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notice of deficiency

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saleel curry

Junior Member
In my 2003 tax return, my CPA didn't attach a schedule-D and simply submitted the 1099 form from my brokerage account as the transaction record for my short term capital gain/loss. I was day trading in 2003 and my CPA is really lazy. Anyhow, now the IRS determined I owe tax because there is no schedule-D filing and they send me this notice of deficiency. what do I do? Submit the schedule-D myself? or request for appeal? is there any implication or fine involved?
 


seniorjudge

Senior Member
saleel curry said:
In my 2003 tax return, my CPA didn't attach a schedule-D and simply submitted the 1099 form from my brokerage account as the transaction record for my short term capital gain/loss. I was day trading in 2003 and my CPA is really lazy. Anyhow, now the IRS determined I owe tax because there is no schedule-D filing and they send me this notice of deficiency. what do I do? Submit the schedule-D myself? or request for appeal? is there any implication or fine involved?
Either pay it or file an amended return.
 

saleel curry

Junior Member
i contacted w/ the IRS, they just asked to send in the schedule-D filing, but it takes forever for them to process. i'm just worried if it is insufficient or too late within the 90 day period.
 

seniorjudge

Senior Member
saleel curry said:
i contacted w/ the IRS, they just asked to send in the schedule-D filing, but it takes forever for them to process. i'm just worried if it is insufficient or too late within the 90 day period.
Ask the IRS.
 

abezon

Senior Member
Just send the Schedule D. If you know the auditor assigned your case, you might direct it to his/her attn. And find a new accountant.
 

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