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At 12:30 AM 7/9/97 -0400, Troy Kelley wrote:
>Traders..
>
>I found out recently that 5 grand was missing out of a 20 grand stock
>account that I trade off of. ....................My broker tracked it back
to the fact that
>I didn't have a W8 Tax form on file for about a monthmaybe longer. Well..
in that time period
>the gov't took 5,000 out of my account for taxes since my W8 was not on
>file. Man.. I am pissed...
>
>This ever happened to anyone else?
>
>Anything I can do to get the money back before I file my taxes? That is
>apparently the soonest I will see that money.
>
>Troy.
TROY:
The IRS appears to represent a confiscatory Bolshevick government.
In all my years as a broker, I never heard of such a thing. I have seen
accounts being "frozen" over a tax dispute, but never outright confiscation
of money from an account.
What the hell is going on with this administration?
There were times when I called the IRS (a day on the phone) on behalf my
clients and managed to lift the restriction. I had to work with our legal
department in New York. Outright confiscation is something I have never
seen. Suggest you get in touch with the legal department of your brokerage
firm and call the IRS ombudsman. Unless the law has changed since I left
the industry, surely someone in your brokerage firm has screwed up bigtime.
I have sent some of the details out for comment and suggestions. Check
for a possibility of an amended tax return to obtain an early refund. I
will try to find out more about current tax rules on this.
Good luck,
Nick P.
srpish@xxxxxxxxx
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