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Old 03-28-2019, 03:21 PM
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Capital gains and missing cost basis dates

We are having a issue and H&R Block is clueless. I wouldn?t think this would be so uncommon. I had mutual funds that was moved from Edward Jones to Chase bank approximately 10 years ago. I wanted to switch into something safer so my Chase advisor sold our funds and moved them into a managed safer fund. A small portion was deposited to savings while all remaining went into the new account. I was under the assumption that I would only pay tax on only what I actually took out.

The year end tax 1099 is missing a cost basis and it looks like we would be taxed on the full amount. This was part of a revocable trust and is remaining in that trust. Since my local H&R doesn?t seem to know what to do I?m picking up everything and taking it somewhere else. Does anyone have any help what should I do?



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Old 03-28-2019, 05:08 PM
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We are having a issue and H&R Block is clueless. ===>>Tax return franchises,i.e., h&r block, Jackson Hewitt etc are. unscrupulous ones Finding your tax preparer is the last important step, though. You'll want to choose wisely because even when your return is prepared by someone else, you're still legally and financially responsible for everything on it. CPAs Enrolled agents, tax attorneys in your local area cre dibble.


I wouldn?t think this would be so uncommon. I had mutual funds that was moved from Edward Jones to Chase bank approximately 10 years ago. I wanted to switch into something safer so my Chase advisor sold our funds and moved them into a managed safer fund. A small portion was deposited to savings while all remaining went into the new account. I was under the assumption that I would only pay tax on only what I actually took out.

The year end tax 1099 is missing a cost basis and it looks like we would be taxed on the full amount. This was part of a revocable trust and is remaining in that trust. Since my local H&R doesn?t seem to know what to do I?m picking up everything and taking it somewhere else. Does anyone have any help what should I do?=======>as mentioned previously, h&r blck, Jackson Hewitt make tons of mistakes in filing clients? returns.Though irs enrolled agents, CPAs and tax attorneys are governed by standards of professional responsibility and IRS ethics, many returns filed by paid tax return franchisesare not bound by those rules.
Taxpayers can take a few steps; Before filing a complaint, you may consider giving the preparer at h&r blck a chance to make things right if it was an honest mistake.even though I do not know exactly wht?sgoing on, If theh&r blck preparer is responsible for a mistake resulting in penalties and interest, the preparer may pay them directly to retain the client or appeal to the IRS to get them abated. On the other hand, if the h&r block tax preparer made an intentional or fraudulent mistake, taxpayers do not go back to them to fix it. Rather, file a complaint with the Office of Professional Responsibility at the IRS and the respective state agency under which the preparer is licensed, if anyi don'tthink this , however, If the tax preparer is a member of a professional organization such as the American Institute of Certified Public Accountants, the National Association of Enrolled Agents or a state bar association, a taxpayer can also file a complaint with their respective ethics committees. Pending investigation, it could result in sanctions like suspension or expulsion, If theh&r block tax preparer is not state-licensed or registered with the IRS, the only recourse is legal action, a logical step if the penalties and interest are very high and exceed the tax owed, and if the statute of limitations, which is typically within a few years of discovering the problem, has not expired.



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