H&R will wash its hands by paying maximum coverage ( looks like $6k) but you will be flagged in IRS system forever. Also pretty easy for them to figure out when they see your name next to US Bank and BMW Financials.
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TDSâŚ
Anyway, Youâre always on the hook for your tax returns no matter who prepared.
I see people who have their non-CPA friends get them great refunds and think theyâre amazing. However, if they were audited, then theyâd likely be screwed.
Itâs a numbers game and maybe it will never get noticed in the IRS algorithms or lottery.
Guess it worked pretty well for you regardless. Beating up on loaners is much more fun.
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Seems like everyoneâs biggest concern is my tax returns⌠Now I know how our president felt lol⌠Iâll update this if I get audited and need to return anything⌠Until then, not a bad dealâŚ
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This is like a Slickdeals thread. then claim ignorance when caught
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There is a good reason why you have never seen it - itâs called tax law!
No need to wonder, lol!
Yeah, thatâs shaping up to be a big audit area with fraud and ignorance rampant.
Lucky dog. When we overpay on quarterly estimated taxes and they owe us a refund, they always charge interest on overpayments. Iâm paying the feds to loan them my money. Your scenario sounds way better 
Unless they slap fraud charges which is a 25% penalty.
Look at the bright side - you can retain a real CPA with this windfall 
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I overpaid on a one time estimated payment to hit a new CC SUB, and they actually paid me interest when I finally received my refund this year.
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Thatâs interesting. Estimated I donât find IRS does much with because you are guessing 90%, and they donât know if itâs over/under until you file (and if itâs under: penalty).
If they process my returns and determine they owe me (happened a few times), they add interest on the overpayment.
I just had my CPA check and adjust my last 2 estimated for this year - had to write a bigger check because of capital gains on stock sales this year. Hopefully no penalties 
Also my irregular reminder that if you have never ordered and read your IRS master file, I highly recommend:
If you have an FBI file, that is frankly more of a page-turner IMO, but the IMF can be interesting too.
Before We go in more depth, can someone from Texas, please come forward and shed light on owners choice plans? I think I read or saw something about those as an exemption and were able to claim the creditâŚ
@IAC maybe ?
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Hi hi.
Ownerâs choice is a lease with an optional balloon at the end, but then you can chuck it like you would a lease.
There is no acq. fee, but itâs on an APR, so the equivalent MF is about 0.001334 right now.
The car is titled as a purchase, so therefore, you can claim the federal credit and the Texas Rebate. Buyer beware, however, that the federal credit is NOT refundable, and therefore, you MUST have a tax liability of at least the amount of the credit, i.e. owe that much in taxes. That way, you get the equivalent amount back via paychecks throughout the year, and then your taxes net out to $0 due if you normally owe nothing. You can do this by reducing your withholdings, but itâs a little late in the year for that.
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So basically OP here has no issues then ?
OP did a lease though, not Ownerâs Choice.
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Ah gotya 10101
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I see some shady stuff, but thatâll be his problem, unfortunately. That $40 from H&R Block might be golden, hahaâŚexcept he may have to return the credit money if audited.
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The IRS will 100% catch up with you, the form asks for the VIN of the vehicle and the bank will have claimed the credit too.
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OC is a loan: the customer becomes the owner unlike a lease.
Itâs a massive distinction when it comes to taxes
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