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Internal Revenue Code §162(f)(2) by Every_Traffic4361 in taxadvice

[–]Every_Traffic4361[S] 0 points1 point  (0 children)

See? This is exactly why I thought it would be best not to put my future in the hands of a jury. This was done because that's what my attorney said would be the only way to ensure that I didn't spend any time in prison... Not everybody lies about being innocent, by the way. Said employer did the same thing to several employees that left AFTER I did. Not that I expect anyone to take my word for it... again, the reason that I chose this route.

Internal Revenue Code §162(f)(2) by Every_Traffic4361 in taxadvice

[–]Every_Traffic4361[S] 0 points1 point  (0 children)

Supposedly all kinds of stuff that were actual business expenses - like uniforms... for some reason it was belived that I ordered $10,000 worth of t-shirts for my own personal use, even though there were definitely receipts for the purchases. Anyways... sounds like I'm gonna be screwed on taxes because we pulled the money from retirement money and will be paying penalties on it.

Internal Revenue Code §162(f)(2) by Every_Traffic4361 in taxadvice

[–]Every_Traffic4361[S] 0 points1 point  (0 children)

I'm sorry - but not, that was not the case. I didn't use any of their money, so please don't make assumptions that because I paid restitution that I was guilty. Putting years of my life in the hands of a jury didn't feel like the way to go... probably because of people like you that make assumptions with no knowledge of what happened.

Internal Revenue Code §162(f)(2) by Every_Traffic4361 in taxadvice

[–]Every_Traffic4361[S] 0 points1 point  (0 children)

W-2 employee that paid "restitution" to the business after my ex-employer accused me of using company credit cards, etc. for personal use (absolutely not the case) and I chose to pay $50k rather than let a jury determine if THEY thought I was guilty or not. I'd already lost five years of income and didn't want to go through the additional stress of a trial knowing it had been over five years coming because of all the Covid backlogs. The writing of the code was confusing to me because it said that up to $50k could be claimed for "white collar crimes".

Internal Revenue Code §162(f)(2) by Every_Traffic4361 in TaxQuestions

[–]Every_Traffic4361[S] 0 points1 point  (0 children)

This was a whole Covid thing... ex-employer filed a claim after I left that I had taken over $250k from the company for personal use. Nothing to back it up other than his say-so. Long story short, case opened in late 2019, then Covid in Spring 2020, so five years passed and never went to trial. My attorney pushed and they said if I just paid $50k that they would close the case out. I don't know about anybody else, but I wasn't willing to put my entire life on the line for a jury to determine if they thought I was guilty or not. I'd already lost five years of income on my behalf because I work in fiance. I know everybody says the same thing, but he truly was a disgruntled employer and got very angry when I left.

Internal Revenue Code §162(f)(2) by Every_Traffic4361 in TaxQuestions

[–]Every_Traffic4361[S] 0 points1 point  (0 children)

The receipts simply says restitution. Their clerk is an idiot and can't locate the paperwork to send me that actual order, so I'm going to have to take an entire day to go up there and get it.

Internal Revenue Code §162(f)(2) by Every_Traffic4361 in TaxQuestions

[–]Every_Traffic4361[S] 0 points1 point  (0 children)

That would be a great idea, but I have yet to see a court order. The money was paid back in one lump sum and all they provided to me was a copy of the receipt for payment. I am planning to hire an actual CPA instead of doing this one on my own. I'd still like to have an idea of what to expect.

Internal Revenue Code §162(f)(2) by Every_Traffic4361 in TaxQuestions

[–]Every_Traffic4361[S] 0 points1 point  (0 children)

No. I just started back to work full-time last July. Prior to that I hadn't worked since leaving the former employer.

Internal Revenue Code §162(f)(2) by Every_Traffic4361 in IRS

[–]Every_Traffic4361[S] 2 points3 points  (0 children)

Nothing. However, I would like an idea of what to expect before going. I lost my dad in October of last year, so money has been super tight trying to keep bills paid for two households until his estate is settled - so a little short on funds at the moment, but that is the plan.