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Have had $$$ in high yield savings account - will IRS track me down for taxes?
| Curious Fluffy Jap House | 08/16/24 |
| Passionate Volcanic Crater | 08/16/24 |
| Curious Fluffy Jap House | 08/16/24 |
| stirring ultramarine school | 08/16/24 |
| titillating puce indian lodge | 08/16/24 |
| stirring ultramarine school | 08/16/24 |
| titillating puce indian lodge | 08/16/24 |
| stirring ultramarine school | 08/16/24 |
| mind-boggling honey-headed piazza cumskin | 08/16/24 |
| vigorous base | 08/16/24 |
| stirring ultramarine school | 08/16/24 |
| Curious Fluffy Jap House | 08/16/24 |
| stirring ultramarine school | 08/16/24 |
| titillating puce indian lodge | 08/16/24 |
| plum space | 08/16/24 |
| lavender stain | 08/16/24 |
| Emerald comical trump supporter potus | 08/16/24 |
| lascivious point | 08/16/24 |
| Wonderful Erotic Half-breed | 08/16/24 |
| Snowy native pocket flask | 08/16/24 |
| chrome affirmative action | 08/16/24 |
| stirring ultramarine school | 08/16/24 |
| Laughsome Ratface | 08/16/24 |
| Cerebral Hall | 08/16/24 |
| plum space | 08/16/24 |
| Dark public bath | 08/16/24 |
| Exhilarant sepia kitty cat center | 08/16/24 |
| mewling scarlet multi-billionaire box office | 08/16/24 |
| Emerald comical trump supporter potus | 08/16/24 |
| Aspie Pickup Line | 11/05/24 |
| Laughsome Ratface | 08/16/24 |
| vivacious party of the first part knife | 08/16/24 |
| unhinged multi-colored associate | 08/16/24 |
| mentally impaired insecure menage | 08/16/24 |
| stirring ultramarine school | 08/16/24 |
| arousing national | 08/16/24 |
Poast new message in this thread
Date: August 16th, 2024 12:08 PM Author: Curious Fluffy Jap House Have parked a bunch of money in a HYSE and have earned about $250k in interest. From my understanding this should be treated as taxable income. If my (((accountant))) doesn't report it as such is the IRS going to knock down my door? (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972773) |
Date: August 16th, 2024 12:09 PM Author: Passionate Volcanic Crater Why wouldn't you report it, they send you a tax form
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Date: August 16th, 2024 12:11 PM Author: Curious Fluffy Jap House My accountant does my taxes and even in years I expect to owe I end up with a big refund. I don't ask questions. I'm not sure if he'll report it this year but assuming he doesn't am I under any obligation to tell him to? (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972783) |
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Date: August 16th, 2024 12:14 PM Author: stirring ultramarine school Yes, you can't shift your burden of tax obligation compliance by blaming your tax pro or by being blind to what your accountant is doing (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972790) |
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Date: August 16th, 2024 12:19 PM Author: titillating puce indian lodge you actually can, if there's plausible deniability. that's why HNW people hire accountants. the accountants take the liability. (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972807) |
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Date: August 16th, 2024 12:22 PM Author: stirring ultramarine school i deal with mostly normalish income people (lumpenprole through modest UMCs) so i will confess that i don't know how it works at the super high levels where you're some guy with 9 figs and have a big four firm doing your taxes. but IME, "my accountant screwed up" tends to not be well-received as an argument even when it's clear they DID screw up, egregiously. i've occasional gotten a partial compromise on penalties on that (not interest - never interest, lol) but it's always an uphill battle (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972819) |
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Date: August 16th, 2024 12:32 PM Author: titillating puce indian lodge CPAs have professional liability insurance. if the accountant actually did screw up, 1) you'll be able to get out of a 20% negligence penalty, and 2) you'll have a claim against your accountant.
for HNW people with complicated tax issues where there's gray areas and CPAs take aggressive positions to save their clients massive tax bills, what the clients are paying for is for the CPA to take the risk. |
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Date: August 16th, 2024 12:35 PM Author: stirring ultramarine school right that makes sense. that sort of risk-shifting also comes up especially in the international tax compliance space with tax attorneys, from what i understand, which is why they charge the big bucks (although i think the issue there is more often the utterly insane and plausibly unconstitutional penalty risk rather than taking aggressive positions per se) (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972863) |
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Date: August 16th, 2024 12:10 PM Author: mind-boggling honey-headed piazza cumskin Bank interest is like the most taxable thing (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972780) |
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Date: August 16th, 2024 12:11 PM Author: vigorous base (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972782) |
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Date: August 16th, 2024 12:12 PM Author: stirring ultramarine school lol...bro the IRS doesn't have to "track you down". Literally a computer (in the Automated Underreporter Unit) will automatically flag that the income from the 1099-INT that will get generated and sent by bank to IRS didn't get reported on your return and you will get a letter. You'll ultimately get a balance due notice that will include interest and penalties. Ultimately it will go to collections and you could wind up dealing with levies etc. (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972784) |
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Date: August 16th, 2024 12:13 PM Author: Curious Fluffy Jap House fma (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972789) |
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Date: August 16th, 2024 12:15 PM Author: stirring ultramarine school just report and pay it man. never fuck with the IRS on something where there's a big institution that's gonna inevitably generate a form and create an inescapable paper trail. it's just lose-lose every time (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972792) |
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Date: August 16th, 2024 12:20 PM Author: titillating puce indian lodge (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972814) |
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Date: August 16th, 2024 2:13 PM Author: plum space (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973244) |
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Date: August 16th, 2024 2:26 PM Author: lavender stain Have seen a lot of crypto dudes MAF about these letters (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973301) |
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Date: August 16th, 2024 2:56 PM Author: Emerald comical trump supporter potus better than dealing with Levys amirite (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973432) |
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Date: August 16th, 2024 2:56 PM Author: lascivious point (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973436) |
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Date: August 16th, 2024 3:22 PM Author: Wonderful Erotic Half-breed this (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973553) |
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Date: August 16th, 2024 12:15 PM Author: Snowy native pocket flask What’s your net worth (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972794) |
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Date: August 16th, 2024 12:17 PM Author: chrome affirmative action Yes - in the 150 year history of the IRS, they've never thought to look for money in "banks" - so income from banks is virtually untraceable. (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972801) |
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Date: August 16th, 2024 12:23 PM Author: stirring ultramarine school lol (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47972822) |
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Date: August 16th, 2024 2:03 PM Author: Laughsome Ratface (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973208) |
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Date: August 16th, 2024 2:04 PM Author: Cerebral Hall (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973212) |
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Date: August 16th, 2024 2:13 PM Author: plum space (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973245) |
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Date: August 16th, 2024 2:56 PM Author: Dark public bath (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973431) |
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Date: August 16th, 2024 3:00 PM Author: Exhilarant sepia kitty cat center jfc (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973453) |
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Date: August 16th, 2024 3:20 PM Author: mewling scarlet multi-billionaire box office lol fags (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973546) |
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Date: August 16th, 2024 3:46 PM Author: Emerald comical trump supporter potus (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973646) |
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Date: November 5th, 2024 3:20 AM Author: Aspie Pickup Line (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#48284559) |
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Date: August 16th, 2024 2:03 PM Author: Laughsome Ratface lol, they 1099 you for it, so yes
How is anyone this rich and this dumb |
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Date: August 16th, 2024 2:11 PM Author: vivacious party of the first part knife They will know abt it cause banks report it but secret is to just check the boxes for "black muslim transexual child attracted taxpayer" and then for the "from" box just pick "Guatemala". Congress recently passed a bill that excludes such persons from paying taxes. Enjoy! (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973239) |
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Date: August 16th, 2024 2:53 PM Author: unhinged multi-colored associate No ur in the clear, everyone itt are just risk averse nebbish dorks (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973415) |
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Date: August 16th, 2024 2:58 PM Author: mentally impaired insecure menage They don’t catch every single person who fails to pay some of their taxes. You think they are that competent? Lol (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973443) |
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Date: August 16th, 2024 3:28 PM Author: stirring ultramarine school for this issue it's literally just robots doing the work of flagging information they already have. this is the lowest hanging fruit for the IRS and they're very good at it. (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973564) |
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Date: August 16th, 2024 3:26 PM Author: arousing national This is flame because years ago I earned like $5 in interest in a savings account I forgot about and the IRS dinged me on it and made me WITHHOLD on interest for 5 years, lol. (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2Reputation#47973558) |