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TaxWriteOff
Returning Member

Should I request help from a professional? Today I received a letter from National financial Services LLC with a large amount of money claiming it wasn't reported?

Or should I just add a correction? I'm unable to find my 1099-b on my tax returns but from my understanding it was something that was also added onto my 1040 by my employer
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4 Replies
BillM223
Expert Alumni

Should I request help from a professional? Today I received a letter from National financial Services LLC with a large amount of money claiming it wasn't reported?

"I received a letter from National financial Services LLC with a large amount of money claiming it wasn't reported?"

 

Unfortunately, it is not clear what this letter is referring to. A 1099-B is typically used to report the proceeds from the sale of stock or other items. If this LLC sent you the 1099-B, then I would have expected them to send you a corrected 1099-B at the least.

 

And if the LLC didn't issue the original 1099-B, what are they doing inserting themselves into this conversation?

 

Unless you were getting or selling stock of your company as an employee reward, your employer would normally have nothing to do with 1099-B.

 

Oh, and is this letter referring to this tax year (2023) or a previous tax year? It seems to me that if you want to pursue this here, that you will need to give us the text of the letter - minus any personally identifiable information!

 

Otherwise, I would have you contact either an Enrolled Agent or a CPA. Enrolled Agents are regulated directly by the IRS and they deal primarily with the IRS, so this may be your best bet, although a CPA who does a lot of individual tax work (some do) would work out well for you.

 

To find a nearby EA, please go to this link: Find an EA.

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TaxWriteOff
Returning Member

Should I request help from a professional? Today I received a letter from National financial Services LLC with a large amount of money claiming it wasn't reported?

The letter received is addressed by the IRS and it estates that "National Financial Services LLC" which is a third party that seems to work under fidelity has different information that I reported although my taxes included the sales of said stock. Is it best to send a form 1040x, for some reason I'm not able to see my 2022 returns having those stock sales

rjs
Level 15
Level 15

Should I request help from a professional? Today I received a letter from National financial Services LLC with a large amount of money claiming it wasn't reported?

You should definitely go to a local tax professional for help. A lot of what you are saying here is not clear, and there is a lot of detail missing. When you meet with the tax pro bring the entire letter with you. The tax pro can read the letter that you received and can, with your permission, get a copy of your 2022 tax return from the IRS if you don't have a copy. You cannot file a Form 1040-X without having the original tax return.


You can access a copy of your 2022 1099-B on the Fidelity web site.

 

BillM223
Expert Alumni

Should I request help from a professional? Today I received a letter from National financial Services LLC with a large amount of money claiming it wasn't reported?

"The letter received is addressed by the IRS" - what? the IRS?

 

I'm with rjs - go see a tax professional, like I said above: an Enrolled Agent or a CPA who does tax work. There's a lot to dig into here, and you don't need to be doing it without help.

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