Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

We sold a business in 2007 and owed $56,000 in taxes due to

that sale that we had...
We sold a business in 2007 and owed $56,000 in taxes due to that sale that we had no idea we were going to owe. That tax due grew to $72,000 over time with penalties and interest. We had a huge loss in the tax year 2009, and did the tentative loss carryback. That reduced our tax debt in 2007 on TAXES down to $8,000. Our CPA and I talked with the IRS agent in January of this year and told them we were going to be filing the carryback, and she specifically told us that the penalties and interest would be recomputed and that we would penalties and interest on the amount due after the carryback. She specifically used the example, "if you owe $8,000, then you will owe interest and penalties on $8,000. We got our tax bill for 2007, and they did not reduce the penalties and interest, they still have that full amount due on those. Is there anything we can do about this?
Show More
Show Less
Ask Your Own Tax Question
Answered in 9 hours by:
8/10/2010
Chad Oberg
Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 174
Experience: 10 + years of accounting and tax experience, financial statements and business planning
Verified

JACUSTOMER-5xtc6wxu,

 

If you have the contact information for the person you talked to at the IRS, try to call them back and discuss the matter with them. If you do not have the phone number, call them and re-initiate your contact with the IRS. Explain your situation to them and what the prior IRS agent communicated to you and see what they say. If you have the conversation documented it is definitely more advantageous. Always take down there ID number and any other information communicated. This is where I would start and see how it plays out.

 

If they do not reduced the penalties and interest there are are other avenues that you can utilize such as a payment plan or an offer in compromise. However, the IRS is not giving these out so freely since the recession and the government's lack of funds. You will have to prove that you are in a financial hardship to qualify.

 

If you have any further questions, please do not hesitate to contact me.

 

Regards,

 

CEO, CPA

Chad Oberg
Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 174
Experience: 10 + years of accounting and tax experience, financial statements and business planning
Verified
Chad Oberg and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Chad Oberg Your Own Question
Chad Oberg
Chad Oberg
Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 174
174 Satisfied Customers
Experience: 10 + years of accounting and tax experience, financial statements and business planning

Chad Oberg is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Government contractor who is looking for advice on the
Government contractor who is looking for advice on the Foreign Earned Income Tax Exclusion. I have not yet made the 330 days away from the US, but am looking to file an extension so that, by the time … read more
Carter McBride
Carter McBride
LLM
252 satisfied customers
I paid the irs about 99,000 in back taxes and interest in
I paid the irs about 99,000 in back taxes and interest in May,2017, can I apply to get the interest back since I refinanced my home and have no savings,im 74 years old and work . … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
505 satisfied customers
I moved to us as refugesince 2011.i have not file taxes
hi i moved to us as refugesince 2011.i have not file taxes since i moved in.my family sent money in cash for me to spent as living expences.i want to apply for citizenship i found out that i need to f… read more
abci168
abci168
Principal
27 satisfied customers
Is it legal for a government agency (other than the IRS) to
Is it legal for a government agency (other than the IRS) to charge a percentage of a tax-exempt corporation's income and call it a fee instead of an income tax?… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
I used turbot to file 2016 tax return and I have a pdf file
I used turbot to file 2016 tax return and I have a pdf file of the return however every time I try to recall my turbo tax file online tney can't find it. I've tried multiple times to retrieve and /or … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
Interested in information about new tax laws and their
Interested in information about new tax laws and their effect on S Corporations … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Need a statement from IRS that I was not required to file
Need a statement from IRS that I was not required to file taxes For a scholarship My fiancé has been in medical school for the past 3 years and has not filed taxes. How would I do this?… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I need the Federal Tax ID number for my father's estate:
I need the Federal Tax ID number for my father's estate: Joseph R. Martel. DOD 7/19/00. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
One of our contractors gave us the wrong tax id number for
one of our contractors gave us the wrong tax id number for 2015 and 2016 and they asking for us to correct. What form do we uses? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I got a faiñure to file tax bill Irs claims i didnt file
I got a faiñure to file tax bill Irs claims i didnt file extension In past my accountant file for them Does he require my signature to file extension? I cant reach him and i am panicking as i just got… read more
abci168
abci168
Principal
27 satisfied customers
I know and understand that I will pay tax on the interest
I know and understand that I will pay tax on the interest income. Do I have report when I give a loan in taxes? As far as I know : ''Loan are not reportable transactions. You do not deduct it when you… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can the IRS use money from a joint account for taxes owed?
Can the IRS take money from a joint account if one of the two people owe taxes? My sister is on my mom's checking account. My sister owes money to the IRS. They don't know that yet though.… read more
abci168
abci168
Principal
27 satisfied customers
I have the tax ID Number can I obtain a copy of the taxes
I have the tax ID Number can I obtain a copy of the taxes myself? I want to see what the Trustee has been reporting because she's done all kinds of fraud and I suspect income tax is no difference?… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I d not remember my tax ID. I do not have my tax IDs for
I do not have my tax IDs for 2015 so I cannot file my 2016 Federal tax return … read more
abci168
abci168
Principal
27 satisfied customers
My turbo tax cd acts like it ids corrupted iuninstalled it
my turbo tax cd acts like it ids corrupted iuninstalled it and reinstalled butsit is can I get a replacement dtill Is acting up I needagood copy so I can prepare amended freturn/?tocorect sodmeiitemst… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
I have a Small Business registered as an LLC. My tax ID is
I have a Small Business registered as an LLC. My tax ID is 27-2612136. Do I need an attorney to change to Sole Proprietor? I do very little business, have no employees and have a tax loss the past two… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
What tax form is filed to report dividends paid by US Corp?
What tax form is filed to report dividends paid by a US Corp which is owned by a Canadian Corp? I think it might be 1042S. I want to know the rate of WH.… read more
abci168
abci168
Principal
27 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x