Spanky
Thinks s/he gets paid by the post
Has anyone refute the accuracy-related penalty or interests charges from the IRS?
We received a letter from the IRS stating that we did not include income from a 1099-B from the brokerage house (CitiCorp). It was a honest mistake since they never send us any statements or 1099-B. The income that IRS claimed was incorrect. The amount was the gross proceeds from sales of company stocks, which were sold at the same year I left the company in 2006.
Anyway, the IRS wants to charge 10% interest on the amount owned and 20% for accuracy-related penalty. I am pretty sure that the IRS will not be lenient -- bummer.
We received a letter from the IRS stating that we did not include income from a 1099-B from the brokerage house (CitiCorp). It was a honest mistake since they never send us any statements or 1099-B. The income that IRS claimed was incorrect. The amount was the gross proceeds from sales of company stocks, which were sold at the same year I left the company in 2006.
Anyway, the IRS wants to charge 10% interest on the amount owned and 20% for accuracy-related penalty. I am pretty sure that the IRS will not be lenient -- bummer.