topic Ignorance has given me over $7,000 in penalties and fees, any advice is appreciated. in After you file

Ignorance has given me over $7,000 in penalties and fees, any advice is appreciated.

Altieri2 — Wed, 27 Feb 2019 18:52:17 GMT

I have a major problem and am needing any kind of advice. My first year into business 2016 (filed in 2017), I filed everything as a sole proprietor instead of filing a 1065 partnership. The following year I filed all proper paperwork realizing I screwed the first years up. I did nothing about it, I cant answer why that is. So to begin my 2018 taxes, I started with amending my 2016 and of course led me into having to amend my 2017 taxes. Now that I have completed 2018s 1065 and 1040, I have second thoughts of sending the amendments in all together. My 2016 amendment has me owing $5961, and I have yet to file the original 1065 entirely. IRS has given no notices, no bills, and obviously no eyes to my returns. Can I hope and prey for ONE more year to pass and this terrible act of accounting be forgotten? For what its worth business profits were only in the 10k range. Thank you in advanced.

Re: Ignorance has given me over $7,000 in penalties and fees, any advice is appreciated.

NCperson — Thu, 28 Feb 2019 02:17:36 GMT

given the complexity and the dollars at stake, might be worth calling a local tax specialist and have him/ her figure it out.

you will have more 'peace of mind' than getting advise from an anonymous community board

Re: Ignorance has given me over $7,000 in penalties and fees, any advice is appreciated.

Altieri2 — Sat, 02 Mar 2019 22:55:02 GMT

yes, i figured my situation would need prof help...was hoping by chance someone might have some insight though