Florida Man Tries to Keep Huge Tax Refund That Was A Mistake

Florida Man Tries to Keep Huge Tax Refund That Was A Mistake

Florida Man Tries to Keep Huge Tax Refund That Was A Mistake

Just about every taxpayer eagerly waits for his or her tax refund this time of year. No matter what they plan to do with it, taxpayers can’t wait for that fat check from the IRS. But what if you somehow got a huge refund that was way larger than expected? What would you do with it? 

That happened in 2017 to one man in Florida, who decided he was going to try to keep it. The man only had about $3,500 in total wages. However, he somehow ended up with a refund of nearly $1 million. All he did was file his taxes. The 29-year-old man received a W2 from a company, which indicated he had earned $17,098 in wages in 2016. 

However, the W2 also indicated that $1 million of federal income had been withheld. According to reports, the company actually paid him $2,098 and no tax was withheld. The man decided to fill out his Form 1040 according to the info on his W2 and the IRS issued a refund of $980,000. 

The man must have thought he had gotten away with it because he kept the money. But that didn’t last. The IRS discovered its mistake and now it wants the money back. The man has not been charged in federal court at this point, but the case is pending. The next hearing has yet to be scheduled. 

If you ever get a refund larger than you should, your best bet is to notify the IRS. Eventually, they almost always catch these kinds of tax refund mistakes

 

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Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

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The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

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MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

 

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