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Peyote Panda posted:On the bright side, as least you know it's been received. Yeah, at least it's gratifying to know somebody theoretically has it, which you never have with a mailed return (even with tracking to confirm delivery; had several of my ITIN applications get rejected for "no return included" despite having a nice prepared/signed/etc. return paper-clipped to the W-7 which they obviously got if they're responding to it, wondering if they're throwing the returns on the floor there or something). quote:At this point it's just a waiting game. If there does turn out to be an issue and the processing center can't sort it out without additional info, you'll eventually get a letter letting you know what they need. If there are no issues or there's something that does need to be corrected or verified but the processing center has the necessary info it should eventually give you a refund date. Unfortunately with the current overall backlog there's no definite timeframe for any of that to happen. Any number on the backlog? I've been mentioning it to my clients to try to reassure them it isn't the mean ol' IRS singling them out, but I'm not sure what they're down to now. 14 million, 15 million? God only knows what the "did you get the advance child tax credit" review is going to look like next year given how the recovery rebate stuff has been going (also I'm fairly sure they've been rejecting people who legitimately never got some of the stimulus, really hope THAT is easier to work out with the CTC stuff). Be nice if the IRS ever actually got any time or support to set these things up before having to frantically implement them!
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Aug 20, 2021 01:37
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MadDogMike posted:Any number on the backlog? I've been mentioning it to my clients to try to reassure them it isn't the mean ol' IRS singling them out, but I'm not sure what they're down to now. 14 million, 15 million? quote:God only knows what the "did you get the advance child tax credit" review is going to look like next year given how the recovery rebate stuff has been going (also I'm fairly sure they've been rejecting people who legitimately never got some of the stimulus, really hope THAT is easier to work out with the CTC stuff). Be nice if the IRS ever actually got any time or support to set these things up before having to frantically implement them! There's also a lot of confusion with the AdvCTC payments as in many cases we're sending them the same way the person is receiving other government benefits such as Social Security and Veteran Administration benefits so we're getting a lot of calls already from people who may have received their benefits but not realize it which will complicate reconciling it when they're filing next year. Another nifty thing that the IRS started doing without telling anyone was digging into payment records and sending AdvCTC payments to banks that were listed on payments previously submitted to the IRS, so the AdvCTC may be going out to a bank account the taxpayer doesn't remember because it was one that they had two or three years ago when they mailed us a check one time back in 2018. In those cases (assuming the payment hasn't been returned to the IRS yet) all we can really do is advise people to contact said bank. A lot of callers are oddly reluctant to contact their bank for reasons they never seem willing to fully articulate, which has been kind of odd.
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Aug 20, 2021 12:21
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Peyote Panda posted:On the bright side, as least you know it's been received. At this point it's just a waiting game. If there does turn out to be an issue and the processing center can't sort it out without additional info, you'll eventually get a letter letting you know what they need. If there are no issues or there's something that does need to be corrected or verified but the processing center has the necessary info it should eventually give you a refund date. Unfortunately with the current overall backlog there's no definite timeframe for any of that to happen. Honestly think I screwed myself this year using H&R Blocks free software instead of just using Turbotax like I do every year.
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Aug 20, 2021 14:03
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Peyote Panda posted:I don't know anything other than what's listed at https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue link at IRS.GOV (ooh, it says we're down to 12.7 million unprocessed returns as of August 6th!) though I suspect just based on previous news releases that this may be painting a little more optimistic picture than what we're seeing at the service centers. And with the recent spikes I'm wondering if we're going to end up seeing another shutdown due to a COVID lockdown, though the federal government as a whole seems to be determined to whistle past the graveyard on that issue. How is the IRS getting around that whole emerald card thing where the money goes to a random bank account the taxpayer doesn't know about before being sent to the card the tax prep place gave them? Or how they check the box on Turbo Tax to have the payment come out of their refund, and now the refund goes to TT's account before hitting theirs?
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Aug 20, 2021 15:12
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sullat posted:How is the IRS getting around that whole emerald card thing where the money goes to a random bank account the taxpayer doesn't know about before being sent to the card the tax prep place gave them? Or how they check the box on Turbo Tax to have the payment come out of their refund, and now the refund goes to TT's account before hitting theirs? Usually how those latter cases get resolved is the taxpayer contacts the IRS and we give them the necessary contact info to reach out to the financial institution in question for further assistance. We can also run a refund trace but those can take up to 90 days to hear from the bank and sometimes the response may just be that yes we sent the deposit to the bank account on your return so contact them if you have any questions.
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Aug 20, 2021 16:15
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Shageletic posted:Honestly think I screwed myself this year using H&R Blocks free software instead of just using Turbotax like I do every year. To my knowledge just about every way to submit returns (including sending them in from an office) is showing a backlog since it’s an IRS issue, so long as you e-filed instead of mailing you did about the only thing you could to make things go through. So don’t blame yourself, it’s no choices on your end causing an issue here  .sullat posted:How is the IRS getting around that whole emerald card thing where the money goes to a random bank account the taxpayer doesn't know about before being sent to the card the tax prep place gave them? Or how they check the box on Turbo Tax to have the payment come out of their refund, and now the refund goes to TT's account before hitting theirs? For Emerald Card/Refund Transfer stuff, I will say H&R Block has an app in our office that lets us know if the money hit our system and where it went if it did, should work for third stimulus and most recent child tax credit payment (i.e. only shows the one for the current month near as I can tell), so you can try calling to get the info. Also, if you go to the IRS webpage, hit “Get details on the advance child tax credit”, then “manage payments” and once you create an ID.me account you can change the direct deposit info I believe. Peyote Panda posted:In theory the IRS also had access to the second account the payments would ultimately end up at (though I don't know how) and would send the payment directly there. In practice that's worked inconsistently at best and a fair amount of the time the deposit has ended going to the intermediary account and then just sitting there. Pretty sure speaking from my end it gets sent to the account info our system provides on the return and the tax company routes it to where we had on file to deposit it originally (or can issue a check depending). I know H&R Block had some headaches with it because we were in the process of swapping the bank we partner with for this sort of thing when the first stimulus stuff was passed, which meant this crap hit while we were trying to migrate to different account numbers for these things. Also, because it’s that partner bank that handles this and not H&R Block ourselves, we may ask you to call them directly to get help; please don’t scream at the poor tax preparer on the phone about how we’re trying to steal your money because we can’t cough it up out of our pockets right then and there  .
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Aug 21, 2021 19:23
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MadDogMike posted:Also, because it’s that partner bank that handles this and not H&R Block ourselves, we may ask you to call them directly to get help; please don’t scream at the poor tax preparer on the phone about how we’re trying to steal your money because we can’t cough it up out of our pockets right then and there
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Aug 21, 2021 21:07
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This is barely tax related, but do goons have any recommendations for sites that I can use to set up and track monthly charity donations? My last job used Benevity for this, but Benevity doesn't do a regular average Joe solution.
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Aug 26, 2021 13:47
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Thought I d give you guys a slight update. I had lunch with old mr hatfliend and seems his buisness partner yanked another cashier check for 15000 to himself. Bringing the total to 90,000 in little over a month. I got served with a deposition notice 2 weeks ago. I had an informal phone calls with both sides attorneys and I will say one side conducted themselves better telling me the most important thing I can do is tell the truth, "spining a story to help one side or the other wont help because if you spin a story and I take into the court room it will just fall apart" anyway I was shown something interesting on a 2016 1065. It had a break out of buildings gross income expenses etc. only thing is the quick books lifes dont line up and show an extra 22,000 in rents. Seems Mcoy basically paid rent to himself for one of his other companys and passed it through to himself and the tax prep lady whos gonna get deposed next week just removed it from the 1065. other lesson I expect both sides to have spent between 700K to 1 million before this is over.
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Sep 4, 2021 22:32
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For anyone still waiting, my federal return was finally processed! Now to wait for them to undoubtedly mail the check to the old address that i tried in vain to correct, wait a month for it to not get forwarded, and then start the process over again... I wouldn't be so antsy if it weren't so very unreasonably large because my withholding was hosed up all year.
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Sep 5, 2021 00:25
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I have a few questions about the EV tax credit - is it a credit you can claim on top of the standard deduction or do you need to itemize? Can you claim it if you MFS?
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Sep 5, 2021 13:47
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The Slack Lagoon posted:I have a few questions about the EV tax credit - is it a credit you can claim on top of the standard deduction or do you need to itemize? Can you claim it if you MFS? It's a credit, not a deduction, so you don't really claim it "on top" of the standard deduction, which is actually better. If you owe 20k in federal taxes, you now only owe $12.5k. The one catch is that if you owe less than $7500 in federal taxes, you don't get money back.
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Sep 5, 2021 16:13
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Residency Evil posted:It's a credit, not a deduction, so you don't really claim it "on top" of the standard deduction, which is actually better. If you owe 20k in federal taxes, you now only owe $12.5k. The one catch is that if you owe less than $7500 in federal taxes, you don't get money back. Any idea on how it would work if my partner and I file MFS? Would the person who'se name the car was in claim it?
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Sep 5, 2021 17:42
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The Slack Lagoon posted:Any idea on how it would work if my partner and I file MFS? Would the person who'se name the car was in claim it? I would double check with an accountant, but I don't think the electric car tax credit is phased out for those who MFS (like student loan interest, etc). I'm sure it'll be pretty obvious once you use Turbotax/etc to double check. And yes, presumably you'd do it in the name of the person the car's titled in (if it's not both), although obviously make sure you have more than $7500 in tax liability.
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Sep 5, 2021 20:25
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Anyone have a suggestion on how to hire a CPA? I’ve emailed 2 local CPAs a couple times each over the last 45 days that were recommended by friends and have not heard back. Am I doing something wrong? Should I just look a different one up and try to contact them?
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Sep 7, 2021 02:30
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Cacafuego posted:Anyone have a suggestion on how to hire a CPA? I’ve emailed 2 local CPAs a couple times each over the last 45 days that were recommended by friends and have not heard back. Am I doing something wrong? Should I just look a different one up and try to contact them? Call the front desk. Seriously. These folks are good at math, not computers. I'm sure if Peachtree or excel could dictate their email it would be a more reliable way to contact them.
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Sep 7, 2021 03:23
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Thesaurus posted:For anyone still waiting, my federal return was finally processed! If your local PO does do mail forwarding it may take a couple of extra weeks. FWIW, the IRS policy is not to do the refund trace for a missing check until four weeks have passed from the original date the refund was released but if there is mail forwarding that gets extended to six weeks. OTOH if the post office returns to the IRS sooner than that you can call or submit an address update to get it the reissue process started sooner. If you've been checking the account transcript, if you see a Transaction Code 740 that means the USPS returned the check to the IRS and the credit's back on the account so it can be reissued once the address is updated. Ideally they just forward your check but if not I hope this info helps a bit.
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Sep 7, 2021 03:40
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H110Hawk posted:Call the front desk. Seriously. These folks are good at math, not computers. I'm sure if Peachtree or excel could dictate their email it would be a more reliable way to contact them. Got it, will do, thanks!
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Sep 7, 2021 13:56
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Peyote Panda posted:Have you checked with your local Post Office to find out what their policy is? Some will forward your treasury check if you have mail forwarding in place, others will not. That does help thank you. I had asked at the local PO before moving and the people I talked to had no idea, so I'll just see what happens. How do you check an account transcript? Through the online IRS account?
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Sep 7, 2021 14:48
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"Thesaurus" posted:How do you check an account transcript? Through the online IRS account?
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Sep 7, 2021 17:08
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Kind of an odd question, but what is considered "rental income." (And yes I'll talk to an accountant). Is a family member living with you and helping out with mortgage rental income? The IRS defines it as "any payment in exchange for use or occupation of a property" but does that mean that everyone who has more than one person helping with a mortgage (who may not be on the title) are committing fraud if they aren't reporting it as income?
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Sep 8, 2021 21:58
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H110Hawk posted:Call the front desk. Seriously. These folks are good at math, not computers. I'm sure if Peachtree or excel could dictate their email it would be a more reliable way to contact them. Other thing is this year is psychotically busy by the usual standards, so most preparers are overloaded currently. I’m basically booked solid every day I work, which NEVER happens this time of year usually. Upgrade posted:Kind of an odd question, but what is considered "rental income." (And yes I'll talk to an accountant). Is a family member living with you and helping out with mortgage rental income? The IRS defines it as "any payment in exchange for use or occupation of a property" but does that mean that everyone who has more than one person helping with a mortgage (who may not be on the title) are committing fraud if they aren't reporting it as income? That’s one of those “it depends” questions I think. One question is if their living there is contingent on helping pay the mortgage, but even that might not count since sharing expenses might just be a “housemate” rather than a renter. Or it might just be a gift in which case unless it’s over the $15,000 annual exclusion you don’t worry about it. At worst it would be a not for profit rental, but I kind of doubt “help with mortgage” rises to a renter level minus some additional details. EDIT: Just realized one important detail; if you’re doing itemized deductions with mortgage interest, you can’t claim the percentage of the mortgage interest they pay unless it’s treated as rental income or a gift. MadDogMike fucked around with this message at 20:01 on Sep 9, 2021 |
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Sep 9, 2021 17:05
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MadDogMike posted:Other thing is this year is psychotically busy by the usual standards, so most preparers are overloaded currently. I’m basically booked solid every day I work, which NEVER happens this time of year usually. This is also hopefully something the front desk can talk through with a prospective client. Speaking of which quarterlies are due in a few days aren't they. 
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Sep 9, 2021 17:22
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Forget quarterly payments, partnership and s Corp returns on extension are due on Wednesday. Literally every return in the firm with an international issue (so basically all of them on extension) will cross my desk for sign off in the next few days, in addition to the truly complex ones under my own run. They keep adding schedules to 5471 and I know the practice departments will just leave them blank for me to figure out.
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Sep 9, 2021 23:04
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gently caress 5471.
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Sep 10, 2021 01:53
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Agreed banksy, agreed.
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Sep 11, 2021 05:57
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How do I find/choose a CPA? None of my coworkers use them, so I don't have any local recommendations. Google shows a few local to me, but from their websites they seem more focused on business accounts or strictly for tax preparation, I did contact one but the response seems to be from a different company/firm than the one I tried to contact so that put me off. My questions pertain to taking money out of a TRS account. I'm aware I can do this myself but I'm wary.
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Sep 14, 2021 14:21
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Numlock posted:How do I find/choose a CPA? None of my coworkers use them, so I don't have any local recommendations. Got Facebook? Willing to sign up for nextdoor? Find a local group to you and ask for suggestions. Super local newspaper? The ours have like quarter page ads for local businesses worth using generally.
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Sep 14, 2021 15:03
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So I sent a trace on my second stimulus check in March I want to say. I just got an answer to my old (and incorrect) address TODAY. Seems they didn’t get my 2019 Return which is odd seeing as I got my third stimulus check totally fine albeit delayed…? I need to claim it on my 2020 return which is fine as I haven’t sent it yet. I’m in Sweden and how the hell do I avoid this? I have to send my 2020 return via paper as TurboTax couldn’t look up my 2019 AGI to confirm identity as…they never got the drat return. Should I send 2019 and 2020 together? I might honestly send over the return PDFs to my mom in the states, and have her send it certified to ensure the IRS loving gets it, especially since I moved recently and I don’t need them having the incorrect address for another year and a half (I even typed out the address on my returns, I always do, and it’s wrong) I’m so angry at this whole thing. My Swedish tax returns take me five minutes on my phone and I even have things to claim back.
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Sep 14, 2021 15:36
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I mailed a 2019 amended return to the IRS this past March and it has yet to show up in the "Where's My Amended Return?" site after about 6 months. I mailed it via USPS and tracking # confirmed it was received within a week, although it wasn't certified with a return receipt. I submitted the original return electronically via turbotax desktop and for whatever reason there was no option to submit the amended return electronically when I prepared it using the same software. I tried calling the amended return #, and as I suspected doesn't give me an option to choose the 2019 return to get a status. Am I just stuck waiting for the mail backlog to get reduced? I also amended my 2020 return around the same time electronically and they still haven't processed it, but at least it's received.
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Sep 14, 2021 16:04
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teen witch posted:So I sent a trace on my second stimulus check in March I want to say. As far as e-filing your 2020 return, if the issue is the 2019 AGI you should use 0 if the 2019 return has not yet been processed or if it was processed after the end of 2020 (the system is matching up what you are inputting for the 2019 AGI with what was on file by the end of 2020). Avoid paper filing if at all possible because that is a train wreck right now.
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Sep 14, 2021 19:43
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AtomicSX posted:I tried calling the amended return #, and as I suspected doesn't give me an option to choose the 2019 return to get a status. Am I just stuck waiting for the mail backlog to get reduced? The amended return line only looks at most recent year we have an amended return in processing for, but if you can pull up an account transcript for 2019 through the Get Your Tax Record option at IRS.GOV, you should be able to see transaction codes indicating when the amended return starts processing.
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Sep 14, 2021 19:55
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Hooray, the IRS finally processed my tax refund! Boo, they reduced it by $600. "We believe there's a miscalculation on your 2020 Form 1040, which affects the following area of your return: Recovery Rebate Credit." Once again I checked my bank records back to the start of 2020 to triple-verify that I never received my $600 stimulus. (I did get the $1200 stimulus the same time everybody else did, and after a delay I got the $1400 in March or April of this year via direct deposit, despite the IRS site saying they mailed that one). All three show up on my transcript IIRC. Last fall I was in the middle of a move and went through several changes of address. My guess is they mailed the $600 to the wrong address but I know for a fact I never received it. What's my best method to dispute this? The notification letter says I can either call the 800 number to "review [my] account", or respond in writing within 60 days to automatically reverse their adjustment but probably get audited. I'm not scared of an audit but it sounds like a pain in the rear end and I have no idea what documentation they would need to prove this negative. I don't need the $600 for anything in particular so there's no rush, but I do want my money eventually  .
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Sep 17, 2021 23:54
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FBS posted:Hooray, the IRS finally processed my tax refund! Boo, they reduced it by $600. "We believe there's a miscalculation on your 2020 Form 1040, which affects the following area of your return: Recovery Rebate Credit."
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Sep 18, 2021 00:12
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On a different note I got my 2020 return done the other day. I used a CPA who seems pretty chill everything done over email. Though people asked me how much he charged and I say 650 they seemed shocked. I told them I ve seen enough problems that I would happily pay twice that for assurance that everything is in order. My cousin a few years ago used a cpa that charged 850 for the return. (his wife runs a her own buisness and stuff) and has a retail job (they are also both old and on SS) So he decides 850 is too much so his wife starts doing the return. Covid hits she gets unemployment and the state looks at the return and wants to claw back 10,000. And oh dear she didnt fill something out correctly. Its like having insurance knowing you stuff is correct is a good peace of mind.
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Sep 19, 2021 10:58
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Peyote Panda posted:I'd call the toll-free line. Most likely what's happened is that the check was mailed but never sent back so the IRS thinks you got it. They can do a refund trace to verify the check was not cashed which would restore the credit to your account. That usually takes about six weeks. After that you can call back to get the remainder of the refund issued. Yeah, there are a lot of those going around; swear it's half my drat clients these days. Just really, REALLY hope the experience with this will improve the IRS response on 2021's tax returns with this stuff. Ups_rail posted:On a different note I got my 2020 return done the other day. I used a CPA who seems pretty chill everything done over email. Yeah, I can't hold it against people who decide I cost too much and do it themselves (though pretty much any price above free I get complaints about), but I swear the real issue with DIY is that people are fine if it's something simple they understand (like all W-2s and the like), but it's so drat easy to have an unusual year where they do something that needs special treatment and they don't even realize the problem even exists until they slam face first into it. Even I run into stuff I have to take more time and look up, can't imagine trying that when you're basically relying on software prompts to guide you (or God forbid, trying to frantically Google the answer).
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Sep 20, 2021 07:11
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Peyote Panda posted:Assuming you mailed in the 2019 return it may have been received but not yet processed. I'd suggest calling the IRS International Line at 267-941-1000 to get more info on that first as it may determine what steps to take next regarding that return. Just a follow up on this but it work! It was accepted! Thank you so much
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Sep 20, 2021 15:56
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I am reading through a summation of the new bill and sec 138205 is making me scratch my head. I think I know what it means but I kind of refuse to accept it. I kind of hope I am wrong. The summation reads: "This provisions amends section 461(1) to permenantly disallow excess business losses (i.e. net business deductions in excess of business income) for non-corporate taxpayers. The provision allows taxpayers whose losses are disallowed to carry those losses forward to the next succeeding taxable year. The amendments made by this section apply to taxable years beginning after December 31, 2021." Now, my brain is thinking it means this: "Excess Schedule C losses (and possibly even partnership losses, depending on how non-corporate is interpreted) can no longer be deducted against active income from other sources. Losses can only be taken against future business profits as a NOL." Now, I am horrible at legalese so perhaps I misread it. Honestly, I kind of hope I did. This change would be awful for many of my clients who never incorporated and I would need so many LLCs to swap their classification. I mean, I might make more money on the fees but is it worth the headache?
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Sep 21, 2021 14:56
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This is a tad embarrassing. It turns out this is returning a provision removed under the CARES Act that limited non-corporate losses to 250k and 500k for Single and MFJ, respectively. I forgot that was even a thing as I never have clients lose so much on a schedule C before. Bit of egg on my face. Let myself get worried when looking up section 461(1) would have just answered my questions for me.
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Sep 21, 2021 15:25
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Covok posted:This is a tad embarrassing. It turns out this is returning a provision removed under the CARES Act that limited non-corporate losses to 250k and 500k for Single and MFJ, respectively. I forgot that was even a thing as I never have clients lose so much on a schedule C before. You had me sweating when I saw your post this morning.
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Sep 21, 2021 16:26
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