Hilda Black Tax Letter

affair Charges Dear Mrs Black convey you for your phone call in regards to your concern well-nigh the interest penalties and charges from the IRS regarding the bonds you cashed in lead April during tax revenue time. I write you this letter to inform you that I am unable to pay these fines, as explained in this letter. Last April, you called and kindly asked if rolling monetary resource all over room one retirement fund to another(prenominal) Is considered a tax event.When doing this type of execution, if done inside 60 days, Is not considered a tax event. When these funds argon drawn to supplement retirement income, taxes are paid on the portion representing interest earned. On the contrary, bonds are not the same type of transaction as retirement accounts In terms of Interest paid during tax time. Unfortunately, the IRS requires that taxes be paid on interest made and/or capital chief(prenominal) the April following cashing In these bonds.The $1 ,309. 72 In taxes and penalti es you are receiving are from cashing In the bonds we spoke of last year. I am not In a position where I am liable for these charges, and justify for all confusion from our talk last year. I value you as my client, and strive for the best consanguinity possible. If I can be of any champion In communication with the IRS, or If you have any questions before or during next tax season, transport do not hesitate to call me. Sincerely, Alyssa hammock