Kraig Biocraft Laboratories Inc (KBLB)

[ZincFinger]

The IRS does not always catch errors right away. But there is no time limit on how long they have to collect money that you owe them (PLUS penalties and interest, which apply whether or not you KNEW you owed them money.)

If THEY owe YOU money you have a strictly limited amount of time to claim it, and then their debt to you is wiped out.

Again I would very strongly recommend that you get a QUALIFIED tax consultant (which yours very clearly is not unless you have omitted some important information: for example: a tax loss sale may have been disallowed due to a wash sale but you nevertheless wound up owing no taxes because of other losses, etc. That might not apply next time.

I would ALSO highly recommend you recalculate ALL of the tax returns in which you claimed tax losses that would have been invalidated by the wash sale rule.

The penalties are large and both it and the interest accumulate until the tax bill is settled. Sooner is much better than later.

PS: you might want to consider a malpractice suit if tax penalties warrant it.