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even more stimulus

March 8th, 2009 at 02:51 am

Saving log - $2 tip box
Spending log - $2 coffee

Saving log - $40 DRP1 + $100 DRP2
Spending log - $12 brunch + $60 clothes from Ross + $11 ground coffee for work

Got a call from the enrolled agent (2008 tax guy) this afternoon. He asked, and I provided him with my 2007 tax return and paperwork, which also had a different Schedule K-1 on it. He is pretty certain that the 2007 tax guy didn't do it right, that I unfortunately underpaid, and that I should amend the 2007 return, and pay the penalties wherein. 2008 tax guy also suspects that since the 2007 Schedule K-1 came from the sales of real estate, I should have filed non-resident Wisconsin state taxes also.

I told him that to me its all about being able to sleep at night, and that I wasn't willing to wait to get caught (or not get caught). So its even more stimulus. I'm blue, of course, but at least I have the money to pay it.

My concern is for sister, who I am very certain blew off her own Schedule K-1, and no doubt faces a similar issue, perhaps even a worse one, because I at least gave 2007 tax guy the 2007 Schedule K-1. Although I am responsible that the filing is correct, it is a slightly different problem - I didn't blow it off.

When 2008 tax guy gets done calculating, I'll have to ask him to give me some simple explanations of what the Schedule K-1 is, and what happened, and advice on how sister should proceed.

3 Responses to “even more stimulus”

  1. Amber Says:

    Now that sucks and thank goodness you can pay it. I would not want to owe Uncle Sam. I think the form is used for reporting income from S corps and partnership, it's my understanding that there is often a ton of mistakes made when using these forms

  2. monkeymama Says:


    I just saw a discussion on a professional forum about clients not wanting to file non-resident state returns for these kinds of things. Some CPA said if their clients didn't want to, they didn't file them. This ensued in a debate, hehe. As if filing taxes correctly is optional... But just wanted to say it sucks, but it is good to catch now rather than later.

    But yeah, from everything you said, sounds like you found a good tax preparer. I think I'd keep him.

  3. baselle Says:

    Amber - well, put my one mistake against the tons of others. Sigh. I guess, in a sense, this makes a great IQ test for any tax preparer.

    monkeymama - since you are in the biz, I appreciate your comment. Since we sold to the state of WI, I figure that hiding from the state of WI ain't an option - close and low hanging fruit. Looks like I've stumbled upon a CPA ethics test, too. Smile

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