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February 2nd, 2010Best Tax Software
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2006 income tax filing deadlines
Missed the tax deficiency petition deadline?.
I received a notice from the IRS for a tax deficiency. My mom purchased some stocks under my name and sold the stocks at a loss. She reported the sale as a loss in 2006 with my income tax. I was audited again so we submitted the proper forms to them again. Soon after that I received the notice of deficiency.
I took the letter to my accountant and realized I read the deadline wrong and already missed the 90 day period to file a petition. It was due on 12/8...
What should I do now? Please help!
Correction- So I re-read the form my mom filled out and it says she sold the stocks for a profit of $400 dollars. She sold the stocks for $3500 and used the money to purchase other stocks.She informed me this means we to not owe taxes on the sale. I don't know if this is correct or not.
If this she is incorrect, I would be fine paying the taxes. If she's correct, how to I fight this now that I missed the deadline?
The IRS (their computer) automatically checks all income for all people that report to the IRS. Brokerage companies report the sales price (but not the basis) of stock sales.
If the IRS does not receive a return, they prepare a "Substitute" return, they also call SFR (substitute for return) or sometimes 6020(b), (the IRS tax code that gives them authority to do so). They do so with just the sales price, but not the basis, so it is always higher than it should be.
What you need to do is submit a 1040 with Sch-D, including all your income for that year. Submit it for :SFR reconsideration." You have a name and/or phone number, call them up and say that is what you want to do. Once you subtract out the basis for the stock, your tax should be reduced or eliminated.
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Tags: 2006, 2006 income tax filing deadlines, dc, government, income tax, income tax filing, tax filing deadlines, taxes
