Jump to content

OT... IRS Audit


Fxrs

Recommended Posts

  • Members

Originally posted by PlayboyChris


It's a lot easier to say "{censored} you, deduct it" to Turbo Tax than to a CPA! LOL


Regarding the gift tax thing, what's the maximum amount of gifts you can get before they start taxing you? I heard it was 10 grand.

 

 

I will admit last year I did think about the deduction think on turbo tax, thought better of it after about 20 seconds.

 

I know it was 10k a few years ago, not sure about now.

Link to comment
Share on other sites

  • Replies 110
  • Created
  • Last Reply
  • Members
Originally posted by Fxrs

Help! I'm being audited by the IRS for '03&'04. I have @ $12-15000 in deductions that don't exist.(plus many that do!) Any advice would be greatly appreciated! Just so you're clear, that's not what I would owe, just money I said I spent on business(courier, all over now) that I didn't. I am a nervous {censored}ing wreck!
:cry:



so you lied on your return and have no receipts to prove that these were real expenses? Ahem, let me see if I can say this as eloquantly as I can muster: YOU ARE SCREWED. Be prepared to pay a fine. Any further attempts to lie about it(as it seems you are looking to do now)will only make matters worse. Your best bet at this point is to contact a lawyer and tell him what you did and then follow their advice. I can tell you what my brother did when this happened to him. His lawyers basically just told him to them that the receipts were accidentally destroyed so he had no proof. He basically just asked them "now what?". They allowed him to keep 50% of the write off but hit him up for the other 1/2. Once they redid the paperwork he didn't owe all that much and the fine was 10%(if my memory serves) of what he owed + interest. If you are lucky they will go easy on you. Worst case is you will be allowed none of the deductions. But I don't think you have to worry about jail or anything, not unless they can prove you deliberately lied. You are certainly going to have to pay out some cash, I'm afraid.

Link to comment
Share on other sites

  • Members

Originally posted by mpdan



Intrest, penalties and fees.


He could pay it... with his house.

 

 

I call bull{censored}. The tax owed on that amount of money would take nearly a century to accumulate that amount of penalties and fees for non-payment. You are either completely lying or you have the facts wrong.

Link to comment
Share on other sites

  • Members

Originally posted by mpdan



Intrest, penalties and fees.


He could pay it... with his house.

 

 

I believe the Homestead Act prevents your house from being seized under these circumstances. Of course you have to check that little box on your mortgage to be covered but noone is stupid enough to NOT check that box, are they?

Link to comment
Share on other sites

  • Members

Originally posted by PlayboyChris


It's a lot easier to say "{censored} you, deduct it" to Turbo Tax than to a CPA! LOL


Regarding the gift tax thing, what's the maximum amount of gifts you can get before they start taxing you? I heard it was 10 grand.

 

 

depends on where it came from and what you are goibg to do with it. I believe your parents or any other family member can gift you up to $10,000 for the purchase of a home without having to pay any income taxes or gift taxes.

Link to comment
Share on other sites

  • Members

Originally posted by SkidMarx

depends on where it came from and what you are goibg to do with it. I believe your parents or any other family member can gift you up to $10,000 for the purchase of a home without having to pay any income taxes or gift taxes.

 

That sounds right. "Daddy's little princess" who sits in the cube next to me was spouting off about this when her old man gave her a ton of cash to buy a condo.

Link to comment
Share on other sites

  • Members

My former Drummer's Dad was audited after I had quit the band - they caught wind of it, since his neighbors HATED him, and called the IRS on him, saying basically that he had too much stuff for his income.

Well, he lost his houses (two on the same property), displaced his parents, and moved to a smaller place.

That said, when the IRS took over possession, the house was a "shell".

Link to comment
Share on other sites

  • Members

Originally posted by SkidMarx



I believe the Homestead Act prevents your house from being seized under these circumstances. Of course you have to check that little box on your mortgage to be covered but noone is stupid enough to NOT check that box, are they?

 

 

I don't remember any boxes to check...

 

hmm. How can I check to see if I am signed up on that?

Link to comment
Share on other sites

  • Members

Im Cracking up at all the holier than thou types here. There are so many grey areas when it comes to deductions, especially if you are a business owner and Id be willing to wager that most people in these situations venture very deep into the Grey, I know that I have. If thats what you are going to do, you need to make sure that you have a Smart CPA( and Expensive) and have your ducks in a row...

Seriously though, cut the guy some slack...

Link to comment
Share on other sites

  • Members

Originally posted by STEEL KAGE

Im Cracking up at all the holier than thou types here. There are so many grey areas when it comes to deductions, especially if you are a business owner and Id be willing to wager that most people in these situations venture very deep into the Grey, I know that I have. If thats what you are going to do, you need to make sure that you have a Smart CPA( and Expensive) and have your ducks in a row...


Seriously though, cut the guy some slack...

 

LOL! I know, it all makes me giggle. I suppose they all drive precisely the posted speed limit too ....

Link to comment
Share on other sites

  • Members

Originally posted by STEEL KAGE

Im Cracking up at all the holier than thou types here. There are so many grey areas when it comes to deductions, especially if you are a business owner and Id be willing to wager that most people in these situations venture very deep into the Grey, I know that I have. If thats what you are going to do, you need to make sure that you have a Smart CPA( and Expensive) and have your ducks in a row...


Seriously though, cut the guy some slack...

 

 

What was ironic Kage was the fact he said he deducted things with no proof so he was asking for help. If I owned a business hell yeah I would play the game but if I rolled craps I would also have to man up and take my IRS beating.

Link to comment
Share on other sites

  • Members
Originally posted by STEEL KAGE

Im Cracking up at all the holier than thou types here. There are so many grey areas when it comes to deductions, especially if you are a business owner and Id be willing to wager that most people in these situations venture very deep into the Grey, I know that I have. If thats what you are going to do, you need to make sure that you have a Smart CPA( and Expensive) and have your ducks in a row...


Seriously though, cut the guy some slack...



C'mon, we all tithe, right?:D


Seriously, most around here peobably file EZ...............

Link to comment
Share on other sites

  • Members

Originally posted by Digital Jams



I do not thnk a CPA would add $15,000 in deductions he never had.

 

 

Not if he wanted to keep his license. We might take aggressive deductions, but very few of us would be willing to sanction making them up.

Link to comment
Share on other sites

  • Members

If the dude filed honestly then maybe he's get some slack. Since he faked 12-15k worth of dedications he deserves to get ass-reamed by the IRS and people here. :D Yes there are lot of grey areas in Tax laws for business but if you're not savvy enough to find the loop-holes ...you really shouldn't bull{censored}...

Its not the amount of money...tax on 12-15k isn't that much money really. But with the interest and penalties its gonna be a lot more that it would have been if he didn't dream up 12-15k worth of phony deductions when he initially filed.

Holier than thou? Fukk no, I'm just pretty honest and don

Link to comment
Share on other sites

  • Members

Originally posted by PlayboyChris


It's a lot easier to say "{censored} you, deduct it" to Turbo Tax than to a CPA! LOL


Regarding the gift tax thing, what's the maximum amount of gifts you can get before they start taxing you? I heard it was 10 grand.

 

 

You can give $10K per year per person. So, for example, two parents can gift $20K per year to a son or daughter (it's one of the vehicles used to pass ownership in a family company to sons/daughters over time, tax free). The purpose of the gift is irrelevant as far as it being tax-free. Its the giver that's taxed above $10K, not the recipient.

Link to comment
Share on other sites

  • Members
Originally posted by Shawn Lutz
If the dude filed honestly then maybe he's get some slack. Since he faked 12-15k worth of dedications he deserves to get ass-reamed by the IRS and people here. :D Yes there are lot of grey areas in Tax laws for business but if you're not savvy enough to find the loop-holes ...you really shouldn't bull{censored}...

There in lies the Problem, the being savvy part

Holier than thou? Fukk no, I'm just pretty honest and don
Link to comment
Share on other sites

  • Members

Words of wisdom Kage, words of wisdom... This is exactly why we have "Smart CPA"...

Originally posted by STEEL KAGE

Im Cracking up at all the holier than thou types here. There are so many grey areas when it comes to deductions, especially if you are a business owner and Id be willing to wager that most people in these situations venture very deep into the Grey, I know that I have. If thats what you are going to do, you need to make sure that you have a Smart CPA( and Expensive) and have your ducks in a row...


Seriously though, cut the guy some slack...

 

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.


×
×
  • Create New...