Quote:
Originally Posted by Run Silent
^This.
Have you reviewed the tax return documents? If you can see how the calculation is coming up with the refund amount and it appears reasonable and prudent, and the tax accountant confirms it's accuracy, then you are probably good to go.
If the amount owed back to you on the tax forms is not the same as the check received, then you probably need to have the acct reach out to the IRS and resolve the issue.
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Yeah, triple checked the 1040. The amount owed back in the form of a refund is thousands less than the refund check that showed up. My accountant offered to contact the IRS when he gets back from vacation but I'll probably just do it myself because I'm curious. His hunch is that an estimated tax payment for 2020 was accidentally applied to 2019. The amount we are off is close to some of the estimated payments we've made but not exact. it's a real mystery. Bottom line, I ain't cashing that check till we get to the bottom of this.
The misallocation thing isn't a bad theory. The stupid state of California Franchise Tax Board mis-applied my annual LLC payment for 2019 into 2018 a few years back and seemingly were unable to just transer the money to the right bucket. Took them over a year to work it out. So I had to double pay for 2019. Then out of the blue last week a refund for the 2018 overage, minus $25, showed up. Bastards! They just took $25 with no explanation and are banking on it being waaaaaaay too timeconsuming and difficult for me to contact them and inquire as to why. They're right. They can just keep the $25. I'm not sitting on hold with them again for 3 hours.