Question about Evil Federal Tax Returns

[Gangsta99]

So I filed my taxes already this year and out of no where received a 1099-misc for about $1200. I completely forgot about a bonus that I received from one of my reps for a company I do business with.

What is the best way to approach this situation, file an amended tax return once my original one clears in a couple weeks, or wait for the IRS to possibly come a knocking with a letter saying I forgot something?

What is the likelihood they notice that I forgot to include this 1099-misc on my tax return?

Thanks

[chad]

i tried to "forget" once. i never got an audit per say, but i did get a letter/bill saying i owed them $700 or something close to that. i expect i am on some tax evader list now. so, i would file an amended return and be proactive on it.

[Gangsta99]

What was the time frame for receiving said letter from them after you filed Chad?

[chad]

What was the time frame for receiving said letter from them after you filed Chad?


about 3 months, i think. i quickly paid it and never heard anything back. that was about 4 years ago.

[Gangsta99]

Ok cool. Everything I am reading up is saying that filing a 1040x to amend it will take that long for it to correct.

Did the letter claim that was the difference you forgot to claim correctly or did it also say their were penalties and extra fees if you don't mind me asking?

Thanks again for the info.

[chad]

Ok cool. Everything I am reading up is saying that filing a 1040x to amend it will take that long for it to correct.

Did the letter claim that was the difference you forgot to claim correctly or did it also say their were penalties and extra fees if you don't mind me asking?

Thanks again for the info.


it was kind of a nice letter actually (i mean as far as those can go, ha ha); it just claimed i just did my taxes wrong.

i **think** i got around 15 days or something like that to pay it without any fees. i sent the check overnight, USPS, signature required for delivery so i could prove they got it within the 15 days. they cashed the check, and i never heard anything else about it. so no, no penalties.

[Gangsta99]

After going back and "redoing" my taxes it works out that I should owe them about $186 for the error of not reporting the 1099-misc.

I will wait for a letter from them instead of doing any extra paperwork. F the IRS and the Federal Reserve and all the rest of those clowns.

[chad]

After going back and "redoing" my taxes it works out that I should owe them about $186 for the error of not reporting the 1099-misc.

I will wait for a letter from them instead of doing any extra paperwork. F the IRS and the Federal Reserve and all the rest of those clowns.


yeah, you probably will get a grace period. i'm all on the straight and narrow because i already got busted once, but i expect you get a freebie. ;D

[mick silver]

it way cheaper to fix it now . i did the same a few years back it cost me alot more when the letter came

[skid]

Fix it immediately! Trust me on this...

I got a $10k penalty for making a lazy mistake on my taxes. I moved and some of my tax info went to my old location. I just handed all my stuff to an accountant and he used the info I provided for my tax return not realizing that all the info wasn't there. I figured since the gov't was getting duplicates of all the info they would just adjust my taxes and let me know if I owed any extra. Well they don't look very kindly on this sort of thing...

I had to pay the additional tax and a percentage penalty ($10k+) for not providing all documentation.

[Gangsta99]

Fix it immediately! Trust me on this...

I got a $10k penalty for making a lazy mistake on my taxes. I moved and some of my tax info went to my old location. I just handed all my stuff to an accountant and he used the info I provided for my tax return not realizing that all the info wasn't there. I figured since the gov't was getting duplicates of all the info they would just adjust my taxes and let me know if I owed any extra. Well they don't look very kindly on this sort of thing...

I had to pay the additional tax and a percentage penalty ($10k+) for not providing all documentation.


Thanks for the info. Once my info is processed I will file an amended return to correct the error. Again thankfully my error is only a couple hundred off in taxes not 5 figures.