Suppressors NFA submission, now letter from IRS

MasterAtom

MasterAtom

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Minuteman
Dec 30, 2009
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Houston TX
#1
May be coincidence, but I submitted Trust for SBR around 8 weeks ago. Two weeks ago I received a letter from the IRS about owed taxes from a 401K loan from 2009. Checked with my tax guy and we did not file taxes for the 401K withdrawl, so the money is owed. OK. Just curious if this is maybe coincidence and I would have received the notice anyway since the government is looking for money from everyone, or if my NFA submission may have triggered this letter from the IRS??

Also, will this letter/notice slow down/halt my Form 1 until the taxes are paid??

Again, curious if anyone else has had the same thing happen??

Thanks guys,
~Adam
 
#4
Re: NFA submission, now letter from IRS

Semi-paranoid probably...but mainly because of the timing. As this is my first NFA dealing I figure I will be a bit nervous until I get the stamp.

No matter what, I never like seeing letters from the IRS...

Thanks,
~Adam
 
#7
Re: NFA submission, now letter from IRS

Another question then.. So for NFA registrations to take so long, what are they actually checking, if anything?? Or do they cash the check, put the paperwork to the side and then decide to stamp it 4+ months later because they feel it sat there long enough.

~Adam
 
#9
Re: NFA submission, now letter from IRS

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: MasterAtom</div><div class="ubbcode-body">Another question then.. So for NFA registrations to take so long, what are they actually checking, if anything?? Or do they cash the check, put the paperwork to the side and then decide to stamp it 4+ months later because they feel it sat there long enough.

~Adam </div></div>

It takes forever because the agencies have to talk to each other. And they don't normally, nor are they good at it.

Hence why your original question is so funny.
 
#10
Re: NFA submission, now letter from IRS

I also got a letter from the irs after submitting a form four on a trust. Mine was about school loan interest deductions.
 
#11
Re: NFA submission, now letter from IRS

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">So for NFA registrations to take so long, what are they actually checking, if anything?? </div></div>
It's the government. Have you ever waited in line and watched the speed of US Postal workers? Or Passport agency workers?
That ridiculous speed wouldn't survive in private industry.
 
#14
Re: NFA submission, now letter from IRS

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: JW_TX</div><div class="ubbcode-body">Google form 1041. There is a requirement to file a tax form related to activites in a trust. ATF may be checking with the IRS... </div></div>

Could be that I guess, I am using a trust.

Oh well, whats done is done.

Thanks,
~Adam
 
#15
Re: NFA submission, now letter from IRS

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: JW_TX</div><div class="ubbcode-body">Google form 1041. There is a requirement to file a tax form related to activites in a trust. ATF may be checking with the IRS... </div></div>

I dont think a Revocable Living Trust can be taxed. It's a trust in which property can come and go regularly. Also, if set up as a NFA Gun Trust then you cant tax it at all. I asked this of my lawyers before I went with them to design the trust.

But, when the individual is doing his form 4's and 1's to take possession of NFA items I am sure at the FBI background check the name is setting up markers for the IRS to hit on. If you owe taxes, pay up and go on with life.
 
#16
Re: NFA submission, now letter from IRS

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: KYS338</div><div class="ubbcode-body">
I dont think a Revocable Living Trust can be taxed. It's a trust in which property can come and go regularly. Also, if set up as a NFA Gun Trust then you cant tax it at all. I asked this of my lawyers before I went with them to design the trust. </div></div>
Thanks what I thought I was told as well, but will double check it with lawyer.

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: KYS338</div><div class="ubbcode-body">
If you owe taxes, pay up and go on with life. </div></div>
That is my plan, never said I didnt owe them, just wasnt aware I owed until we got the letter.

All good guys, thanks...
~Adam
 
#17
Re: NFA submission, now letter from IRS

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: MasterAtom</div><div class="ubbcode-body">May be coincidence, but I submitted Trust for SBR around 8 weeks ago. Two weeks ago I received a letter from the IRS about owed taxes from a 401K loan from 2009. Checked with my tax guy and we did not file taxes for the 401K withdrawl, so the money is owed. OK. Just curious if this is maybe coincidence and I would have received the notice anyway since the government is looking for money from everyone, or if my NFA submission may have triggered this letter from the IRS??

Also, will this letter/notice slow down/halt my Form 1 until the taxes are paid??

Again, curious if anyone else has had the same thing happen??

Thanks guys,
~Adam</div></div>

Ha, I think they are just collecting money this year. Funny thing is I did a Form 4 and this year I also got a stupid tax bill from 2007. I died a lil on the inside when I opened it.
 
#18
Re: NFA submission, now letter from IRS

I did two form 4's last year on a trust and got a surprise IRS AML audit. I really didnt think there was any relation but many of my friends did and do feel there is a good chance they were related. I really feel there was nothing to it since the audit went very well. I cost me a bunch of money in labor kept me up a bunch of nights but in the end the found nothing nor did it appear they really tried to make it hard on me. I hope I am right since I am doing about 9 form 4s this year. Good luck on your IRS issues. PG
 
#19
Re: NFA submission, now letter from IRS

Interesting. I guess I will find out in the next couple of months. Form 4 on trust pending at the moment. I know if you apply for an out of state hunting license and owe child support, guess what, no hunting license for you. Also good luck with the IRS.
 
#20
Re: NFA submission, now letter from IRS

I dont see how they can tax a revocable living trust that is setup specifically for NFA items. You already pay a tax when you send it in for registration.

I am going to ask the lawyers assistant to research this.....
 
#26
Re: NFA submission, now letter from IRS

how is the NFA related to the IRS one is under the dept of treasury and the other is in the dept of justice. they dont talk with one another nor does the president to the vice
 
#27
Re: NFA submission, now letter from IRS

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: layin low</div><div class="ubbcode-body">my friend owed $.50 (fity cents) and it delayed his processing. he had to send a letter showing it was paid. </div></div>

BS
 
#28
Re: NFA submission, now letter from IRS

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: BachelorJack</div><div class="ubbcode-body">You are paranoid.

End of thread. </div></div>

Straight shooter as always
 
#31
Re: NFA submission, now letter from IRS

I got a letter also, but I allready knew about the "claimed" money I owe, we have been trying to get it resolved, but since my CPA died it's been a real pita, going on three years. Wonder if my trust is screwed? They would have to send a rejected letter though with reason(s) correct? From dealing with the IRS I have learned each and every agent, tells me something different.
 
#32
Re: NFA submission, now letter from IRS

I was wondering myself if NFA is waiting for me to pay IRS before proceeding or if they just deny and I have to re-submit. I havent seen or heard anything from NFA but its only been 10 weeks or so. All very interesting how we cant get our government to talk together about real issues but ask for a NFA item and then they know how to communicate...

~Adam
 
#33
Re: NFA submission, now letter from IRS

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: MasterAtom</div><div class="ubbcode-body">I was wondering myself if NFA is waiting for me to pay IRS before proceeding or if they just deny and I have to re-submit. I havent seen or heard anything from NFA but its only been 10 weeks or so. All very interesting how we cant get our government to talk together about real issues but ask for a NFA item and then they know how to communicate...

~Adam </div></div>

I would like to know also? I dont disagree, I owe, I had a 1099 not filed until July one time, so I had forgotten about it, as I had allready filed my taxes for that year, now with interest penelties, its more than I can pay off in one lump sum, but hell at least I'm working on it.
 
#34
Re: NFA submission, now letter from IRS

Owing funds to IRS will NOT prevent your Form 4 approval. IRS is unable to disclose any info to ATF or any other agency since RRA 94' was passed. 26 USC 6103.

You know what it is. Coincidence. IRS is sending out lots of letters in an effort to raise more revenue. End of Story.
 
#35
Re: NFA submission, now letter from IRS

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Glocker17</div><div class="ubbcode-body">Owing funds to IRS will NOT prevent your Form 4 approval. IRS is unable to disclose any info to ATF or any other agency since RRA 94' was passed. 26 USC 6103.

You know what it is. Coincidence. IRS is sending out lots of letters in an effort to raise more revenue. End of Story.</div></div>

While I did not read the entire US Code 6103 by any means, this is very interesting info. Thank you Glocker17

My initial thought was this was coincidence and I was being paranoid, but never know I suppose. I have no doubt the gov is double checking most people to get everything they can. Thanks.

 
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