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CP2000 - Cheaper to pay than fix!
Old 06-05-2018, 02:25 PM   #1
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CP2000 - Cheaper to pay than fix!

tl;dr - mostly just a gripe!


BTW, that should be CP2000

Back in 2013, when I was tidying up my Keogh as part of my retirement prep, I sold my shares in Blackstone … or so I thought. From Fidelity's perspective the shares were sold. On Blackstone's end however (presumably because it was Friday 13th) a mistake was made, and somehow I became some sort of 'partner.' Thenceforth, I started receiving Form K1's with sundry drivel, describing 'my share' of Blackstone's financial machinations. Said K1's were duly binned!

FF to my 2016 tax return, and I made a material omission, that pushed me into an IRS review. The IRS sent me a CP2000, which essentially flags discrepancies between what I report, and what others have reported. Lo and behold, my Blackstone 'partnership' was itemized alongside my other omission, and the IRS invited payment.

I called up Blackstone's investor relations department, who together with Fidelity, were able to remove me from their books -- I am now no longer a partner. So, I asked, how do I go about getting my tax obligation reduced? Answer: Oh, you'll have to get your accountant to file form 8082! Thanks!!!

Having googled form 8082, I suspect that having that form completed correctly will cost substantially more that the $80 that the IRS is asking; especially since I don't have an accountant, and it'll cost that much just to have them review my taxes in the first place.

Moral: If you receive spurious Form K1's around tax season: call up and get them taken care of on a more timely basis than I did!

Also: Let the heavens resound with my ill-feelings towards Blackstone's 'partnership' organization!
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Old 06-05-2018, 07:02 PM   #2
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So this whole rant is over $80?.... get a grip! Just pay the $80.
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Old 06-05-2018, 11:03 PM   #3
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I accidentally bought some shares and became a partner which I realized at tax time when I got this weird paperwork..

Luckily for me, mine is is an IRA, and not much really, so no need to report anything.

OP - were yours within a retirement account or regular account ?
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Old 06-05-2018, 11:27 PM   #4
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Quote:
Originally Posted by pb4uski View Post
So this whole rant is over $80?.... get a grip! Just pay the $80.
I'd be PO'd, too. The mistake was not Jackanory's, it was Blackstone's.
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Old 06-06-2018, 06:55 AM   #5
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I'd be PO'd, too. The mistake was not Jackanory's, it was Blackstone's.
I've been po'd over less.
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Old 06-06-2018, 07:41 AM   #6
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Quote:
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BTW, that should be CP2000
Fixed it for you in the thread title.
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Old 06-06-2018, 03:17 PM   #7
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PO'd is a little strong, let's try miffed!

I appreciate the sympathetic voices!
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Old 06-07-2018, 06:57 AM   #8
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It is irritating. I got dinged for $50 from California when I should have gotten a $50 refund, because TT put my withholdings entry in some obscure line a instead of line b. Fixing it was going to involve sending amended State and Federal returns by mail. I just let them keep the $50 and let it go.
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Old 06-07-2018, 10:56 AM   #9
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Originally Posted by pb4uski View Post
So this whole rant is over $80?.... get a grip! Just pay the $80.
Yup, sometimes its best to pay the $2 and move on. Otherwise one might end up like this poor fellow:

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