/biz/ - Business & Finance

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The IRS just sent me a bill for $40K Anonymous Mon Jun 13 00:00:00 2022 No.49563955 [Reply] [Original]

I just got a CP22A form from the IRS saying I owe them $40K based on discrepancies in my 2019 tax form. I have no idea what they’re talking about, and I don’t even have that much money in the bank. The only thing I can think of is that I did a lot of crypto trading on Robinhood that year, which I did not end up reporting because the trades resulted in a net loss of $2000 and it seemed like a headache to report everything when I didn’t even make any money (Proceeds $168K, Cost Basis $170K)…My guess is they are somehow only seeing the proceeds and are incorrectly assuming the cost basis is zero? What the hell do I do? I am panicking.

>>	Anonymous Mon Jun 13 00:01:34 2022 No.49563990 >>49563955 You have to provide your cost basis in your tax forms or it will be assumed to be 0.

>>	Anonymous Mon Jun 13 00:03:59 2022 No.49564047 >>49563955 Demand answers, threaten to get legal counsel, etc. They'll promptly fuck off. They only do this to people who they think they can bully without racking up expensive legal fees.

>>	Anonymous Mon Jun 13 00:08:54 2022 No.49564167 >>49563955 What would Uncle Ted do?

Anonymous Mon Jun 13 00:09:27 2022 No.49564179

>>49563990
So this can be easily cleared up by just sending them the trade history in that case? Again, I am only assuming that is what this is all about. They don’t even explain in the letter. There’s a number in the letter that I can call to dispute this; but in my experience they give you the run around and make you wait for hours on the phone with no guarantee of even talking to a human being…

>>49564047
How? Should I call the number on the letter to dispute it. I’m afraid they will put me on hold for hours. Should I reach out to a lawyer preemptively?

>>	Anonymous Mon Jun 13 00:09:54 2022 No.49564190 Just throw the bill in the trash. Or write SOVEREIGN CITIZEN across it with black marker and mail it back

>>	Anonymous Mon Jun 13 00:12:58 2022 No.49564268 >>49564190 kek

>>	Anonymous Mon Jun 13 00:13:41 2022 No.49564290 >>49564190 This op. Make sure to include a copy of the relevant maritime statutes in your reply.

>>	Anonymous Mon Jun 13 00:15:32 2022 No.49564344 >>49563955 Ignore it

>>	Anonymous Mon Jun 13 00:18:22 2022 No.49564424 >>49564179 Yeah you’re gonna have to report your cost basis. Probably make an amendment to your 2019 taxes. Get an accountant unless you can do it all yourself

Anonymous Mon Jun 13 00:18:49 2022 No.49564436

You are a true retard. With trades just on Robinhood you could throw that into a basic crypto tax calc (using the info you can get from Robinhood) and it would do it for you within minutes, probably even giving you the form you can send to them yourself you dumb dumb

>>	Anonymous Mon Jun 13 00:18:50 2022 No.49564437 >>49564179 Just wait until a human talks to you. It takes a while more but they can usually clear up anything within 5 minutes of being on the phone with them.... however in your case I would talk to a tax attorney

>>	Anonymous Mon Jun 13 00:32:44 2022 No.49564756 >>49564424 >>49564437 Do you think an accountant would be sufficient or should I go straight to a tax attorney?

>>	Anonymous Mon Jun 13 00:38:49 2022 No.49564921 >>49564437 the irs is staffed entirely by illiterate 50 year old female niggers

Anonymous Mon Jun 13 01:10:57 2022 No.49565679

>>49564756
Just go to an accountant.

Realistically all you’ll have to do is file a 1040X with an amended 8949 and an updated Schedule D with “AS AMENDED” stamped at the top with you updated cost basis. But obviously have him do it. It’ll cost like $300 probably.

T.CPA

>>	Anonymous Mon Jun 13 01:16:05 2022 No.49565856 >>49565679 My only concern is that if this turned into some sort of criminal investigation, the accountant could be used against me, whereas the lawyer would have a client confidentiality privilege. Am I overthinking it?

>>	Anonymous Mon Jun 13 01:18:11 2022 No.49565943 >>49565856 Just file an amended return bro. You could probably do it without an accountant even. You are not a criminal.

>>	Anonymous Mon Jun 13 01:19:16 2022 No.49565983 >>49564344 it's the IRS, they'll garnish his wages or welfare.

>>	Anonymous Mon Jun 13 01:19:51 2022 No.49566001 >>49563955 Get yourself a lawyer and accountant.

>>	Anonymous Mon Jun 13 01:20:12 2022 No.49566010 >>49565943 Thank you for the advice, bro. I will reach out to a CPA tomorrow

>>	Anonymous Mon Jun 13 01:20:13 2022 No.49566011 >>49563955 1. buy kneepads

>>	Anonymous Mon Jun 13 01:22:26 2022 No.49566075 File: 76 KB, 864x864, 1645398647592.jpg [View same] [iqdb] [saucenao] [google] >>49563955 Every trade is a taxable event. You have to report them all. Also >06/12/22(Sun)20:00:00 No.49563955 checked

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