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Have had $$$ in high yield savings account - will IRS track me down for taxes?
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Date: August 16th, 2024 12:08 PM Author: talented rebellious yarmulke 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=2#47972773) |
Date: August 16th, 2024 12:09 PM Author: Bipolar haunted graveyard Why wouldn't you report it, they send you a tax form
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Date: August 16th, 2024 12:11 PM Author: talented rebellious yarmulke 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=2#47972783) |
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Date: August 16th, 2024 12:14 PM Author: Confused Den 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=2#47972790) |
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Date: August 16th, 2024 12:19 PM Author: opaque property 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=2#47972807) |
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Date: August 16th, 2024 12:22 PM Author: Confused Den 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=2#47972819) |
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Date: August 16th, 2024 12:32 PM Author: opaque property 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: Confused Den 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=2#47972863) |
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Date: August 16th, 2024 12:10 PM Author: charcoal nibblets Bank interest is like the most taxable thing (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47972780) |
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Date: August 16th, 2024 12:11 PM Author: Grizzly Charismatic Theater Athletic Conference (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47972782) |
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Date: August 16th, 2024 12:12 PM Author: Confused Den 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=2#47972784) |
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Date: August 16th, 2024 12:13 PM Author: talented rebellious yarmulke fma (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47972789) |
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Date: August 16th, 2024 12:15 PM Author: Confused Den 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=2#47972792) |
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Date: August 16th, 2024 12:20 PM Author: opaque property (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47972814) |
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Date: August 16th, 2024 2:13 PM Author: Chocolate stubborn center (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973244) |
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Date: August 16th, 2024 2:26 PM Author: Fuchsia hissy fit Have seen a lot of crypto dudes MAF about these letters (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973301) |
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Date: August 16th, 2024 2:56 PM Author: elite thirsty stage fat ankles better than dealing with Levys amirite (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973432) |
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Date: August 16th, 2024 2:56 PM Author: Fragrant Disturbing Public Bath Candlestick Maker (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973436) |
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Date: August 16th, 2024 3:22 PM Author: curious senate friendly grandma this (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973553) |
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Date: August 16th, 2024 12:15 PM Author: Vivacious Nighttime Point Reading Party What’s your net worth (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47972794) |
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Date: August 16th, 2024 12:17 PM Author: violent mother 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=2#47972801) |
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Date: August 16th, 2024 12:23 PM Author: Confused Den lol (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47972822) |
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Date: August 16th, 2024 2:03 PM Author: lavender coldplay fan (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973208) |
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Date: August 16th, 2024 2:04 PM Author: massive national ratface (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973212) |
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Date: August 16th, 2024 2:13 PM Author: Chocolate stubborn center (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973245) |
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Date: August 16th, 2024 2:56 PM Author: sticky location cumskin (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973431) |
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Date: August 16th, 2024 3:00 PM Author: histrionic generalized bond house jfc (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973453) |
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Date: August 16th, 2024 3:20 PM Author: Passionate quadroon rigor lol fags (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973546) |
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Date: August 16th, 2024 3:46 PM Author: elite thirsty stage fat ankles (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973646) |
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Date: November 5th, 2024 3:20 AM Author: Rose Mad Cow Disease Orchestra Pit (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#48284559) |
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Date: August 16th, 2024 2:03 PM Author: lavender coldplay fan 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: bearded big legend hospital 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=2#47973239) |
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Date: August 16th, 2024 2:53 PM Author: olive disrespectful university No ur in the clear, everyone itt are just risk averse nebbish dorks (http://www.autoadmit.com/thread.php?thread_id=5577100&forum_id=2#47973415) |
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Date: August 16th, 2024 2:58 PM Author: Onyx meetinghouse double fault 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=2#47973443) |
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Date: August 16th, 2024 3:28 PM Author: Confused Den 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=2#47973564) |
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Date: August 16th, 2024 3:26 PM Author: gold elastic band 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=2#47973558) |