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#11
04-11-2007, 03:00 PM
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Re: still waiting for irs decision on 2005 return
[ QUOTE ]
Could you give an example "RoundGuy". It might be helpful to "mj2". [/ QUOTE ] Of course. "You failed to report $200 in poker winnings?! ZOMG!!! You're going to pound-me-in-the-ass prison!!! Fursurz!!!!!" (paraphrase) 
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#12
04-11-2007, 03:06 PM
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Re: still waiting for irs decision on 2005 return
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Those would be great questions to ask your friendly local CPA. [/ QUOTE ] i really don't get the point of these types of responses. [/ QUOTE ] The point is that, while some responses may be worthwhile, many are bull [censored]. This is an anonymous internet message board. Get it? This is where you think you should go for tax advice? [/ QUOTE ] not if it is something very complicated. but these are very basic questions for anyone with tax experience. i would like to think i could tell the difference between a legitimate response and some bull [censored]. personally, i think i would be okay if i did either option. i just wanted to know the "best" option. i would prefer to not have to file an amended return but it is not the end of the world if i do. also, i was somewhat venting that the irs was so kind to tell me they will give me an answer by april 14th.
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#13
04-11-2007, 03:52 PM
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Re: still waiting for irs decision on 2005 return
Of course.
"You failed to report $200 in poker winnings?! ZOMG!!! You're going to pound-me-in-the-ass prison!!! Fursurz!!!!!" (paraphrase) Gee thanks. And I thought this was a joke, not tax advice. Thanks for the protection from evil tax advisors, I'll be careful from here on. PROMISE
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#15
04-11-2007, 04:28 PM
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Re: still waiting for irs decision on 2005 return
[ QUOTE ]
Gee thanks. And I thought this was a joke, not tax advice. Thanks for the protection from evil tax advisors, I'll be careful from here on. PROMISE [/ QUOTE ] Of course my paraphrase was a joke. Unfortunately, the "pay your taxes or go to prison" contingent intentionally induce more panic than warranted (I'm guilty of this in the past). Pay your taxes or possibly suffer fines and penalties as the result of an audit -- good advice. Pay your taxes or get an ass-pounding in prison -- stupid. If I may say so, CPA, your advice is usually spot-on. Probably because you nearly always advise: See your local CPA. Go figure.
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#17
04-11-2007, 07:36 PM
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Re: still waiting for irs decision on 2005 return
[ QUOTE ]
a) do my taxes the same way i did them in 2005 and then file an amended return if they reject my argument from 2005. [/ QUOTE ] It seems to me that this is the option you must choose since filing as a pro this year would basically admit that you filed incorrectly as a recreational gambler in 2005. Keep filing as a recreational player for as long as they will let you or until it is no longer advantageous to do so.
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#18
04-11-2007, 08:48 PM
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Re: still waiting for irs decision on 2005 return
IMO...
Estimate your taxes recreationally and send a check in for the amount. Then file for an extension on the return. This avoids penalties for late payment and also allows you time to see about your 2005 return so you won't have to amend your 2006 return later.
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#19
04-12-2007, 12:24 AM
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Re: still waiting for irs decision on 2005 return
Option A baby, no penalities whatsoever. Filing ameneded return is interest only, especially in this case. Option B could have underpayment penalities and October 15th filing date goes away. NO penalites, more time to plan and you start that statute running. Good Luck
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