates FAFSA problems, again because the Tax Transcript numbers do not jive with the actual number on his Tax Return.In reviewing his tax return we found an error in transposition -- on Line 7 of his 1040 he entered $9630, while his W-2 Form listed his income as $9360 However, his Line 22 - Total Income is correct since he combined his 1099 Schedule C Income to the correct amount ( not the amount he entered on Line 7). He received a refund back in March -- and the IRS Tax Transcript does not show he is owing any tax. He has not been contacted by the IRS since he filed.We thought the IRS publications say that in errors like this -- (mathematical errors or transposition errors ) you should not file an amendment -- the IRS will simply "amend" the return to conform with the W-2 Form Income.So , for starters- should he amend and try to correct the math/ transcript error?

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
My Mother passed away last month. Over the years, she had

My Mother passed away last month. Over the years, she had purchased some series EE and I savings bonds with me, her son, as co-owner. She was a cash method taxpayer and had chosen not to report the bond interest. A couple of questions:1. When I cash the bonds in, I know I will get a 1099-int showing all the interest income but will my mother automatically get one also so that my mother's administrator can decide whether to include the interest on her final tax return (up to the day of death?) If my mother does not get a 1099 automatically, do I need to do something so that she does?2. Related to the above, let's assume that I will report all of the bond interest on my tax return. Two of the bonds have already matured (one in 2014 and another in 2015.) Will I owe any penalty; how will it be assessed; and how will I report those bonds on my income tax?Thank you

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Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
We received the Bank of America mortgages settlement

We received the Bank of America mortgages settlement amounting to $72000.00. We reported it as income on our tax return for 2015. As a result, our tax liability has gone up by $18000.00. We thought that Bank of America had set funds aside to help with the tax liability. We need your advice on this issue.

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
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