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Posted by Harlan Lunsford on April 11, 2008, 5:59 pm
Please log in for more thread options Ernie Klein wrote:
>
>> Ernie Klein wrote:
>>> We received a CP2501 letter saying that the IRS received 7 1099-B
>>> reports that were not included on our 2006 return.
>>>
>>> The problem is that all 7 stock/mutual fund sales that they are
>>> questioning _were_ included on our return in exactly the same amounts
>>> that they are questioning.
>>>
>>> Some of the entries on our return were a single line entry, some were
>>> mutual funds with reinvested dividends that were split between long and
>>> short term, and some were multiple entries using the FIFO method. In
>>> all cases the total sales amount matches the amount reported on the
>>> 1099-B.
>>>
>>> There were also many other sales in 2006 that we reported on the same
>>> schedule D that the IRS is not questioning.
>>>
>>> We did efile using TurboTax. It is almost like the IRS didn't receive
>>> all of our Schedule D data -- is that possible???
>>>
>>> How should I handle this? Attach a copy of our Schedule D and ask them
>>> to look again?
>>>
>> That's what to do, yes. Also make copies of mutual fund 1099b and make
>> notes as to how to reconcile with the schedule D filed.
>>
>
> UPDATE:
>
> So I did that. I answered each item on the CP2501 and because there was
> one minor difference, I attached a amended 1040X (which resulted in no
> change in the tax, but did change my carry over amount to 2007
> slightly). I sent that to the IRS by certified mail, return receipt. I
> received the receipt back on Feb. 28 showing the IRS had received my
> package.
>
> Today I received a CP2000 notice saying that since I DIDN'T reply to the
> CP2501 at all, I now owe $34,993.
>
> Of course I called the information number and after waiting 45 mins.
> actually got to talk to a live person who verified that they did indeed
> receive my reply before Feb. 28 but it *was not forwarded* to the
> examining department *until March 30* (the non-reply notice to me was
> already in the works by then). They told me just to "ignore" the CP2000
> notice and I should be hearing from an examiner within 30 days.
>
> I am not holding my breath - I am waiting for the next letter saying
> that I ignored this CP2000 letter and to pay up as now I owe $50,000
> with interest an penalties.
>
I do hope you got the name and badge number of the IRS person with whom
you spoke and told you you are safe.
ChEAr$$$$,
Harlan Lunsford, EA n LA
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