I got a bill from the IRS about a Stripe credit card processing account that me and a partner had with them.
It said that for, I believe the year 2017, I didn't claim that account on my taxes.
It was a joint account between me and a partner of mine - I'm assuming it was tied to my Tax ID b/c I got the bill.
So my partner in that business has since moved to Thailand and now he says he doesn't want to pay 1/2 the bill.
The bill is over 6 figures. lol
My questions:
1. How do I find out how much I owe? I can't find that bill anymore - its been years since I got anything from the IRS on this.
2. I'd like to submit the expenses that go along with that business so I don't have to pay 100% of that tax bill. Do you think this is possible?
Thank you.
Hi! I am a TurboTax Live CPA. To answer your question a balance won't post until it has been assessed to your account. Did they send you a CP2000 notice or other proposed adjustment notice. If so, you can partially disagree with the proposed changes and submit expenses to lower the burden. However if it has already posted to your account you will need to amend your return in order to claim expenses you may not have when you filed your original return. The only way to get a copy of the notice or see what your posted balance is would be to contact the IRS directly.