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Two days ago I got a letter in the mail from the IRS. That's never a good thing to start with right! When I opened it said we owed the IRS $25,000! My first reaction was how is that possible! Basically it said we had sold some stock (which we did) and did not report the correct amount on our 2011 return, and they wanted their $25K by JANUARY 16th!

Needless to say I didn't get much sleep that night! So the next morning I start digging into everything trying to find out how I made a $25,000 mistake. I re-did my entire return from last year, went through ever single document I had and if the IRS was right it meant that the tax rate we were being charged on the stock was 76%! How could that be!

So finally I decided to call the IRS. I got a nice man named Phil on the other end, and after he pulled up our account it only took him a few minutes to discover it was a complete mistake! Somehow a computer had generated the letter in error!! We have a zero balance due! My heart was beating again!

Moral of the story: If the IRS says you owe them money do yourself a favor and call them before you die of a heart attack!!!

 

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Some years ago I got a somewhat similar letter from Uncle Sam telling me that I had failed to report some income and that I owed another $650 from a return 3 years before. I won't get into the reason why, long story, but I found that I had inadvertently failed to report an item.
I recalculated my tax for the year and sent to them a check in the amount of $210 with an explanation and got back a letter telling me that the matter was over.
It was my experience that you can reason with them.
 
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