Lets see, I'm not working, So we are living on monies put aside for retirement, I have gained 20lbs over the last year, My hair is turning white. and lets not talk about the hair line....My kid education is costing me a fortune.....

Other than that, I just got a Notice of audit for 2007

itemized deductions etc...

GREAT, just what I need right now.. Plus I don't think I have all the back up after moving twice I can't find all my paperwork.... Just f'n great....

And just to add a little more misery its going to be like 100 degree's here this weekend so you can't even go outside... and burn a cigar!

could be worse...you could be dead.

i TOTALLY hear ya about burning a cigar outside in the heat. i cheat. i sit on the balcony right in front of the air condition unit. the air is hot, but it keeps the mosquitos from landing on me.

Been audited 2x since '98. Also, in 2002, we were sent a 'tax and penalty' bill from IRS for a bit over $200k on an estate my wife executed.

We prevailed in all 3 instances, but were left with the understanding that IRS not full of bright people.

If you've got a good CPA and a good atty., you will be o.k.

Unless, of course, you've cheated...

Chief,

Actually my numbers should be right, the problem is I didn't keep really good back up.. (car expenses, mileage that type of thing) The people that did my taxes said hey don't worry about it chance are "slim" of an audit anyway as I didn't really make that much in 07 anyway...(as compared to previous years)

But 1/2 was earned as an independent contractor... Hence the un-reimbursed business expenses (Which I assume triggered the audit)

Funny thing is usually I am VERY conservative as an audit always scared me... The one time I got a little greedy and....

If the audit was for 06 or heck 08 I wouldn't be concerned.... Guess it my fault anyway so whatever it comes out to it is....

Top, car expenses, milage, etc, are pretty low-end stuff. If you take a nick, it should not amount to much but the penalties/interest could.

Let your CPA deal with it--don't even get involved or have contact with them (IRS) since you will get no where on your own.

After both audits, we got money back. After the challenge to my wife's handling of her uncle's estate, they just went away--they really embarrassed themselves on that one and left us scratching our heads and feeling like we had grossly over-estimated not only their competance/professionalism, but their collective IQ--IRS is much more 'broken' than health care, but you don't see anybody talking about overhauling it!

^

Good advice...

You'll be a'rite

Topper,,

I got audited 3 yrs ago fo 01 02.I got the notice sayying i owed $77,000.I sh#t.Well my CPA charged me $2500 to prepare for the Sudit.My bank charged me $1000 to reproduce 2 yrs of canceled checks.My CPA/ Attorney told me that no matter what I WOULD end up paying something as a matter of principle.He was correct.I ended up paying $6200.

So,with all the expenses involved it cost me about $10,000.

I hope all goes well,but be ready to pay something...

wheel,,

Wheel, others

Thanks, I assume I will be paying.. As Chief mentioned, its really a minor audit, but I know it will probably cost me in the 1000's which while not working sucks!

And at least I got to sneak outside this morning and smoke one before it got ridiculously hot... 95 now and still climbing!!!

Got my notice of 'taxes owed' $67,000 on 2007 audit 40 days ago.

F'n idiots can't match an old 401K rollover of 125,000, which was done in less than 72 hours. I sent the withdraw AND the deposit paperwork with the original return.

My CPA wrote a letter including the documentation AGAIN. Just received acknowledgement of receipt and that it is under review.

Feds just luv to waste time and money.

Life ain't always beautiful, but it's a beautiful ride.