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Filed 2012 Tax Return w/Refund yet IRS assessed FTF & Interest penalty

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    Filed 2012 Tax Return w/Refund yet IRS assessed FTF & Interest penalty

    I filed a 2012 Single status w/1 dependent tax return about a month ago. W-2 had not Fed withholding. I filed the Sch C with no bus related expenses. The TP had tax due but the EIC took care of that plus a refund. The IRS recalculated the tax return and the TP received 15% less of a refund that I calculated but still a refund. If that was not bad enough, the IRS assessed the TP a FTF penalty and interest. What am I missing here?

    #2
    Perhaps a screw up by the IRS. If you are the third party contact without a POA you can talk to them about it until 04/15/14.
    Believe nothing you have not personally researched and verified.

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      #3
      Originally posted by AZ-Tax View Post
      I filed a 2012 Single status w/1 dependent tax return about a month ago. W-2 had not Fed withholding. I filed the Sch C with no bus related expenses. The TP had tax due but the EIC took care of that plus a refund. The IRS recalculated the tax return and the TP received 15% less of a refund that I calculated but still a refund. If that was not bad enough, the IRS assessed the TP a FTF penalty and interest. What am I missing here?
      What's missing is information in the IRS letter explaining the changes. It might even still be in transit, so give it ten days to get to client.
      ChEAr$,
      Harlan Lunsford, EA n LA

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