US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

heated game moment: Oct 30, 2003; Lipstick Apathy

Certified letter from the IRS? Nothing important *throws in trash*

# ¿ Apr 28, 2011 23:08

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# ¿ May 6, 2024 03:16

heated game moment: Oct 30, 2003; Lipstick Apathy

furushotakeru posted:

They typically target the middle year and then branch out if they find something. So they might pick 2009 and then expand to 2008 and 2010 if they find an error that they think might be recurring, such as lack of documentation to substantiate auto use, etc.(not that any of my clients would have any trouble documenting every business use mile they deducted of course).

So if it goes back to the third year prior then yes they often push past the 3 year SOL and then they hold a gun to the taxpayer's head and make them sign consent to extend the statute.

We are told coming onboard that the quickest way out the door is to blow a statute. You generally won't see an agent pick up a tax year for exam that has less than 7-8 months (if that) on the statute due to this, unless there is going to be a substantial dollar amount or compliance effect.

Also that thing about the timely filed (non-extended due date) returns is completely false.

edit: \/\/\/\/ Or is it? :tinfoil:

heated game moment fucked around with this message at 00:15 on Jul 2, 2011

# ¿ Jun 30, 2011 23:34

heated game moment: Oct 30, 2003; Lipstick Apathy

Pizer posted:

So what's the consensus with money made from trading bitcoins for USD?

I am eagerly waiting for this to become an audit issue. I'd imagine it would just get reported on Schedule D for most individuals. Better keep track of that basis!

# ¿ Jul 3, 2011 01:36

heated game moment: Oct 30, 2003; Lipstick Apathy

Modified Decelerated Cost Appreciation System?

# ¿ Sep 19, 2011 23:42

heated game moment: Oct 30, 2003; Lipstick Apathy

I am sorry I literally killed this thread

# ¿ Sep 27, 2011 03:56

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.