Nice elderly lady is getting taken

[tacks]

thanks everyone

appreciate the help

[Lion]

Pps

Practitioner Priority Service at 866-860-4259 sometimes referred to as Practitioner Hotline.

[veritas]

There is a revenue procedure

IRS Rev. Proc. 2003-16

It looks like a letter ruling will be required. If the error had been corrected within one year beginning with the 60 day period the approval would have been automatic.

The bank needs to pay the costs.

[tacks]

Hmm, are you sure the account is a regular account and not an IRA account she put the money into? It could be an IRA account and the rollover simply not reported on the tax return causing the IRS letter. Just a thought.

Hi David,

Others thought the same thing but unfortunately that's not the case here. I went over this with the bank. (the knucklehead who did this is no longer at the bank)

[tacks]

Thanks again, ChEAr$

Then work with PPS to resolve the issue.

Please excuse my ignorance but who is/are the PPS?

(maybe you're referring to the Pathetic Pile of XXXXXX that goofed up?)

[tacks]

Thanks ChEAr$

[David1980]

Hmm, are you sure the account is a regular account and not an IRA account she put the money into? It could be an IRA account and the rollover simply not reported on the tax return causing the IRS letter. Just a thought.

[ChEAr$]

This woman opened up an IRA with XXXX bank in 2008. I have information about the account. It's titled "Mary XXXXX" and it expressly states "IRA Rollover."

She transferred her IRA account from one outfit to XXXX bank. But someone messed up big time!

(and i don't think it was he who messed up) They put her IRA rollover money in a regular account!! Triggering a large taxable gain and the IRS notice.

What remedies are available to this woman?!

Can i write a letter to the IRS and appeal this somehow? (i have power of attorney)

What about the Taxpayer Advocacy center? Might they be able to advise us on this matter.

Any ideas? please

(and if anyone wants to critisize me for not immediately recognizing the gravity of this situation. well go right ahead. it's the absolute least of my worries at this point)

thanks for reading

Your initial approach is to work within the IRS system. You have the document from the
bank stating it was an IRA. You do need for client to get a letter from the bank admitting
they goofed and have corrected the situation. Then work with PPS to resolve the issue.

ONLY if this fails do you consider involving TA in the issue.

[tacks]

This woman opened up an IRA with XXXX bank in 2008. I have information about the account. It's titled "Mary XXXXX" and it expressly states "IRA Rollover."

She transferred her IRA account from one outfit to XXXX bank. But someone messed up big time!

(and i don't think it was he who messed up) They put her IRA rollover money in a regular account!! Triggering a large taxable gain and the IRS notice.

What remedies are available to this woman?!

Can i write a letter to the IRS and appeal this somehow? (i have power of attorney)

What about the Taxpayer Advocacy center? Might they be able to advise us on this matter.

Any ideas? please

(and if anyone wants to critisize me for not immediately recognizing the gravity of this situation. well go right ahead. it's the absolute least of my worries at this point)

thanks for reading