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Updated about 11 years ago on . Most recent reply presented by

User Stats

105
Posts
19
Votes
Yuriy Tymoshenko
  • Real Estate Investor
  • Tallahassee, Fl
19
Votes |
105
Posts

IRS Tax Bill: after all these years

Yuriy Tymoshenko
  • Real Estate Investor
  • Tallahassee, Fl
Posted

After 3 years, IRS has figured out that I owe they some money. They send me a tax bill claiming that I owe them $500 from 3 years ago. IRS is claiming that I made and didn't declare capital gains in 2010.

I am 99% sure that they are wrong. But there is that one percent. HERE IS THE DILEMMA. Who should I turn to for an advice? Who will be able to sit down with me and take a look at my reported income?

I got a hold of the local "MSBA, EA, CPA, PFS" guy and he wants $200 an hour. Since I owe only $500, paying $200 seems to be wasteful.

Who else can I hire? Do I have to go to CPA for this?

Thank you in advance!

Most Popular Reply

User Stats

866
Posts
487
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Duncan Taylor
  • Real Estate Investor
487
Votes |
866
Posts
Duncan Taylor
  • Real Estate Investor
Replied

@Yuriy Tymoshenko

Those saying the amount is so low you should just pay it and move on are giving you very bad advice. Never, ever take the IRS' word for anything. They can and do make mistakes. Also, the IRS has an on-going program to test the record keeping of small businesses. Even if this is not a test, just paying and moving on could be taken as an indication of sloppy record keeping if you are audited in the future.

Retrieve your documentation on that transaction and respond to the notice.

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