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02-16-2020, 01:01 PM | #106 | |
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I have many family members that are accountant and/or CPA's. Never once has the IRS rescinded interest, for any reason whatsoever, for any of their clients. Penalties? Yes. Interest? No. Others who are tax accountants and/or CPA's have chimed in this thread and have verified that the IRS will not rescind interest. Again, the IRS, not the state. |
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02-16-2020, 01:02 PM | #107 |
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02-16-2020, 01:13 PM | #108 |
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Argue with H&R Block
https://www.hrblock.com/tax-center/i...rest-tax-bill/ When will the IRS eliminate the interest? The IRS may remove your interest if: 1. The IRS made an arithmetic error. 2. An IRS employee made a mistake or caused a delay. For example, if an IRS employee lost your case file during an audit, the IRS may remove the interest that built up during the delay in completing your audit. |
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02-16-2020, 01:17 PM |
DaneMcCloud |
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02-16-2020, 01:21 PM | #109 | |
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I mean, holy shit, if my accountant listed my income as $400,000 dollars more than I earned, I'd hop on the phone immediately. There's no freakin' way I'd sign the return and allow it to be filed. |
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02-16-2020, 01:25 PM | #110 | |
Politically Incorrect
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Quote:
It didn't go to zero but it was a far cry from the starting amount.
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02-16-2020, 01:26 PM | #111 | |
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02-16-2020, 01:29 PM | #112 | |
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Unless you are leveraging as much money as you can day trading in the stock market, the "interest" amount you may miss is negligible for almost everyone. I always end up with a small return each year (This should be most people's goal as breaking even is tough to calculate). It's WAY better than owing any amount of money. |
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02-16-2020, 01:30 PM | #113 |
Politically Incorrect
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So Dane, you're wrong once again. Stick to Hollywood Gossip and TMZ
Penalty Relief -directly from the IRS https://www.irs.gov/businesses/small...penalty-relief Is Interest Relief Available? The IRS doesn’t abate interest for reasonable cause or as first-time relief. Interest is charged by law and will continue until your account is fully paid. If any of your penalties are reduced, we will automatically reduce the related interest. See our Interest Overview page for additional interest information. Offer in Compromise https://www.irs.gov/payments/offer-in-compromise
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02-16-2020, 01:42 PM | #114 | |
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And I despise people so foolish that they can't handle their basic household finances and let the government hold their hard earned money with no ROI. Why not just tell the dude to stick his money in a Mason jar in his backyard? |
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02-16-2020, 01:54 PM | #115 | ||
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After doing it awhile it is remarkably how otherwise normal and in some cases truly successful people have virtually no handle on business. It’s one thing to suggest that it is dumb to take that approach. But to just stick your head in the sand and pretend that it doesn’t improve a massive amount of people’s lives is just incorrect. I’d bet you’d be surprised how many of your friends and neighbors are incapable of doing what you suggest. |
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02-16-2020, 01:59 PM |
DaneMcCloud |
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02-16-2020, 02:04 PM | #116 | |
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Yeah, every CPA and accountant that I've known in my life is "wrong". Quote:
Pot meet Kettle |
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02-16-2020, 02:06 PM | #117 | |
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REDUCED doesn't equal ABATED Your insults are weak, old man. |
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02-16-2020, 02:07 PM | #118 |
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02-16-2020, 02:14 PM | #119 | |
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I received a similar letter that the OP did from the IRS a couple of years before because I made an IRA withdrawal and it wasn’t taxed. They made me pay that interest, but it was a real pain in the ass getting in touch with anyone at the IRS. None of the departments communicate with each other, so the department that sends out the notices doesn’t know that you’ve already paid the bill for a couple of months which caused me to continue to get notices after I had paid the money back (with interest). I handle the taxes for us now and things are going much smoother now (knock on wood). |
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02-16-2020, 02:17 PM | #120 |
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