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#3
04-12-2009, 11:22 PM
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 Re: Constructive receipt of State Tax Refund Dick Adams wrote: - quote - > Mark Bole <makbo[at]pacbell.net> wrote:
he "could have" received state refunds. No filing.. No> > Dick Adams wrote: > > > CPA told me he had a new client who had $22,000 in capital > > > gains from a January sale of stock. When he told him how > > > much he owed in Federal and State taxes, > > I'm not clear, which tax year(s) are we talking about? > It's my understanding that the capital gains were from Jan 2008 > and the accrued refunds were from 1999 through 2007. > The explanation I heard was this guy was paranoid because of > an audit he had in the mid-90's. > Dick This sounds as though he never filed for those years even though constructive receipt. In fact, the state owes him nothing until he first establishes that a refund is due. And.. let's not forget that states have statute of limitations on obtaining refunds. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#2
04-12-2009, 09:40 PM
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| Re: Constructive receipt of State Tax Refund "Dick Adams" <rdadams[at]panix.com> wrote in message news:grrs4i$8if$2[at]reader1.panix.com... - quote - > Mark Bole <makbo[at]pacbell.net> wrote:
Then the question should be posted to the unmoderated group! ;-)> > Dick Adams wrote: > > > CPA told me he had a new client who had $22,000 in capital > > > gains from a January sale of stock. When he told him how > > > much he owed in Federal and State taxes, > > I'm not clear, which tax year(s) are we talking about? > It's my understanding that the capital gains were from Jan 2008 > and the accrued refunds were from 1999 through 2007. > The explanation I heard was this guy was paranoid because of > an audit he had in the mid-90's. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
04-12-2009, 04:53 AM
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| Re: Constructive receipt of State Tax Refund Mark Bole <makbo[at]pacbell.net> wrote: - quote - > Dick Adams wrote:
It's my understanding that the capital gains were from Jan 2008> > CPA told me he had a new client who had $22,000 in capital > > gains from a January sale of stock. When he told him how > > much he owed in Federal and State taxes, > I'm not clear, which tax year(s) are we talking about? and the accrued refunds were from 1999 through 2007. The explanation I heard was this guy was paranoid because of an audit he had in the mid-90's. Dick -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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04-12-2009, 04:23 AM
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| Re: Constructive receipt of State Tax Refund Dick Adams wrote: - quote - > CPA told me he had a new client who had $22,000 in capital
I'm not clear, which tax year(s) are we talking about?> gains from a January sale of stock. When he told him how > much he owed in Federal and State taxes, - quote - > the client replied
Again, which tax year are we talking about for each refund and payment?> he had unpaid refunds in excess of the taxes due. By "unpaid refund", do you mean, "refund applied as estimated payment toward next tax year"? - quote - > Since your State Income Taxes actually paid is deductible,
If you itemize...- quote - > why is not rolling forward the refunds considered constructive
-Mark Bole> receipt? > Dick -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
04-12-2009, 04:01 AM
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| Constructive receipt of State Tax Refund CPA told me he had a new client who had $22,000 in capital gains from a January sale of stock. When he told him how much he owed in Federal and State taxes, the client replied he had unpaid refunds in excess of the taxes due. Since your State Income Taxes actually paid is deductible, why is not rolling forward the refunds considered constructive receipt? Dick -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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