You must first be logged in to edit a post.
If you are not registered, please click "Create Account".
| Posted By |
Message |
| Pages: [1] 2 3 |
Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
|
Kill me now
Our accountant just called.
On top of the quarterly estimates we make during the year to the IRS... this year... we owe... an additional...
$25,000.00
Step 1 - KILL accountant for not advising us during the year to increase our estimates
Step 2 - GET DRUNK.
|
Posted 3/18/08 3:25 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
baghag
:P
Member since 5/05 10278 total posts
Name:
|
Re: Kill me now
Uhh- maybe ask for a second opinion?
That was painful to read.
|
| Posted 3/18/08 3:26 PM |
| |
|
QuoteTheRaven424
22 Months?!!!!
Member since 5/05 13659 total posts
Name:
And If That Isn't A True Blue Miracle
|
Re: Kill me now
you mean your job owes $25K
or you personally owe $25K 
|
| Posted 3/18/08 3:26 PM |
| |
|
pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
|
Re: Kill me now
I think you need to FIRE your accountant, seriously, that is CRAZY
|
| Posted 3/18/08 3:26 PM |
| |
|
igottabeme
Its peanut butter jelly time!
Member since 1/08 2340 total posts
Name:
Wouldnt you like to know! ;)
|
Re: Kill me now
OMG wheres the vomit icon??? i would seriously faint!   
|
| Posted 3/18/08 3:27 PM |
| |
|
|
|
Re: Kill me now
I would definitly get a second opinion and see if this is true. I also think if you call the IRS you can make monthly payments with them instead of paying it at one time.
|
| Posted 3/18/08 3:28 PM |
| |
|
Shelly
She's 7!!!
Member since 8/05 14624 total posts
Name:
|
Re: Kill me now
Posted by stephanief
I think you need to FIRE your accountant, seriously, that is CRAZY
I agree! YIKES!!!
I swear, i would go for a second opinion. That is CRAZY!
|
| Posted 3/18/08 3:28 PM |
| |
|
bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
|
Re: Kill me now
Welcome to my world! lol
|
| Posted 3/18/08 3:28 PM |
| |
|
Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
|
Re: Kill me now
how is it possible that it can be that far off???
I couldn't fire my account...but I would withhold $25 worth of SEX from him!
that's insane! 
|
| Posted 3/18/08 3:31 PM |
| |
|
MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
|
Re: Kill me now
Forget "KILL ME NOW"...I would KILL my accountant!
|
| Posted 3/18/08 3:32 PM |
| |
|
headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
|
Re: Kill me now
OMG beth - how is that possible!! i would definitely fire that accountant... i am so sorry
|
| Posted 3/18/08 3:32 PM |
| |
|
Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
|
Re: Kill me now
I assume this is for a small business you own or that one or both of you is self-employed, right?
Ugh - good luck. I second the idea of a second opinion, and also the idea of considering finding a new accountant. You need someone more experienced and on top of things related to your particular situation.
Worst case, btw, if you really DO owe $25k, you should (if you prefer) be able to work out a payment plan with the IRS, instead of having to pay it lump sum.
|
| Posted 3/18/08 3:37 PM |
| |
|
Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
|
Re: Kill me now
Let me explain - Dh has two jobs. One is a normal paying job at a law firm. The other, his main job, is his own company, so he doesn't get a regular paycheck like most people do, which also means, he doesn't have automatic deductions sent to the IRS every paycheck.
Instead, the accountant and the IRS looks at DH's prior year to make an "estimate" for what he will owe, personally, for the next year.
We make quarterly payments to the IRS in anticipation of these estimates.
This year, the estimates were obviously WAY off. We didn't pay nearly as much as we had to.
So, yes, for our PERSONAL taxes, we owe $25,000.00
I am in the middle of having a panic attack, so forgive me if this doesn't make any sense.
|
| Posted 3/18/08 3:39 PM |
| |
|
bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
|
Re: Kill me now
It's totally within the realm of possibility. You can 'fire' him perhaps for not letting you know earlier of what you'd owe, but that doesn't mean you don't owe the money.
It happens. If you're paying qrtly estimates then it probably means you have your own business, which means that he may have no idea what you'll owe unless you're advising him regularly of what kind of income you have. He may have based his numbers on last year and now that's changed.
|
| Posted 3/18/08 3:42 PM |
| |
|
bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
|
Re: Kill me now
Posted by bomb-blast
It's totally within the realm of possibility. You can 'fire' him perhaps for not letting you know earlier of what you'd owe, but that doesn't mean you don't owe the money.
It happens. If you're paying qrtly estimates then it probably means you have your own business, which means that he may have no idea what you'll owe unless you're advising him regularly of what kind of income you have. He may have based his numbers on last year and now that's changed.
Exactly.
|
| Posted 3/18/08 3:43 PM |
| |
|
Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
|
Re: Kill me now
Posted by Kara
I assume this is for a small business you own or that one or both of you is self-employed, right?
Ugh - good luck. I second the idea of a second opinion, and also the idea of considering finding a new accountant. You need someone more experienced and on top of things related to your particular situation.
Worst case, btw, if you really DO owe $25k, you should (if you prefer) be able to work out a payment plan with the IRS, instead of having to pay it lump sum.
Yes, my DH is self-employed. Kind of.
The accountant told us that if we put $23k into our IRA, we'll only owe the IRS $2k. So, I think that's what we'll do. Even though it's a huge chunk of money, it's basically just shifting it from our personal savings to our retirement savings.
But I can say buh-bye to our nice little rainy day cushion.
Oy gevult.
|
| Posted 3/18/08 3:44 PM |
| |
|
Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
|
Re: Kill me now
Posted by bicosi
Posted by bomb-blast
It's totally within the realm of possibility. You can 'fire' him perhaps for not letting you know earlier of what you'd owe, but that doesn't mean you don't owe the money.
It happens. If you're paying qrtly estimates then it probably means you have your own business, which means that he may have no idea what you'll owe unless you're advising him regularly of what kind of income you have. He may have based his numbers on last year and now that's changed.
Exactly.
I know this.
But right now all I want to do is punch someone in the face. And he's the first person that comes to mind
|
| Posted 3/18/08 3:46 PM |
| |
|
JessieQ
Rest in Peace baby Rogan
Member since 6/07 1122 total posts
Name:
Jessica
|
Re: Kill me now
|
| Posted 3/18/08 3:47 PM |
| |
|
bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
|
Re: Kill me now
Posted by Bxgell2
I know this.
But right now all I want to do is punch someone in the face. And he's the first person that comes to mind
You can punch him...you're still gonna have to pay though. Sorry.
|
| Posted 3/18/08 3:48 PM |
| |
|
Laura1976
Member since 5/05 5754 total posts
Name:
Laura
|
Re: Kill me now
Posted by Bxgell2
Let me explain - Dh has two jobs. One is a normal paying job at a law firm. The other, his main job, is his own company, so he doesn't get a regular paycheck like most people do, which also means, he doesn't have automatic deductions sent to the IRS every paycheck.
Instead, the accountant and the IRS looks at DH's prior year to make an "estimate" for what he will owe, personally, for the next year.
We make quarterly payments to the IRS in anticipation of these estimates.
This year, the estimates were obviously WAY off. We didn't pay nearly as much as we had to.
So, yes, for our PERSONAL taxes, we owe $25,000.00
I am in the middle of having a panic attack, so forgive me if this doesn't make any sense.
sounds like your DH took a much larger amount of member distributions in 2007 then he did in 2006. Your accountant based the estimates on the 2006 number. Honestly, its not his fault.
|
| Posted 3/18/08 3:48 PM |
| |
|
DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
|
Re: Kill me now
That's the worst thing I've ever heard.
|
| Posted 3/18/08 3:48 PM |
| |
|
Chrisnamy
Summer is coming soon
Member since 1/07 3991 total posts
Name:
Amy
|
Re: Kill me now
OMG!
Can this atleast be paid in installments?
|
| Posted 3/18/08 3:51 PM |
| |
|
headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
|
Re: Kill me now
Posted by Bxgell2
Posted by Kara
I assume this is for a small business you own or that one or both of you is self-employed, right?
Ugh - good luck. I second the idea of a second opinion, and also the idea of considering finding a new accountant. You need someone more experienced and on top of things related to your particular situation.
Worst case, btw, if you really DO owe $25k, you should (if you prefer) be able to work out a payment plan with the IRS, instead of having to pay it lump sum.
Yes, my DH is self-employed. Kind of.
The accountant told us that if we put $23k into our IRA, we'll only owe the IRS $2k. So, I think that's what we'll do. Even though it's a huge chunk of money, it's basically just shifting it from our personal savings to our retirement savings.
But I can say buh-bye to our nice little rainy day cushion.
Oy gevult.
wow - i had no idea that was even possible. you can just move money into an IRA and not owe the IRS as much?
|
| Posted 3/18/08 3:53 PM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: Kill me now
oh my!
As someone that is in the middle of an audit..I know that feeling.
|
| Posted 3/18/08 3:56 PM |
| |
|
JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
|
Re: Kill me now
Be positive, you must have had a lot of income this year to owe that much!!
|
| Posted 3/18/08 3:56 PM |
| |
|
| Pages: [1] 2 3 |
