Comments on: How Long Do I Keep Tax Records – Beware an Audit Letter From the IRS http://www.mytwodollars.com/2011/04/18/how-long-keep-tax-records-irs-audit/ A place to discuss money...for the rest of us. Thu, 03 May 2012 06:18:43 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: ross jacksonhttp://www.mytwodollars.com/2011/04/18/how-long-keep-tax-records-irs-audit/#comment-39127 ross jackson Thu, 21 Apr 2011 23:16:36 +0000 http://www.mytwodollars.com/?p=2698#comment-39127 the exact same thing happened to me last year. I received 4 huge envelopes saying i owed taxes from each quarter from 2008. It turned out to be a mistake on their part, but i still had to pay my accountant to fix the problem. Even though i play by the rules, i get really scared every time i see an IRS letter. Fortunately things have worked out ok. I actually finished up a month early this year and did an efile with direct deposit. I got my refund within 10 days of filing. I was pretty shocked to see the wire transfer happen so quickly. the exact same thing happened to me last year. I received 4 huge envelopes saying i owed taxes from each quarter from 2008. It turned out to be a mistake on their part, but i still had to pay my accountant to fix the problem.

Even though i play by the rules, i get really scared every time i see an IRS letter. Fortunately things have worked out ok. I actually finished up a month early this year and did an efile with direct deposit. I got my refund within 10 days of filing. I was pretty shocked to see the wire transfer happen so quickly.

]]> By: Hazzardhttp://www.mytwodollars.com/2011/04/18/how-long-keep-tax-records-irs-audit/#comment-39113 Hazzard Mon, 18 Apr 2011 14:50:10 +0000 http://www.mytwodollars.com/?p=2698#comment-39113 I received a similar letter a few months ago. The IRS was claiming I hadn't reported some 1099-misc income from my blog. I was pretty sure I had and when I went back through everything confirmed that I had. The reason they couldn't find it is that Turbotax lumped my 1099-Misc income on the same line with my unreported income. I initially freaked out but called an accountant friend who told me to just break out the line and show how it all adds up in a letter back to them. I did that and was happy to hear that they confirmed the details and closed the inquiry. It was definitely a bit stressful at first though. Hazzard I received a similar letter a few months ago. The IRS was claiming I hadn’t reported some 1099-misc income from my blog. I was pretty sure I had and when I went back through everything confirmed that I had. The reason they couldn’t find it is that Turbotax lumped my 1099-Misc income on the same line with my unreported income. I initially freaked out but called an accountant friend who told me to just break out the line and show how it all adds up in a letter back to them. I did that and was happy to hear that they confirmed the details and closed the inquiry. It was definitely a bit stressful at first though.
Hazzard

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