EFTA01166342.pdf

From: Richard Joslin <1 To: "jeevacation®gmail.com" <jeevacation®gmail.com> Subject: FW: thoughts on IRS notice/ status of tax year 2012 $10MM overpayment Date: Thu, 06 Feb 2014 22:07:58 +0000 Attachments: TEFRA - IRS NOTICE - REM RESPONSE.PDF Inline-Images: rem-newlogo_sm570c.png; primeglobal_color blktext_taglineaffjpg; 2013_ipatop100(2)5551jpg As LDB has invested in a partnership that is undergoing a TEFRA exam, it is customary for the owners of the partnership to be flagged and their returns/ refunds held in abeyance pending the TEFRA exam. Tom notes that there is an Apollo entity under TEFRA review. This may be the explanation. Password to open file is From: Thomas Turrin [mailto Sent: Thursday, February06, 2014 4:35 PM To: Richard Joslin Cc: Eileen Alexanderson Subject: RE: thoughts on IRS notice/ status of tax year 2012 $10MM overpayment Rich, YES, see attached...Apollo Co-Investors V ...maybe this is the issue. I have heard nothing on this since the original notice. P/W is my office zip code. Just to confirm, the tax practitioner priority line agent (today) confirmed the overpayment for 2011(the expected amount)... and that the overpayment was sitting in the 2011 account (frozen) ...it was not yet applied to 2012...but nor was it applied elsewhere. The agent did confirm receipt of my correspondence in Dec 2013. (My discussion with IRS in Feb 2013 ...agent said it was credited to next year..and "didn't see any problem" as to why it was delayed at that point in time...time-wise, this was before the TEFRA letter dated in March of 2013 ). Tom THOMAS TURRIN, CPA Partner Raich Ende Malter & Co. LLP 1375 Broadway New York New York 10018 Email: Website: EFTA01166342 From: Richard Joslin rmaitto: Sent: Thursday, February 06, 2014 3:42 PM To: Thomas Turrin Cc: Eileen Alexanderson Subject: thoughts on IRS notice/ status of tax year 2012 $10MM overpayment Tom- Have you reed any notices of TEFRA examination relating to any of the partnerships that LDB is invested in? Can you get from the IRS the latest transcript? On our second/ last call, you noted that the 2011 overpayment had been applied per your call the IRS practitioner line? Can you double confirm this? Likely this is an internal exam vs external audit. You noted Feb 2013 as date exam began. This is very protracted. Perhaps the tax practitioner hotline was referring to internal exam pertaining to the tax year 2011 . The 2011 tax return was filed in October 2012 so that might make sense. However, if that internal exam has not concluded, that would be troubling. And given that the competer system does nto show the overpayment as of Dec 2013, then that might meand that internal review was not completed. However, if the system now shows 2011 overpayment applied to tax year 2012, then the Feb 2013 internal exam is complete and the current holdup may be a new initiation of a review for the 2012 tax return. RAICH ENDE MALTER CO. LLP CERTIFIED MAU ACCOUNTANTS 6 ADVISORS PrimeGlobal An Association of Independent Accounting Firms AtitfntIng 2TOP 2100 •FIRMS CONFIDENTIALITY STATEMENT: The information contained in this electronic communication, including any and all attachments and enclosures, may be privileged and is strictly confidential, intended solely for the use of the person(s) identified above to receive this communication. If you are not the person(s) identified above to receive this communication, you are hereby notified that you may not disclose print, copy, disseminate, or otherwise use the information contained herein. If you are an employee or agent of the person(s) identified above to receive this communication and, as such, you have been authorized to deliver this communication to such person(s), you may disclose, print, copy. disseminate. or otherwise use the information contained in this communication solely for the purpose of such delivery. Unauthorized interception andfor use of this communication arefis strictly prohibited and may be punishable by law. If you have received this communication in error. please reply and notify the sender (only) of that fact and delete the communication, including any and all attachments and enclosures. from your computer or other electronic device on which you may have received this communication. CIRCULAR 230 DISCLOSURE: To insure compliance with requirements imposed by the Internal Revenue Service. we inform you that any tax advice contained in this communication (including any and all attachments), unless expressly stated otherwise. was not intended or written to be used and cannot be used for the purpose of (i) avoiding tax-related penalties imposed by the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction(s) or tax-related matter(s) addressed herein. This communication may not be forwarded (other than to the addressee(s) identified above) without our express written consent. EFTA01166343