|
surf rock posted:Thank you all for the super-quick advice; I really appreciate it. He finally called me back, and I was stunned that he offered to take all his forms in to an actual tax professional tomorrow to look at it and to file for the extension. So hopefully that works out. Uhhhh.....the "lazy CPA way" for that is to make the line 4 (estimated tax liability) = line 5 (tax payments) and send in zero dollars (lines 6 and 7). It's ONLY federal taxes withheld (728) not social security and medicare. Figure the rest out later. There isn't an H&R block form, it's IRS created.
|
#
?
Apr 10, 2019 17:52
|
|
|
|
| # ? Jun 6, 2024 02:22 |
|
|
okay so last year i posted itt about how a startup company i bought shares in ended up selling to another company (at a loss). i ended up totally forgetting about it until tax prep for me came up last week. from the last email i was suppose to submit a w9 and a letter of transmittal. do i have to handle this for this tax year or until i actually claim the money from the selling of the company? the money is also actually a net loss compared to how much i paid to buy the stock. am i allowed to count the loss when i file or does it have to be this year? thanks for any help. sorry if none of this makes any sense as i'm not good with these type of things.
|
|
#
?
Apr 11, 2019 05:43
|
|
|
saltylopez posted:A quick question for any other preparers in here regarding Premium Tax Credit allocations for 1095-As where you're dealing with more than one tax family (a married couple claiming a non-dependent child in my case): I just pulled the instructions and it's different than in 2016. I imagine the rules are the same, but I'm too tired to figure it out for you tonight. https://www.irs.gov/pub/irs-pdf/i8962.pdf SiGmA_X fucked around with this message at 06:07 on Apr 11, 2019 |
|
#
?
Apr 11, 2019 05:58
|
|
|
I'm a dual status alien for 2018. I'm reviewing my tax return before filing it, and noticed it's calculating a health insurance tax surcharge for the months I wasn't a resident. According to the IRS calculator, I should be adding a health insurance exemption for those months on grounds of being a nonresident alien? Also, moving expenses are no longer deductible at federal level, but apparently they are for California. This should probably be painfully obvious, but does moving from abroad to work (on a temporary visa, if it matters) count as work-related moving expenses?
|
|
#
?
Apr 11, 2019 22:53
|
|
|
Jan posted:I'm a dual status alien for 2018. I'm reviewing my tax return before filing it, and noticed it's calculating a health insurance tax surcharge for the months I wasn't a resident. According to the IRS calculator, I should be adding a health insurance exemption for those months on grounds of being a nonresident alien? Check the box (assuming that you had coverage for the months you were in the US.
|
|
#
?
Apr 12, 2019 00:20
|
|
|
So someone who has my work, but not filed yet, has expressed that they will file but not pay me. I just eat poo poo right?
|
|
#
?
Apr 12, 2019 15:07
|
|
|
sale on Banksy art posted:So someone who has my work, but not filed yet, has expressed that they will file but not pay me. I just eat poo poo right? I don't understand this.
|
|
#
?
Apr 13, 2019 00:19
|
|
|
If me and my wife are both self employed and file jointly, do our income and expenses get bucketed for the purposes of self-employment tax? I ask because my job has basically no expenses (services provided from home) and hers has a bunch of them (online clothes sales) so basically my SE tax is super high and she posted a loss this year. Also let me say, gently caress baby boomers and gently caress paying for their stupid healthcare that we will probably not get because they'll bankrupt the whole system.
|
|
#
?
Apr 13, 2019 00:21
|
|
|
AbbiTheDog posted:I don't understand this. OK good I wasn't the only one. Best I can gather is: "I performed work for someone who has received delivery, yet they have not paid. The customer has stated that they will be filing tax forms to indicate they have paid me, but they have made clear that they do not intend on actually paying me." So maybe 1099 income that was never actually paid out? Sounds like a nice big pile of fraud to me but I'm not a tax person. Or maybe: "I prepared someone's tax return for them in exchange for money, and gave them the forms prior to payment. Said person will be filing the tax return I prepared for them, but they do not intend to pay me." In that case, unless you got a contract then you're probably SOL. Lesson learned, get payment first next time before handing over the product. Again, not a tax guy so maybe there's some recourse?
|
|
#
?
Apr 13, 2019 00:26
|
|
|
Sorry, shouldn't post angry before bed. I'm a tax preparer, and I file by paper because I'm overseas. So I don't have e-file to hold over clients' heads if they give me trouble. I have to provide a copy of the return for them to review before filing, and there's nothing to stop them from just dropping it in the mail once they have it. Payment up front isn't really standard practice where I am, you invoice on delivery. And since meeting strict deadlines is part of the job, I'm not really comfortable putting the timing of fee payments into the mix. I'll just have to chase the client, and we won't be working together again even if she does eventually pay up.
|
|
#
?
Apr 13, 2019 02:28
|
|
|
Someone came in today and tossed a cardboard box on my desk. In it was a few tax forms, a dozen completely faded receipts, two credit card bills for February, and three embroidered cloth napkins covered in mold. What in the what.
|
|
#
?
Apr 13, 2019 02:40
|
|
|
sale on Banksy art posted:Sorry, shouldn't post angry before bed. I'm a tax preparer, and I file by paper because I'm overseas. So I don't have e-file to hold over clients' heads if they give me trouble. I have to provide a copy of the return for them to review before filing, and there's nothing to stop them from just dropping it in the mail once they have it. Payment up front isn't really standard practice where I am, you invoice on delivery. And since meeting strict deadlines is part of the job, I'm not really comfortable putting the timing of fee payments into the mix. I'll just have to chase the client, and we won't be working together again even if she does eventually pay up. So you don't ever see the client face to face? How's that work?
|
|
#
?
Apr 13, 2019 16:02
|
|
|
sale on Banksy art posted:Sorry, shouldn't post angry before bed. I'm a tax preparer, and I file by paper because I'm overseas. So I don't have e-file to hold over clients' heads if they give me trouble. I have to provide a copy of the return for them to review before filing, and there's nothing to stop them from just dropping it in the mail once they have it. Payment up front isn't really standard practice where I am, you invoice on delivery. And since meeting strict deadlines is part of the job, I'm not really comfortable putting the timing of fee payments into the mix. I'll just have to chase the client, and we won't be working together again even if she does eventually pay up. Oh this is an easy one, if they don't pay ,u get the chance to slap her with a 1099-c.
|
|
#
?
Apr 13, 2019 17:18
|
|
|
sale on Banksy art posted:Payment up front isn't really standard practice where I am, you invoice on delivery. Found your problem. If I were you, I'd get a credit card authorization form (all the info of the credit card and a client signature) signed up front before you start work, and once you're done, charge the card.
|
|
#
?
Apr 13, 2019 18:24
|
|
|
Yeah, were very strict about no paperwork to the client (besides any they brought in) until payment is received, no matter the excuse. As is we have a lot of jerks who come in, check out our results, then pitch a pretend fit about something and walk out and use what we got to do the return themselves. At least the pricing change here removes the bill as an excuse for that now since we can quote the fee up front.
|
|
#
?
Apr 14, 2019 00:25
|
|
|
Hey everyone, just doubling back here in case anyone was worried to say that my dad and I were able to get his situation resolved with the help of a family friend. Thank you all again for your awesome advice, and special thanks to moana who sent me an extremely kind and helpful PM!
|
|
#
?
Apr 14, 2019 01:22
|
|
|
MadDogMike posted:Yeah, were very strict about no paperwork to the client (besides any they brought in) until payment is received, no matter the excuse. As is we have a lot of jerks who come in, check out our results, then pitch a pretend fit about something and walk out and use what we got to do the return themselves. At least the pricing change here removes the bill as an excuse for that now since we can quote the fee up front. How are they using what you prepared if you don't give them the return? What kind of client base are you working with that will pull that poo poo on the regular, are you able to fire or refuse working on the ones you get a bad feeling from? I see that maybe once a busy season from the 6,000 or so returns my office prepares.
|
|
#
?
Apr 14, 2019 02:26
|
|
|
Lord of Garbagemen posted:How are they using what you prepared if you don't give them the return? What kind of client base are you working with that will pull that poo poo on the regular, are you able to fire or refuse working on the ones you get a bad feeling from? I see that maybe once a busy season from the 6,000 or so returns my office prepares. They literally read off the numbers from the screen when youre showing the results and memorize them generally. They also usually write down the actual refund amount too, which since most clients do it for personal reference we cant exactly criticize. We may not hand them copies of the return until after payment (which we always do at the very end) but we do kind of need to show them the return before the end to check it and explain. Then they either complain about the price and walk, or do the I think this is wrong, let me go get the form to show it thing and just never come back. Since regular clients do these things it doesnt necessarily flag them, we just catch the ones who try it repeatedly (if they keep starting and not finishing returns we might as well not bother working with them no matter the reason). Also hard to flag trouble clients since they will just go to other offices and start up there. Its not a COMMON problem by any means (most clients are decent people about this sort of thing) but you put two and two together about how certain clients behave and its not hard to figure out what is going on. Honestly since we have a free service to review returns anyway the only real damage is the fact theyre trying to do it sneakily rather than just doing the return and having us check openly, not fond of folks trying to play you for a fool even if its for no good reason.
|
|
#
?
Apr 14, 2019 19:04
|
|
|
From last page, but if I fill out the W-4 worksheet to figure out how much money my wife and I should withhold for next year, is the additional annual withholding I came up with (line 8 of the two-incomes worksheet) what I need withheld from just my paycheck for the year, or what my wife and I need withheld from our combined paychecks for the year? The amount that I calculated as owing is way higher than the 1040-ES slips our accountant gave us, but if it turns that this calculated W-4 amount is to be split up between us then it makes more sense.
|
|
#
?
Apr 15, 2019 00:04
|
|
|
I do not understand. My previous landlord sent me a 1099-MISC in the amount of my refunded security deposit. This seems wrong. I tried calling IRS, but they forwarded me to a Tax law line that just told me to see the website, which of course doesn't have an answer because this is a thing what should not be.
|
|
#
?
Apr 15, 2019 22:39
|
|
|
Toshimo posted:I do not understand. My previous landlord sent me a 1099-MISC in the amount of my refunded security deposit. This seems wrong. I tried calling IRS, but they forwarded me to a Tax law line that just told me to see the website, which of course doesn't have an answer because this is a thing what should not be. Just report on sch c, then make an expense with a description like "1099 misc issued in error" for the same amount.
|
|
#
?
Apr 16, 2019 20:55
|
|
|
Lord of Garbagemen posted:Just report on sch c, then make an expense with a description like "1099 misc issued in error" for the same amount. That sounds like a bad idea. You should attach the 1099 to the return with a note explaining that it was issued to you in error and to disregard it. And then if AUR sends you a letter in 18 months, send it in again.
|
|
#
?
Apr 16, 2019 21:57
|
|
|
sullat posted:That sounds like a bad idea. You should attach the 1099 to the return with a note explaining that it was issued to you in error and to disregard it. And then if AUR sends you a letter in 18 months, send it in again. I mean I've only done that at least 1000 times and not gotten any correspondence. Feel free to do it however you please though.
|
|
#
?
Apr 16, 2019 22:27
|
|
|
sullat posted:That sounds like a bad idea. You should attach the 1099 to the return with a note explaining that it was issued to you in error and to disregard it. And then if AUR sends you a letter in 18 months, send it in again. Sorry man, I'm voting with Lord of Garbagemen. I've had IRS agents tell me *nobody* reads any notes you attach to the returns nowadays. At least with the other method the IRS computers will pass by your return, which now is most of the whole audit process.
|
|
#
?
Apr 17, 2019 19:04
|
|
|
Lord of Garbagemen posted:I mean I've only done that at least 1000 times and not gotten any correspondence. Feel free to do it however you please though. I guess the question is, is this a common enough event that you have to do this? An ordinary renter isn't going to include return of a rental deposit as income. If the property management companies are routinely 1099ing renters over returned security deposits, that's, uh, not good.
|
|
#
?
Apr 17, 2019 19:40
|
|
|
Was there any interest paid out? Some jurisdictions require landlords to pay out interest on security deposits... I would expect that is taxable income? Should have been a 1099-INT though I guess.
|
|
#
?
Apr 17, 2019 20:31
|
|
|
DaveSauce posted:Was there any interest paid out? Some jurisdictions require landlords to pay out interest on security deposits... I would expect that is taxable income? Interest was paid out, but I think the 1099-MISC was inappropriate for that as well and the amount was the total of the deposit+interest. I just filed without it and made a note to contact the IRS directly later this week for guidance once things settle down post-Tax Day.
|
|
#
?
Apr 17, 2019 20:39
|
|
|
sullat posted:I guess the question is, is this a common enough event that you have to do this? An ordinary renter isn't going to include return of a rental deposit as income. If the property management companies are routinely 1099ing renters over returned security deposits, that's, uh, not good. I cannot speak to the specifics of renters getting security deposits, but this happens tons of times with the owner of an S corp or partnership getting a 1099 issued to him instead of the entity. Toshimo posted:Interest was paid out, but I think the 1099-MISC was inappropriate for that as well and the amount was the total of the deposit+interest. I just filed without it and made a note to contact the IRS directly later this week for guidance once things settle down post-Tax Day. Sorry, but this was the worst of all the options. They will have no info for you until the auto matching letter is produced. That will likely not produce until mid summer (if you are lucky). Then you will have to wait on hold for _______ hours only to have to try and explain this, it will likely fall flat on your first attempt or you will get the joy of escalating it. It also gives the IRS an excuse to go through your return with a fine tooth comb , because if you left this off your return then what else could be missing or questioned.
|
|
#
?
Apr 17, 2019 21:53
|
|
|
Lord of Garbagemen posted:I cannot speak to the specifics of renters getting security deposits, but this happens tons of times with the owner of an S corp or partnership getting a 1099 issued to him instead of the entity. I don't itemize and the only form I have is a W-2, so... v0v. It's done now, and I'll just handle it as it comes. Also, I don't know what an "auto-matching letter" is and Google produces no results.
|
|
#
?
Apr 17, 2019 22:00
|
|
|
Toshimo posted:I don't itemize and the only form I have is a W-2, so... v0v. It's done now, and I'll just handle it as it comes. It's the notice IRS sends you saying "yeah we received a 1099 that you didn't report, looks like you owe us money/your refund is smaller". I think it's a CP2000.
|
|
#
?
Apr 17, 2019 23:05
|
|
|
Toshimo posted:I don't itemize and the only form I have is a W-2, so... v0v. It's done now, and I'll just handle it as it comes. He's referring to the IRS CP 2000 letter, which gets sent out if the IRS doesn't see income reported to it on the corresponding tax return. Honestly if you do call the IRS, try to find out if the 1099 was even reported to the IRS.
|
|
#
?
Apr 17, 2019 23:32
|
|
|
Huh, there was an unexpected cause of confusion thanks to the new tax law. Got a call for someone doing Delaware who was thrown for a loop by needing to put personal credits ($110 per person) on the return. The line says put # of exemptions though, which horribly confused them since we dont have those on the federal return anymore. Just had to use the number of people on the return instead, but I was amazed they couldnt get any answers from the free preparers they had been working with. Wonder how many other states have confused people because of leaving outdated instructions like that on the form.
|
|
#
?
Apr 19, 2019 20:51
|
|
|
My wife has a consulting LLC where she basically does some work for a business she used to work for. We're thinking using our semi-finished attic (it has carpeting and drywall covering everything) as an 'office' for her since we don't use it for anything. The thing about our attic is that it doesn't count in the square feet of our home as living space in our town records since i guess it's not up to building codes maybe? I know the IRS allows you to deduct expenses related to your home office as a percentage of your home to figure out what your expenses are. Can we still use the square footage of our attic to calculate our expenses or will the IRS not allow that?
|
|
#
?
Apr 20, 2019 22:29
|
|
|
Mister Fister posted:My wife has a consulting LLC where she basically does some work for a business she used to work for. We're thinking using our semi-finished attic (it has carpeting and drywall covering everything) as an 'office' for her since we don't use it for anything. You would probably need to add the space for the attic to the rest of the home's space to do the proper calculation (i.e. the ratio should be attic space/(rest of home + attic space) to work out the right percentage) but I don't think there should be any issue with counting it even if it isn't "officially listed" as part of the base living space. Just be able to show your measurements if there's any question. And just to be clear, she should be doing some kind of work in the space in order to count it, you can't really just call any space an "office" without actually using it for the business in question obviously. Obviously also make sure the "building code" thing doesn't cause some sort of legal issues locally even if the IRS probably won't care per se.
|
|
#
?
Apr 22, 2019 04:16
|
|
|
MadDogMike posted:You would probably need to add the space for the attic to the rest of the home's space to do the proper calculation (i.e. the ratio should be attic space/(rest of home + attic space) to work out the right percentage) but I don't think there should be any issue with counting it even if it isn't "officially listed" as part of the base living space. Just be able to show your measurements if there's any question. And just to be clear, she should be doing some kind of work in the space in order to count it, you can't really just call any space an "office" without actually using it for the business in question obviously. Obviously also make sure the "building code" thing doesn't cause some sort of legal issues locally even if the IRS probably won't care per se. Ok great, thanks. I was planning on doing just that, just dividing the attic space divided by the liveable space+attic space, wasn't sure if the irs would allow that or not. It would be 100% used for her work, we really don't use the space for anything. I think the building code thing will be us just not asking for permission and asking for forgiveness if that ever comes up  Thanks.
|
|
#
?
Apr 22, 2019 05:24
|
|
|
Got a cp2000 for the second year in a row. It looks like they thought my rsu-based compensation was not part of the wage income I declared in 2017. They're claiming I owe $40,000 in taxes, penalties, and interest. it's cool that me and some IRS employee get to waste our time on this because automation is illegal. edit: yep. i was a dumbass and forgot to file schedule D and form 8949, so their cp-2000 mailer decided the stock i sold materialized out of thin air with 0 cost basis. On reviewing stuff, I also should have deducted state/local tax instead of the standard deduction, so I probably overpaid for 2017 by a few thousand. Is this something I can file an amended return over and get money back? Illusive Fuck Man fucked around with this message at 12:45 on Apr 26, 2019 |
|
#
?
Apr 26, 2019 02:38
|
|
|
Illusive gently caress Man posted:Got a cp2000 for the second year in a row. It looks like they thought my rsu-based compensation was not part of the wage income I declared in 2017. They're claiming I owe $40,000 in taxes, penalties, and interest. You can respond to the CP2000 with an amended return if that answers the issues (Schedule D and the 8949 for the stock, Schedule A if youre itemizing now though dont forget the $10,000 limit on claiming SALT this year). Just be sure to write CP2000 on the top of each page and send it to the address for the notice instead of the regular amendment return address, otherwise they may not process it as a response to the notice. If theres a refund they should still process it OK that way.
|
|
#
?
Apr 26, 2019 18:55
|
|
|
MadDogMike posted:don’t forget the $10,000 limit on claiming SALT this year I thought that didn't apply until tax year 2018. If I revise my 2017 return, does the new $10,000 limit apply?
|
|
#
?
Apr 26, 2019 20:27
|
|
|
Illusive gently caress Man posted:I thought that didn't apply until tax year 2018. If I revise my 2017 return, does the new $10,000 limit apply? No, that's only for TY 2018-2026.
|
|
#
?
Apr 26, 2019 23:04
|
|
|
|
| # ? Jun 6, 2024 02:22 |
|
|
Illusive gently caress Man posted:I thought that didn't apply until tax year 2018. If I revise my 2017 return, does the new $10,000 limit apply? Oops, that's right, you're fine there. Brain melting from allergies obviously on my end  .
|
|
#
?
Apr 28, 2019 02:55
|
|