Yellow | In tax terms ( taking a loss )
- Thread starter jacks
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Trip, jimmi, stat!!
Some people just need to be left back and not graduate! :)
The reason the Teamsters legal department hasn't notified each employee that they can "recoup lost moneys from YRC" is because they don't respond to fairy tales.
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Don't beleive the drivers' room BS....IT IS NOT LEGAL!
How can you claim a refund on what you did not pay tax on?
If you get audited. .YRC will not be the only initials to be a pain in your life....so will IRS!
...KK
How can you claim a refund on what you did not pay tax on?
If you get audited. .YRC will not be the only initials to be a pain in your life....so will IRS!
...KK
twisted-hippie
Twisted Herb Plantation CEO
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If lost moneys was actually "recouped" , then it wasn't really lost, just saying.;)
rag-a-muffin
TB Lurker
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I'm trying to find the proper forms to re-coop these losses:
My parents were going to give me their entire estate before they passed away, but they fell victim to a scam artist who took everything they had. I want to file for the loss of the cash I would have received.
I was compelled to give money to the guy with the red kettle this weekend. My wife put the guilt trip on me about starving kids in Africa. I was going to buy alcohol with that money. I had to use my lunch money to buy booze this weekend. Does anyone know which IRS form that I need to file?
Had I chosen another career path earlier in my life, I might be a billionaire and be retired by now. Which form is that?
Come on, people...... WAKE UP!!!
My parents were going to give me their entire estate before they passed away, but they fell victim to a scam artist who took everything they had. I want to file for the loss of the cash I would have received.
I was compelled to give money to the guy with the red kettle this weekend. My wife put the guilt trip on me about starving kids in Africa. I was going to buy alcohol with that money. I had to use my lunch money to buy booze this weekend. Does anyone know which IRS form that I need to file?
Had I chosen another career path earlier in my life, I might be a billionaire and be retired by now. Which form is that?
Come on, people...... WAKE UP!!!
Well, now that you have put a spin on it like that, it's hard to ignore facts.
Here is your answer NO!!!
So I can't claim the forty million dollars that my powerball ticket didn't win for me as a loss?
Cannot believe you guys are not truthful with that guy !!!! You all saw my refund check for 15 grand after I called Tennessee $$$$
"Once upon a time"???????
Liberty Tax in Smyrna, TN, is processing these tax ammendments for YRC employees. I checked up on this company. They are a major corporation affiliated with the NY stock exchange. Now why would a major corporation process these ammendments if it were illegal. They charge a minimal fee up front. The average YRC employee gets back 5000.00 for lost wages over the last three years. It takes 4-6 weeks to get your money. Liberty Tax said that YRC did not hold up to their original agreement, this is why you can take a loss.
Liberty Tax is a franchise. Currently, the paid tax preparer or CPA that files taxes on your behalf is not liable for anything that is on your tax return with your signature at the bottom. A roofer or a plumber does a bad job on a project at your house; you have recourse. A paid tax preparer or CPA deducts some non-deductible items on your return; you are on the hook with the IRS.
You have a franchise owner with an opinion, willing to file a bunch of amended returns for $. He/She knows not many will get audited and if they do it will likely be a couple of years down the road. Meanwhile, he/she just got a handful of new clients that are just thrilled with Liberty Tax's "knowledge" of the tax code. Point is you can deduct anything you want if you don't get caught AND you can likely find an accountant willing to do it for you.
I, and others, will need more information on the basis for claiming $5K in 'lost wages,' due to the fact that YRC "... did not hold up their agreement,..." MOUs were voted in and the contract extended. Explain the "...lost wages over the last three years." Wages were not paid. How does Liberty justify returning money to an individual that was never earned?
Liberty Tax is a franchise operation. They are absolutely NOT affiliated with the New York Stock Exchange. If you want to trust your tax return to a store front operation in a shopping mall, be my guest. If Liberty actually said that you can take a loss because YRC did not hold up to their original agreement, I wouldn't trust them to take out my garbage.
LEHIGH vALLEY
TB Veteran
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As much as I would love this I have to ask what part of the agreement did yrc fail to adheir too?