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When I first filed tax return in 2010, I didnt any knowledge

When I first filed tax...
When I first filed tax return in 2010, I didn't any knowledge and experience. The result, I made huge mistake, put a wrong number on stocks sold process amount 19900vs140,000. IRS sent a notice, said I owe huge tax because they treat them as income. I sent relative documents to prove the cost of those stock I sold. Unfortunately, IRS sent me 2nd notice to ask me to pay more than 40,000 tax in 2010. I was shocked because I only about 90,000 fund at 2010, how can I made huge profit in my cash account. What should I do? Why they do that to me?
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Answered in 5 minutes by:
9/2/2012
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

What you are referring to is the CP2000. The IRS is in receipt of the amount of your stock sale, but not your stock purchase. You need to show them the cost basis - which you did, but they are not listening.

What you should do is go to a tax professional and have them send the information on your behalf. Also, call the 1-800 number on the notice and speak with someone there and let them know that you are sending in Cost Basis information. Get the ID number and name of the person you speak with.

The IRS doesn't get the CP2000 right all the time. I have personally seen the IRS take 3-4 tries to get the tax right for a particular tax payer, so don't freak out - just get a tax professional to assist you and help you get the IRS to stipulate the correct tax liability.

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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C and 87 other Tax Specialists are ready to help you
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Customer reply replied 5 years ago

I asked another question to another expert, and I was charged $34, and your answer needs $49. Is that correct? If so, two questions need to pay $83 total right?

Thank you for the positive rating. Please remember me the next time you have a financial question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer
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Megan C
Megan C
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