| In the latest Star Wars episode, the evil
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| | on the stock and had a deduction, but
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| empire executes a brutal revenge on the
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| | will owe tax on it due to the SFR.For
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| Jedi. While the IRS is not an evil
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| | business owners who do not file 941
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| empire (and due to the Revenue Reform Act
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| | payroll tax or 940 unemployment tax, IRS
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| of 1998 not very brutal anymore); it too
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| | uses code section 6020(b) to file payroll
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| is executing revenge on those who do not
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| | returns for non-filers. These returns
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| comply with filing their tax returns.The
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| | can also be for more than one would have
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| IRS is agressively using the "Substitute
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| | owed if they filed the originals.Once IRS
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| for Return" (SFR) program to file tax
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| | files an SFR 1040 or a 6020(b) 941, they
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| returns on behalf of those who fail to
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| | can collect on them just as if they were
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| file.
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| | filed by the taxpayer. I had one client
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| The SFR program has been around a long
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| | who had a Federal Tax Lien filed on him
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| time. However, due to better computers at
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| | for over $100K due to an SFR on 1996. We
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| IRS, it is being used now more than ever
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| | went ahead and filed a correct tax return
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| to get people into filing compliance.
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| | in 2004 and his true debt was only about
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| Basically, if you do not file on time,
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| | $10K. The reason was because IRS taxed
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| the IRS sends you letters and may call
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| | all his stock sales as 100% profits when
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| you on the phone requesting that you
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| | he had many losses.There is good news for
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| file. If one ignores the letters, IRS
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| | someone caught in SFR trap. You can
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| takes the information reported to them by
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| | always file an original return! The tax
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| third parties and files a Form 1040 for
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| | laws are valid and IRS is a legitimate
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| you. In most cases, the tax owed on this
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| | government agency. Don't be fooled by
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| IRS prepared return is far more than one
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| | bogus websites or folks who tell you that
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| would owe if they filed an original
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| | there is no law requiring one to file a
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| return.Why is the tax so high on an SFR?
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| | tax return. If you get SFR'd, hire a tax
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| Well, IRS does not know who lived with
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| | professional to prepare a correct return
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| you so they usually file the return
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| | and work with IRS to overturn the SFR.
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| single or Married Filing Separate (the
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| | You may be audited, but if you are right
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| worst tax table). A person might have
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| | then you will owe much less than the
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| had 3 or 4 dependents, but they won't be
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| | amount on an SFR.A good CPA, Enrolled
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| on the SFR. Also, if you worked contract
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| | Agent, or Tax Attorney can help you with
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| labor and got a 1099, it is very likely
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| | IRS collection issues. DON'T IGNORE IRS
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| you had deductable business expenses.
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| | LETTERS. GET HELP.
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| Again, IRS does not know what your
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| | Here are some websites that can help you
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| expenses were and will tax you on the
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| | get info:
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| total of 1099s. In addition, if you sold
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| stock, IRS will tax you on 100% of the
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| sales price because they do not know your
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| basis in the stock. In this
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| circumstance, you could have lost money
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| | Robert Coleman, E.A., A.T.A.
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