 Can you sell a house & keep the $ gained from sale or will IRS take it even if there isn't a lien or levy? |
| If you owe the IRS money and there isn't a lien or levy put against assets yet, can you walk away from the sale with the $ gained or will the IRS automatically take it?... |
|
 My tax code is 479 L W1 what does the W1 part mean? |
| I earn a similar amount to my friends in the same industry but no one has this suffix?... |
|
 Whats the longest one can go without filing taxes? |
| I cant make this years deadline because my W2 went to my old address in NYC and the person who has it hasnt sent it to me and I dont think she will anytime soon. Is this gonna be a problem? What can I... |
|
 Before my mother entered a nursing home she signed a deed transferring title to her personal residence to me? |
| before my mother entered a nursing home she signed a deed transferring title to her personal residence to me her only child, i have never filed the deed with the county clerk's office and ... |
|
 I am 19, live at home , work part time and go to college.? |
| I filed a tax return to receive the federal tax that was with held from my wages last year. However, my mother carried me on her return as her dependent. Will I get money from the stimulus package ... |
|
 Bought tax cd in 05? |
| can I use TaxCut CD that I bought in 05 and never used and use to file for 06?... |
|
 Does anyone know how I will get my stimulus payment? |
My dd refund came into my checking account from TAX FIN SERVICES DEPOSIT, not HR Block or US Treasury...so does that mean my stimulus will come from the IRS as dd or a check?
Additional Details<... |
|
 Can my sister in law claim me on her taxes? |
| Ok I am married...Im am also 18 about to be 19...I lived with my sister in law and she supported me for 10 months.I was married 5 of those months yet she still supported me and my husband hasnt ... |
|
 I just turned 18 and i still live with my mom when she files her taxes she is gonna claim me ? |
| now does this mean that i cant file my taxes at all or does it mean i can file them but not claim ... |
|
 I have a question regarding transfer of money from business to personal accounts.? |
I recently set up a sole proprietorship because I was receiving funds from my friends business, kind of like a consulting fee, however the fees will bring in between 10k and 20k per year.
... |
|
 What happens if you filed as single but should have filed as married? |
| I got married outside of the US to a foreign national. I lived and worked in the US up until August of last year then left the US to move to my husband's country. My parents filed my tax claim ... |
|
 I haven't filed my taxes since 2004 ? |
| I haven't filed my taxes since 2004. I always got a w-2 but I never had to pay into it. I always got a refund back. I never made over 3,000 dollars in any of those years. My boyfriend always ... |
|
 How can I make my CPA happy? |
| I itemize deductions and have hundreds of receipts. My CPA always complains that I send my return in too disorganized to complete in a timely fashion. What can I do to organize more efficiently for ... |
|
|  |
kevin l | I did not claim 30 dollars of reinvested dividends for 5 years will the IRS come after me? |
I was told for this small amount you did not have to. Because it was reinvested. |
 |
 
zynr
 |
probably not. |
|
bostonianinmo
|
Eventually the IRS will probably figure this out. Although the amounts are small there is still a chance that they could come after you for it.
Matching of reported income and tax returns is performed by an automated process that requries no human intervention. When it kicks out a mismatch, it gets a cursory glance from a human who will then release it for transmittal. You'd then get a CP2000 letter for any additional tax due, plus penalties and interest.
The IRS only has 3 years to complete this process and levy any additional tax so anything from tax year 2003 or earlier is safe but tax years 2004 and later are still open.
If there is a minumum trigger amount on these, the IRS isn't publicizing it. Given the small amounts involved they MIGHT not pursue it and it might not be worth the hassle and expense of filing 3 years worth of amended returns. The total tax on this plus the penalties and interest are probably less than $50 or so so you'd need to weigh the chance of getting caught out vs the cost and hassle of amending the returns.
I'd probaby lean towards ignoring it but be prepared to pay if they do come to you for it. But do make sure that you properly claim it in the future. |
|
Growl
|
Assuming it is not a tax sheltered investment, their computers will catch it someday and send you a notice. You will have to pay the taxes plus interest and penalties. Best to file amended returns before the IRS spots it. |
|
lou
|
If I was you I'd be looking over my shoulder at all times!!! They will find a way to get you to pay every single red cent back with interest!! Then they will give you find you with a very large a-ss find, that will take your house and boat to pay it!!!
I believe when you reinvest there should be nothing to file, because you have not received any profits. Also if you don't have to report a income of 25 a week cash, then 30 for a year is going cause problems!!!! |
|
S Z
|
Probably the IRS will not audit you for such a small amount. They are not as anal as their reputation. I would recomand going back 3 years to file an amended return. That is the maximum you can go back to file an amended return. Then forget about the previous 2 years. People do mae mistakes. If it was more than a hundred dollars then I would recomend writing a letter to the Irs letting them know that you discovered a mistake. Some people may find it hard to believe, but if you show the Irs that you are willing to work with them they can be very lenient toward mistakes. Also, I used to volunteer for the Irs and the random audits in most casses resulted in taxpayers getting more money back. Most people are honest and don't look for all the deductions and exemtions they are entitled to. If you totally blow off your taxes and make millions, then you will eventially end up in the same boat as willie nelson. I like to think of the Irs as americas Robin Hood. They take from the rich and give to the poor. |
|
Terri B
|
No, they have too many big money people to go after. I think if you reinvested it there is no issue anyway. |
|
raysmithson1
|
forget about it , your small change to them |
|
ppe
 |
$ 30 you never hear from them |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 36 minutes(s) ago
| | | |
8 | 3 hour(s) ago
| | | |
8 | 6 hour(s) ago
| | | |
8 | 11 hour(s) ago
| | | |
8 | 1 day(s) ago
| | | |
8 | 4 day(s) ago
| | | |
8 | 5 day(s) ago
| | | |
8 | 1 week(s) ago
| | | |
8 | 2 week(s) ago
| | | |
8 | 2 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
