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Framboise posted:I filed my 2018 taxes last year and owed federal, but received a refund from state. I have not submitted my taxes yet for this year as I owe again and I'm riding it out for now since I have until July to pay it-- but I have filled out the forms and owe federal but get a refund from state. I file electronically and received that refund through direct deposit, so they have my direct deposit information. Did you actually give the feds your direct deposit info at some point? The state having it won't help.
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Apr 16, 2020 01:37
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Cabbages and Kings posted:I didn't think it was, but I just looked. Because of how recently we filed, I think our stimulus check was based on our 2018 return, and not our 2019 return. Our 2019 and 2020 returns are both lower enough than 2018, that this is a significant difference in the check. I mean, it was actually advantageous to me. If I filed 2019 I'd have gotten nothing but instead I got the full $1200 because they went on 2018 without me knowing. And it's not a "credit" in that you have to have to pay it back, it's just the way they wrote it up, but it doesn't affect your future taxes, and it is not taxable income: https://www.newsweek.com/do-i-have-payback-my-stimulus-check-1498111 You might be able to show them your 2019 stuff to have them dole out the difference?
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Apr 16, 2020 01:48
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IOwnCalculus posted:Did you actually give the feds your direct deposit info at some point? The state having it won't help. So since I owed, even though I put in my account number and routing number to send my payment for federal, they don't have it? Where do I give them this information?
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Apr 16, 2020 02:57
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Framboise posted:So since I owed, even though I put in my account number and routing number to send my payment for federal, they don't have it? I read somewhere that they were only using bank account information from refund deposits and not from any other sources, which probably includes accounts used to pay the federal government. You might be waiting on a physical check.
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Apr 16, 2020 03:09
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Ancillary Character posted:I read somewhere that they were only using bank account information from refund deposits and not from any other sources, which probably includes accounts used to pay the federal government. You might be waiting on a physical check. You have got to be kidding me.  These only went out in one wave? That's it? Because I missed it I have to wait... how long until the physical ones come? I was hearing they might not even be here until September, and even then I REALLY don't like the idea of a $1200 check sitting in my mailbox in the shady-rear end apartment complex I live in.
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Apr 16, 2020 03:13
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Framboise posted:You have got to be kidding me. Go here and enter your info to add your bank account for a direct deposit. https://www.irs.gov/coronavirus/get-my-payment
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Apr 16, 2020 04:03
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tumblr hype man posted:Go here and enter your info to add your bank account for a direct deposit. I've already tried many times to get through using that. I kept getting errors saying that my status couldn't be found. Now: quote:Please Try Again Later Real nice of them to just lock you out of what isn't working to begin with.
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Apr 16, 2020 04:20
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Anyone ever have an accountant completely botch their tax return? I'm wondering how to proceed here. My wife and I tried a new guy who was recommended to us and he's been kind of a shitshow. We gave him our documentation for donations, student loan interest, mortgage interest etc, but he seemed to kinda pull numbers out of his rear end and arrive at a something that seemed "good." He was kind of rushing us along and we came out reasonably ahead compared to last year... we figured hey, he's the professional, let's quit while we're ahead and be glad it's over. We mailed our check to the feds and eagerly awaited our ~$1000 from the state. Few weeks later, got a letter from the state about our reported income not matching their records. I looked over the return and realized that only two out of our three total W2 forms had been included (I started a new job in 2019 and kept the old on a per-diem basis). Called the guy back and explained the mistake, he told me it was no big deal, I could just send the other W2 and he'd do an amended return. We do that and I figure we're good. Today I'm looking at the revised 1040, and I realize that this guy just switched one W2 for another  . I now owed money to the state, which I initially thought was due to increased total income, but actually must be because my per diem job didn't have any 401k contributions.Short version: - I've got a full time job and a per-diem, each gets its own W2. Wife has her own W2, married filing jointly - Accountant forgets to file the W2 for my per-diem job, which is about 20% of our gross 2019 income - Accountant revises return, SWITCHES my per-diem W2 with my full-time job instead of adding it Frustrated and I've got a lot of questions. Is there a way to just start this poo poo over? Not really sure how bad this can get. Accounting for the extra W2 means more income, but also more taxes paid, but there's like no proportional increase in deductions to go with it. I really don't trust this guy's numbers now so I'm wondering how bad another W2 can hammer me. I see the payment we made for federal has already been processed. Not sure if that's good news, I mean isn't it bad if the state and federal see very different incomes once this is all settled?? Not to mention, we're kinda close to the stimulus check threshold and I'm really nervous about the ramifications of getting money when it turns out income was misreported. how hosed am i Minidust fucked around with this message at 04:35 on Apr 16, 2020 |
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Apr 16, 2020 04:33
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Framboise posted:I've already tried many times to get through using that. I kept getting errors saying that my status couldn't be found. It was opened today, I'm not horribly shocked it's having issues. I HAVE seen people able to add their direct deposit info, so assuming they get over their bugs you should be able to do it. One word of warning though, I saw it requesting last AGI (which would be 2019's if you filed already) so be sure to have that info handy for the last return you filed. Minidust posted:Anyone ever have an accountant completely botch their tax return? I'm wondering how to proceed here. My wife and I tried a new guy who was recommended to us and he's been kind of a shitshow. You do still need an amendment for both federal and state, which so long as you have whatever return has been originally filed and the correct income forms anybody (at least, anybody competent) should be able to do for you. I'm hoping you didn't file the amendment he prepared obviously, but if God forbid you did you just make another amendment using the previously filed amendment's info as the "original". If you report it and pay any amount due (which depending on withholding may or may not happen anyway) you aren't going to be permanently screwed, you're hardly the first person screwed over by a bad prep unfortunately. Since we're before the 7/15/20 deadline you won't even owe any additional penalty or interest if you amend.
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Apr 16, 2020 05:11
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MadDogMike posted:It was opened today, I'm not horribly shocked it's having issues. I HAVE seen people able to add their direct deposit info, so assuming they get over their bugs you should be able to do it. One word of warning though, I saw it requesting last AGI (which would be 2019's if you filed already) so be sure to have that info handy for the last return you filed. I did end up filing today just to get it over with (and use my state refund to soften the blow of what I owe for federal). The AGI is line 8b on the 1040, right?
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Apr 16, 2020 05:18
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filed returns weeks ago and that poo poo is still processing. wheres my refund money IRS!!!
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Apr 16, 2020 05:20
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MadDogMike posted:You do still need an amendment for both federal and state, which so long as you have whatever return has been originally filed and the correct income forms anybody (at least, anybody competent) should be able to do for you. I'm hoping you didn't file the amendment he prepared obviously, but if God forbid you did you just make another amendment using the previously filed amendment's info as the "original". If you report it and pay any amount due (which depending on withholding may or may not happen anyway) you aren't going to be permanently screwed, you're hardly the first person screwed over by a bad prep unfortunately. Since we're before the 7/15/20 deadline you won't even owe any additional penalty or interest if you amend.
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Apr 16, 2020 05:24
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Zero VGS posted:I mean, it was actually advantageous to me. If I filed 2019 I'd have gotten nothing but instead I got the full $1200 because they went on 2018 without me knowing. And it's not a "credit" in that you have to have to pay it back, it's just the way they wrote it up, but it doesn't affect your future taxes, and it is not taxable income: https://www.newsweek.com/do-i-have-payback-my-stimulus-check-1498111 that website confirms I should just get the difference between what we got and what we'd get based on this year's income, next tax season.
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Apr 16, 2020 06:31
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General rule with tax preparers is you're ultimately signing on the dotted line that you're accepting responsibility for your filing. It's ultimately your money, and your assertion to the IRS about what you owe. My personal basic rule for tax prep (this isn't some sort of IRS advice, just my personal opinion) is that you should be going with a preparer because they will be more accurate and faster than if you did it personally. Preparers who market themselves on getting you more refund/less tax, or who seem to magickally produce that sort of outcome, aren't trustworthy. Discendo Vox fucked around with this message at 07:38 on Apr 16, 2020 |
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Apr 16, 2020 07:34
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Discendo Vox posted:Preparers who market themselves on getting you more refund/less tax, or who seem to magickally produce that sort of outcome, aren't trustworthy. If a CPA markets themselves like this, they should be reported to their state board of accountancy.
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Apr 16, 2020 09:02
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Redacted.
Huxley fucked around with this message at 22:00 on Apr 17, 2020 |
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Apr 16, 2020 14:25
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Framboise posted:I've already tried many times to get through using that. I kept getting errors saying that my status couldn't be found. I've also had this problem every time I've tried to check. I filed taxes last year but haven't been able to file this year yet since I can't e-file.
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Apr 16, 2020 16:09
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The rollout of the payments has been plagued with a range of bugs. Some include people being unable to see their status on the site, and cases where direct deposit info on file belonged to preparation software companies that were using an escrow to advance part of the return. I am not involved enough to answer any questions about any of it, I'm afraid, aside from saying that you're not alone if you're experiencing problems.
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Apr 17, 2020 03:57
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Any advice about people who paid taxes for 2018 filing year so did not get a refund but yet the IRS has their bank account info and could DD the stimulus into it? (and by people I mean myself and my wife) My dad suggested trying to enter the banking details on the IRS website but the site says it's only for non-filers which we are not.
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Apr 17, 2020 21:06
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tangy yet delightful posted:Any advice about people who paid taxes for 2018 filing year so did not get a refund but yet the IRS has their bank account info and could DD the stimulus into it? (and by people I mean myself and my wife) I had to pay in 2019, use this link to put in your info (you’ll need your 2018 return handy) https://www.irs.gov/coronavirus/get-my-payment
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Apr 17, 2020 21:12
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I still get "Payment Status Not Available" from that site myself. Won't even let me put my DD info in. And you can't fuckin' call them, either, so it's just damned if you do, damned if you don't.  I can't help but feel like no matter what, I'm going to be waiting for an eternity just to get the paper check that just has to be delayed to have the idiot's name stamped on it.
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Apr 17, 2020 21:39
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https://www.marketwatch.com/story/i...ions-2020-04-17 The answer to the first question in the above link suggests that the tool only looks up the information for people who already had refunds previously deposited and is thus functionally useless since those people would already be seeing pending transactions in their bank accounts.
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Apr 17, 2020 23:15
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tangy yet delightful posted:Any advice about people who paid taxes for 2018 filing year so did not get a refund but yet the IRS has their bank account info and could DD the stimulus into it? (and by people I mean myself and my wife) The IRS won't have the necessary bank information for a DD if you've only made electronic payments and haven't gotten a refund DDed in the last two years. Get My Payment Frequently Asked Questions posted:The account information used to make an electronic payment to the IRS cannot be used as the account information for the direct deposit of your payment. If we do not have bank account information for you and your payment has not been processed yet, Get My Payment will allow you to submit your bank account information once you have properly verified your identity so that you can get your EIP via direct deposit. Otherwise, we will mail your payment to address we have on file for you.
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Apr 17, 2020 23:54
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I had a refund direct deposited in 2018 and paid due taxes for 2019 when I filed in March. Had to enter in my DD info into the site manually. Did it on the first day it was available (the fifteenth?) and it's in process. But who knows when it will show up.
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Apr 18, 2020 02:19
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Minidust posted:Thank you for the reassurance. He did say he would file the amendment, so I guess I'll end up amending the amendment. Guess that extended deadline is gonna come in handy!! Are you sure he filed it? You would need to physically file the return, so you'd have to sign the amendment before it was filed. Do you remember signing anything like this? Discendo Vox posted:General rule with tax preparers is you're ultimately signing on the dotted line that you're accepting responsibility for your filing. It's ultimately your money, and your assertion to the IRS about what you owe. It's always the same issue with any professional, you're hiring them for knowing more than you so it can be tricky to figure out they actually don't know what they're doing. Like Discendo noted, a good danger sign is when they use typical sleazy sales stuff; I promise "get it right", not "tons of money". I'd say, based on the returns I've had to help people with after another CPA bungled it, another danger sign is if they put you off too long. I don't mean necessarily bug them every day until it's done (I tend to get rather irked with people who act like I live in my office doing nothing but their own taxes and nobody else's) but the occasional check in is more than fair, I often will want to ask you questions if I'm having trouble finishing anyway. For drat sure if they insist you file an extension (outside dropping it on them too close to the deadline) make sure they have explained the reason why; still can't believe the way some preparers apparently think months of waiting without any logical explanation for the delay (i.e. "we're stuck waiting on someone else and I explained that fact to the client") is good practice and not utter laziness. Also things like Minidust's guy going "I'll just amend it" feels... a little too casual to me. If I have to amend your return because of a mistake by my company (or God help me, something *I* did) I'm gonna be pretty drat apologetic for the issue and make very sure you understand exactly what I believe happened and what we're doing to fix it. Amendments are sometimes necessary but fixing it after the fact isn't something I'm going to wave off; I want it right the first time. quote:The rollout of the payments has been plagued with a range of bugs. Some include people being unable to see their status on the site, and cases where direct deposit info on file belonged to preparation software companies that were using an escrow to advance part of the return. I am not involved enough to answer any questions about any of it, I'm afraid, aside from saying that you're not alone if you're experiencing problems. This also applies to us tax preparers; my brain was melting from all the calls from people expecting I had some sort of secret "in" with the IRS to know exactly why the stimulus stuff was working (or not working) the way it was. Though on the escrow thing, I understand at least with us they are planning to get those passed along ASAP. At least it's not my problem at the moment, today was my last day before going on break since I usually take off for a few months in the postseason by requirement anyway. Was hitting burnout even before wondering if I was gonna get killed by viral suffocation, though I'll grant my office really did take a lot of precautions to help in that regard (thanks God we always predict flu season issues so we started out well stocked with sanitizer/cleaning stuff). At least my usual routine of crashing and being relatively useless for a bit will work well with good quarantine practices.
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Apr 18, 2020 06:21
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Can someone please give me a breakdown of how S-Corporation taxes work? Backstory: I work for a family company as a regular employee. I was just given 25 shares of my company a couple of weeks ago (that won't go into effect until 2020 taxes, I don't get any of the payouts this year. Now I understand that S-corporations act as a pass through, in essence the company does not pay corporate taxes, the shareholders pay them. All numbers below are rounded to make them easier to parse... As of right now my salary is 60,000 a year, I pay roughly 1/3 in taxes, and I'm done, with a little bit of a tax refund at the end of the year. For next year though, I'll have the payout of the stock, call it $100 a share. So how do my taxes work next year? Am I taxed on $62,500 at my normal tax rate and I'm done? Or am I taxed $62,500 at my normal tax rate plus whatever percentage of the company taxes I pay? Or am I taxed at $60,000 at my normal tax rate, plus whatever percentage of the company taxes I pay? It's kind of confusing. Sorry to bother you guys with this.
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Apr 18, 2020 20:06
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I’m not a CPA but you’ll pay taxes on your pro rata share of the company’s income. If there’s say 1000 shares, and t he company makes $100,000 you’ll pay taxes on 100/1000 = 10% of $100,000. Ideally they’re distributing cash to you out of that net income number to account for that. My brain has melted and I realized that I didn’t answer your question, but the additional income from the company will be taxed at whatever your marginal rate is, regardless of the distributions to you. tumblr hype man fucked around with this message at 20:31 on Apr 18, 2020 |
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Apr 18, 2020 20:29
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kefkafloyd posted:I had a refund direct deposited in 2018 and paid due taxes for 2019 when I filed in March. Had to enter in my DD info into the site manually. Did it on the first day it was available (the fifteenth?) and it's in process. But who knows when it will show up. Same here more or less. Been using the same bank account information for almost five years, so it was really weird that they needed my DD info provided. Entered mine Thursday, so still not processing yet I think.
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Apr 18, 2020 21:26
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I'm not an expert either, so take this as some guy's understanding, which may be wrong.AFewBricksShy posted:I was just given 25 shares of my company a couple of weeks ago This might be a taxable event. quote:Am I taxed on $62,500 at my normal tax rate and I'm done? It all goes on your return, at more or less your usual rate. W2 numbers go in one set of places, K1 go in other places on your return. One trick is you're taxed on the company's profit whether they distribute that profit or not. So, even if it's still sitting in the company bank account, you still gotta pay the tax on it. Also, you might need to submit quarterly estimated tax payments, if the profits are big enough.
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Apr 19, 2020 08:43
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tumblr hype man posted:My brain has melted and I realized that I didn’t answer your question, but the additional income from the company will be taxed at whatever your marginal rate is, regardless of the distributions to you. Epitope posted:It all goes on your return, at more or less your usual rate. W2 numbers go in one set of places, K1 go in other places on your return. One trick is you're taxed on the company's profit whether they distribute that profit or not. So, even if it's still sitting in the company bank account, you still gotta pay the tax on it. Also, you might need to submit quarterly estimated tax payments, if the profits are big enough.
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Apr 19, 2020 13:43
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Ask friends at work how it's worked for them in the past. Becoming an llc member is when I decided to start getting professional help. Ask them how quarterly taxes are handled.
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Apr 19, 2020 15:37
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Cabbages and Kings posted:that website confirms I should just get the difference between what we got and what we'd get based on this year's income, next tax season. I don't think that is correct. The bill says: "No refund or credit shall be made or allowed under this subsection after December 31, 2020"
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Apr 19, 2020 16:46
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Peyote Panda posted:The IRS won't have the necessary bank information for a DD if you've only made electronic payments and haven't gotten a refund DDed in the last two years. So what’s really fun is the past two years I’ve owed and the “Get My Payment” tool won’t let us enter any information. It just says “Payment Status Not Available” and elsewhere on the site it warns not to use the “Enter Info for Non-Filers”. I mean poo poo, I can wait but I hate not knowing what the hell is going on and every source of data I find say “Just enter the info ya big dummy!!”. The IRS was somehow able to take the $88 I owed this year on the 15th just fine so I have to presume my return is processed. Sorry, I just needed to vent a little.
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Apr 21, 2020 01:53
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Solkanar512 posted:So what’s really fun is the past two years I’ve owed and the “Get My Payment” tool won’t let us enter any information. It just says “Payment Status Not Available” and elsewhere on the site it warns not to use the “Enter Info for Non-Filers”. I mean poo poo, I can wait but I hate not knowing what the hell is going I am RIGHT THERE with you pal. I think we just need to wait for those paper checks to get stamped with the dipshit president's signature so they can mail them out to us.
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Apr 21, 2020 05:58
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Solkanar512 posted:So what’s really fun is the past two years I’ve owed and the “Get My Payment” tool won’t let us enter any information. It just says “Payment Status Not Available” and elsewhere on the site it warns not to use the “Enter Info for Non-Filers”. I mean poo poo, I can wait but I hate not knowing what the hell is going This, plus I've moved twice in the interim so I doubt I'll ever see a paper check. Guess I'll get my money when I file next year.
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Apr 21, 2020 13:38
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A lot of people don't know you can update your address with IRS whenever you move without waiting for filing day (I sure as hell didn't before I did taxes last year) https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes I don't know that it would help for stimulus payments, but it might be something to do if you're locked in and have time on your hands.
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Apr 21, 2020 15:20
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My fed return has sat in "received" status for, I believe, a week at this point. I am used to things clearing and starting the release to ACH process faster than that; are things overall delayed this year because of general confusion and lack of staffing, or should I be concerned? Hell, I got my return accepted faster than this in 2016, a year where the government subsequently decided I owed them $10,000 and it took six months and like eight letters to agree on $692 instead.
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Apr 21, 2020 16:40
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BonerGhost posted:A lot of people don't know you can update your address with IRS whenever you move without waiting for filing day (I sure as hell didn't before I did taxes last year) https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes
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Apr 21, 2020 16:41
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BonerGhost posted:A lot of people don't know you can update your address with IRS whenever you move without waiting for filing day (I sure as hell didn't before I did taxes last year) https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes (This is suggested on the linked page above, but since it's buried in the fine print I wanted to point it out specifically).
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Apr 21, 2020 21:43
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USPS change of address will forward mail to your new address for up to a year.
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Apr 21, 2020 21:52
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