Q: Who is liable?A financial investment company(UBS) did a payout instead of the rollover my financial adviser requested
Now 3 years later the IRS is demanding taxes on the "payout". The money was actually rolled over into a different account but unfortunately UBS did not do what we requested and it was sent as a payout (we paid taxes on it) and coded as a payout instead of a rollover. We have re-sent the original request to UBS (twice) and have asked them to "recode" it and send us proof so we can clear this up with the IRS. 6 weeks later we are still waiting and being put off every time we call. In the meantime we have a HUGE IRS bill hanging over our head and causing loads of worry and distress. We also ended up paying taxes we should not have had to because it was done/coded incorrectly. What can we do? Can we sue the company that made the mistake? HELP!
A:
It is very difficult to analyze your situation and give you guidance without seeing all the underlying documents--including every statement from UBS received by you--both BEFORE the "mistake" and ever since--plus every other document with facts and numbers related to this SNAFU. Moreover, no experienced competent banking lawyer would ever try to advise you here on Justia--or anywhere else--over the Internet.
There are many experienced competent lawyers listed here on Justia who could provide the level of legal assistance you need for a reasonable fee; however, you must click on the tab called "Find a Lawyer" and either enter the lawyer's name or search for similar banking lawyers having experience in dealing with huge banks like UBS and the IRS. And finally, thanks to secure email and telephones, you do not need to hire a lawyer in your area to do the work needed.
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