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Epi Lepi posted:Do you think that we never mail information back and forth to clients? I mean wierd internet posters. Not your local accountant.
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Feb 15, 2022 23:29
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I heard a bunch of stories about "hey someone on facebook offered to prepare my taxes and then they stole my refund". At least an SA forums account is worth $10 so if they steal your ID you can maybe get them an amusing red text.
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Feb 15, 2022 23:43
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Upgrade posted:You’re probably too good for what is actually a very easy married filing separately situation If I cant vent, nothing is simple or easy this year. It feels like the stimulus, the advanced child tax credit, the irs backlog, the schedule K-2/K-3, and unfilliable forms are all working together to take turns kicking me in the girl balls like it’s a ballbusting porn video. Had a nice client who was adamanet she never got the stimulus and was 100% certain someone stole it so I actually got easily on the phone with the IRS and did a refund trace, only for her to find out it was in her savings account. Sigh.
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Feb 16, 2022 02:06
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Epi Lepi posted:Do you think that we never mail information back and forth to clients? We actually have these online accounts for sending stuff back and forth now; part of our "get more people doing things electronically" push is to get people on it so they can access secure electronic copies of things and send in their own stuff (yes, I'm aware given how computer security works this probably is nightmarishly insecure, but I'm not in IT, let me have my illusions, particularly ones where I don't have to constantly send orders out to our secure storage for copies of W-2s that apparently no one is capable of getting from the employers or keeping secure in the nice folders we give them every year). Covok posted:I am legitimately weighing the pros and cons of having a client who knows what a goober I am online and would have my work email. Also, the logistics of how to give any info out without doxing myself. Oh I am fairly certain I could easily be doxxed from my info in this thread, I just have to live on the assumption my privacy online is a myth anyway honestly. At least I'm so boring nobody will CARE if my secrets are compromised. Covok posted:If I cant vent, nothing is simple or easy this year. It feels like the stimulus, the advanced child tax credit, the irs backlog, the schedule K-2/K-3, and unfilliable forms are all working together to take turns kicking me in the girl balls like it’s a ballbusting porn video. Oh God, NOBODY seems to remember if they got the third stimulus. It was FOURTEEN HUNDRED DOLLARS per person, do people COMMONLY get that kind of money so they can't recall it?! I certainly was quite aware when it hit my account. I've taken to saying "OK, either I put this on hold until you look it up or we file on the assumption you got it to avoid delays and if it turns out you didn't we can trace it/amend then". Though I am tremendously annoyed apparently nobody's bank phone apps will go back to March to find deposits; that's just lazy programming. Though if we're talking about IRS headaches, my particular one is I am seriously tired of mailing things to the ITIN department again and again. Have several 2021 returns where I've had to say "you still haven't processed the return with our last ITIN application, so we're just marking them as Applied again, add this return to the 2020 to process". Doesn't help apparently if they complain about one particular form or wanting one particular bit of info, what they actually want is for you to completely refile the entire drat ITIN application from scratch complete with newly certified paperwork, because apparently all the perfectly good stuff you sent they just tossed on the floor or something. The passport did not suddenly become fraudulent after the last time I sent you a copy!
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Feb 16, 2022 02:31
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MadDogMike posted:We actually have these online accounts for sending stuff back and forth now; part of our "get more people doing things electronically" push is to get people on it so they can access secure electronic copies of things and send in their own stuff (yes, I'm aware given how computer security works this probably is nightmarishly insecure, but I'm not in IT, let me have my illusions Which system are you using? My accountant is using something from thomsonreuters called Netlinksolution. Those companies tend to know what they're doinahahahahahah sorry. I use it. It supports TOTP tokens, but I haven't tried any bypass workflows. It's great. I upload forms, fill out a couple fields of questions, and have a free form spot where I write him a little love letter. MadDogMike posted:Oh God, NOBODY seems to remember if they got the third stimulus. It was FOURTEEN HUNDRED DOLLARS per person, do people COMMONLY get that kind of money so they can't recall it?! I certainly was quite aware when it hit my account. I've taken to saying "OK, either I put this on hold until you look it up or we file on the assumption you got it to avoid delays and if it turns out you didn't we can trace it/amend then". Though I am tremendously annoyed apparently nobody's bank phone apps will go back to March to find deposits; that's just lazy programming. Banks hate you looking up old data because it's more stuff they have to keep on their hot system, last updated when the A/S 400 was top of the line. gently caress you banks. Combine that with people too lazy to read their pay stubs and comprehend what is going on, let alone EVER look at a bank statement just the easy-access balance in their banking app. They see their balance is "high" and think "wow I did a good job not spending last month" or "<blank non reaction because they don't pay attention ever>." Hence my pitch for paper statements. Get off my lawn. Harumph.
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Feb 16, 2022 02:58
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H110Hawk posted:last updated when the A/S 400 was top of the line. You're being generous. In general they are running on S/390s (better!) with most of the business logic and a lot of the code from their S/360s or older. AS/400s are for car dealerships and mid size businesses of old. Banks had, and still have, proper rear end mainframes. OS/400 was just too crazy and modern for them.
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Feb 16, 2022 04:08
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H110Hawk posted:Which system are you using? My accountant is using something from thomsonreuters called Netlinksolution. Those companies tend to know what they're doinahahahahahah sorry. I use it. It supports TOTP tokens, but I haven't tried any bypass workflows. It's great. I upload forms, fill out a couple fields of questions, and have a free form spot where I write him a little love letter. I'm at H&R Block, we have our own proprietary "MyBlock" account setup on our website that we can sign clients up for that communicates with an app they created for us. It does have a bunch of nice features I like (for both the users and preparers), they've been doing a good job steadily upgrading over the last few years. My problem is just a lot of my clients do NOT like any sort of online stuff at all, so it's something of a hard sell. To be fair, they hire me because they would rather spend money than time understanding complex stuff, so not like they're being inconsistent here.
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Feb 16, 2022 04:32
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Motronic posted:You're being generous. I have nothing to contribute to this except to say that one time I got to play with a Z series mainframe and it was loving sick. I still have the t-shirt I got from IBM.
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Feb 16, 2022 04:41
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Motronic posted:You're being generous. Look at this nerd, all up on his IBM trivia. I could never keep those straight. MadDogMike posted:I'm at H&R Block, we have our own proprietary "MyBlock" account setup on our website that we can sign clients up for that communicates with an app they created for us. It does have a bunch of nice features I like (for both the users and preparers), they've been doing a good job steadily upgrading over the last few years. My problem is just a lot of my clients do NOT like any sort of online stuff at all, so it's something of a hard sell. To be fair, they hire me because they would rather spend money than time understanding complex stuff, so not like they're being inconsistent here. I'm sure H&R Block does it in the most braindead user hostile way possible as well. This netlink thing is not all whiz bang web 2.0 really, but it's super easy to use to me who is definitely not a nerd how dare you.
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Feb 16, 2022 04:49
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H110Hawk posted:Look at this nerd, all up on his IBM trivia. I could never keep those straight. Lol I earned that nerd cred installing ridiculous terminal solutions back in the day to make those boat anchors not look like what they actually were. So sorry, this is just emotional damage coming out.
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Feb 16, 2022 04:58
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H110Hawk posted:And do you really want someone mailing you the perfect identity theft packet? I have encryption email thing set up. I usually send an invite to the drop point to take digital documents.
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Feb 16, 2022 05:00
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Covok posted:If I can vent, nothing is simple or easy this year. It feels like the stimulus, the advanced child tax credit, the irs backlog, the schedule K-2/K-3, and unfilliable forms are all working together to take turns kicking me in the girl balls like it’s a ballbusting porn video. 1) The Surge, a horrifically ineptly managed program to temporarily shift a whopping 1,000 employees nationwide over to working the phones/processing backlog instead of the other backlogged things they'd be working on. Better pay to attract and retain employees? gently caress you. 2) Beginning the process of shuttering the Austin Service Center in 2024 like we did to the Fresno center in '21. Just because we've got massively increased demand for the last two years is no reason to reconsider administrative pushes planned a decade ago for circumstances completely different that what actually happened. Covok posted:Had a nice client who was adamant she never got the stimulus and was 100% certain someone stole it so I actually got easily on the phone with the IRS and did a refund trace, only for her to find out it was in her savings account. Sigh. MadDogMike posted:Oh God, NOBODY seems to remember if they got the third stimulus. It was FOURTEEN HUNDRED DOLLARS per person, do people COMMONLY get that kind of money so they can't recall it?! I certainly was quite aware when it hit my account. I've taken to saying "OK, either I put this on hold until you look it up or we file on the assumption you got it to avoid delays and if it turns out you didn't we can trace it/amend then". H110Hawk posted:Banks hate you looking up old data because it's more stuff they have to keep on their hot system, last updated when the A/S 400 was top of the line. gently caress you banks. This actually does help me understand a little bit more about the people that'll wait hours on hold to speak with an IRS assistor regarding not receiving their stimulus payment but haven't (and in some cases still don't want to) check their bank account records when told the payment was already sent to them. Maybe if we could just straight up tell them, "If you file and incorrectly reconciled your stimulus payments on your return it's going to go straight into that processing backlog that'll probably last until civilization collapses," they'd be more willing to do the legwork. MadDogMike posted:Though if we're talking about IRS headaches, my particular one is I am seriously tired of mailing things to the ITIN department again and again. Have several 2021 returns where I've had to say "you still haven't processed the return with our last ITIN application, so we're just marking them as Applied again, add this return to the 2020 to process". Doesn't help apparently if they complain about one particular form or wanting one particular bit of info, what they actually want is for you to completely refile the entire drat ITIN application from scratch complete with newly certified paperwork, because apparently all the perfectly good stuff you sent they just tossed on the floor or something. The passport did not suddenly become fraudulent after the last time I sent you a copy!
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Feb 16, 2022 06:34
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Peyote Panda posted:I'm still amazed by the number of callers we're still getting who were/are incredibly desperate to get their stimulus but had no idea that the $1,400 showed up in their account. I've had some incredibly tight financial times in my life and I'd have immediately noticed a $14 difference much less a $1,400 one in my account (still would but now it's just because I'm a tight-rear end about my records). OTOH... I'm just speaking to the lovely app design, or operator error trying to navigate the intentionally stupid clusterfuck of an app $bank decided to put out this week, coupled with people who have "~gone paperless~" but never read their statements online. They are choosing not to stay on top of their finances, and then they think the IRS is the bad guy.
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Feb 16, 2022 06:55
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H110Hawk posted:I'm just speaking to the lovely app design, or operator error trying to navigate the intentionally stupid clusterfuck of an app $bank decided to put out this week, coupled with people who have "~gone paperless~" but never read their statements online. They are choosing not to stay on top of their finances, and then they think the IRS is the bad guy.
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Feb 16, 2022 07:10
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Does anyone have a recommendation for any tax software if this is your first year filing as self employed?
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Feb 16, 2022 14:23
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Some potentially good news, fingers crossed: https://www.irs.gov/newsroom/help-for-taxpayers-and-tax-professionals-special-filing-season-alerts
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Feb 16, 2022 14:56
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nothing says "help for taxpayers" like "if you owe us money, we'll help you out by not telling you about it while interest and fees accrue anyway"
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Feb 16, 2022 15:52
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I hate the advanced child tax credit. So many people are mystified that their refund is lower when they actually got more money total, just some of it came before tax time. I had a guy call me back 3 times after our appointment to double check I did everything right because of the shock that he owed $500 when he thought he was getting $4,500 on top of his regular return. Sorry sir, last year you got a refund because you had $6k of CTC on the return, this year you owe a bit as part of your return but you got $9k total of CTC, half of it was just upfront.
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Feb 16, 2022 19:30
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Epi Lepi posted:I hate the advanced child tax credit. So many people are mystified that their refund is lower when they actually got more money total, just some of it came before tax time. I had a guy call me back 3 times after our appointment to double check I did everything right because of the shock that he owed $500 when he thought he was getting $4,500 on top of his regular return. Sorry sir, last year you got a refund because you had $6k of CTC on the return, this year you owe a bit as part of your return but you got $9k total of CTC, half of it was just upfront. Yup. If people compared their "Tax:" line on the 1040 year over year they would be less mystified. But they don't, they only pay attention to what's front and center on TurboBlock: Redund/Owe.
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Feb 16, 2022 19:38
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H110Hawk posted:Yup. If people compared their "Tax:" line on the 1040 year over year they would be less mystified. But they don't, they only pay attention to what's front and center on TurboBlock: Redund/Owe. They should just check the spreadsheet and graph they have been keeping showing how these numbers have changed from year to year.
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Feb 16, 2022 19:45
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withak posted:They should just check the spreadsheet and graph they have been keeping showing how these numbers have changed from year to year. Did you just tell me to go gently caress myself?
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Feb 16, 2022 20:28
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Does anyone know if I can trust this guide for submitting a 709 form for a superfunded 529 that my wife and I did last year? Naturally every article I read (and even some CPA in the comments) disagrees with everyone else, so I wonder if there is actually a right answer. https://www.mymoneyblog.com/completed-sample-irs-form-709.html
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Feb 17, 2022 01:21
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FateFree posted:Does anyone know if I can trust this guide for submitting a 709 form for a superfunded 529 that my wife and I did last year? Naturally every article I read (and even some CPA in the comments) disagrees with everyone else, so I wonder if there is actually a right answer. That form looks super simple? What's the specific concern?
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Feb 17, 2022 02:29
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H110Hawk posted:That form looks super simple? What's the specific concern? There's a comment from a CPA below confusing me: quote:You are pretty close and I commend you for your effort. To fellow readers, please don’t file your return this way. It can be very, very confusing; I understand. So I don't know whose correct here. FateFree fucked around with this message at 15:53 on Feb 17, 2022 |
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Feb 17, 2022 14:48
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Yeah just do that. There is nothing fishy about it at all. It doesn't matter at all unless you're close to $24m in total assets. Are you?
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Feb 17, 2022 15:47
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Only in Zimbabwe dollars
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Feb 17, 2022 15:54
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I posted in this thread a month ago regarding federal income taxes and why I didn't seem to have my pay increase reflected in my take-home pay. I ran through the W-4 worksheet on the IRS website and found they wanted you to include the standard deduction in the calculations. Was this always the case and I only realized it now?
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Feb 17, 2022 16:05
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FateFree posted:Only in Zimbabwe dollars OK. Then stop reading a thousand different opinions on this and just fill it out in the easiest possible way for yourself. Also please please please make sure you are funding your own retirement and goals before the 529. It should be the literal last thing on the list to spend money on, just below hookers and blow "in moderation" and above "to excess." 
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Feb 17, 2022 16:15
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Turns out don’t put 9 digit zip codes in for your W-2. My efile got rejected for it and they didn’t even send me an email.
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Feb 17, 2022 16:20
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Peyote Panda posted:2) Beginning the process of shuttering the Austin Service Center in 2024 like we did to the Fresno center in '21. Just because we've got massively increased demand for the last two years is no reason to reconsider administrative pushes planned a decade ago for circumstances completely different that what actually happened. Looks like Austin is saved!
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Feb 17, 2022 21:53
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SONOFABITCH Just realized I forgot to include a 1099-DIV from Vanguard (for a whole $80). I'll get my refund before Turbotax says I can fix it, so now I get to deal with that
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Feb 18, 2022 02:53
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Honestly this is why I don’t file any of my clients 1040s before March 1st. Too many random straggling tax docs cause issues.
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Feb 18, 2022 04:50
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What would happen in a situation where a US citizen working and living abroad who meets the Foreign Earned Income Exclusion receives a gift of shares and decides to sell it? The donor of the shares originally bought it many years ago but there has been a significant increase in the price of the stock. I understand that once sold, the recipient of the stock would be responsible for the capital gains made from the original cost basis per share but how would the IRS calculate the income the recipient made? I'm assuming they would consider the foreign income? "For 2022, the thresholds are slightly higher: You pay 0% on long-term capital gains if you have an income of $41,675 or less; 15% if you have an income of $459,750 or less; and 20% if your income exceeds that figure." Recipient's Foreign Income - 50,000 EUR (56,000 USD) (Foreign Earned Income Exclusion for 2022 by the IRS is 112,000 USD) Recipient's long-term capital gains from the gifted shares - 40,000 USD Since the recipient's income is 96,000 USD when considering the foreign income + capital gains, will there be 15% tax paid on the capital gains while allowing the recipient to be below the Foreign Earned Income Exclusion? Or will the foreign income be excluded from the IRS thresholds so that the tax paid on the capital gains would be 0%?
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Feb 18, 2022 08:24
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Where are "cash liquidation distributions" supposed to go? I assume on 8949 but I don't know which box should be checked.
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Feb 18, 2022 08:56
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Busy Bee posted:What would happen in a situation where a US citizen working and living abroad who meets the Foreign Earned Income Exclusion receives a gift of shares and decides to sell it? The donor of the shares originally bought it many years ago but there has been a significant increase in the price of the stock. I understand that once sold, the recipient of the stock would be responsible for the capital gains made from the original cost basis per share but how would the IRS calculate the income the recipient made? I'm assuming they would consider the foreign income? I would first confirm whether your country of residence has primary taxation rights on capital gains from securities and go from there. Some countries have gift tax on the recipient as well. Yes, the foreign income for the FEIE is included when determining the tax rate to be used on income.
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Feb 18, 2022 09:27
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The software my company uses finally has an estimation of what version release will include the ability to e-file the 8915. It's the version update scheduled for 3/27..... What the gently caress?!
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Feb 18, 2022 20:23
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Gabriel Grub posted:I would first confirm whether your country of residence has primary taxation rights on capital gains from securities and go from there. Some countries have gift tax on the recipient as well. Agreed, but I'd also just clarify that FEIE does not exclude unearned income, like cap gains, from taxable income. If you do pay tax on gains in your country of residence, you should get a foreign tax credit against US tax owed on the gains. You may need to file form 1116.
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Feb 19, 2022 02:01
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PatMarshall posted:Agreed, but I'd also just clarify that FEIE does not exclude unearned income, like cap gains, from taxable income. If you do pay tax on gains in your country of residence, you should get a foreign tax credit against US tax owed on the gains. You may need to file form 1116. If you're earning Euros, there's a good chance your tax burden is higher than it would be in the US, at which point foreign tax credits become a better option (imo). On the other hand, it seems that both TurboTax or TaxAct have not finalzed form 1116 for use yet 
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Feb 20, 2022 17:31
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I think that might be an IRS problem.
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Feb 20, 2022 20:56
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This question may drop me in the “go I’m in Massachusetts and we got paid family medical leave (hooray). Is the benefit taxable? MA state has an unhelpful blurb about it. I can read documents, but it’s kinda hard to do taxes if I don’t know if some income should be taxed!
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Feb 21, 2022 14:30
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