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Jethro Tull posted:Does that mean I'm going to need to get an extension, or what? You could always file without the K-1 and amend later once you receive it, depending on what sort of an effect that the K-1 will have on the return. Remember though, the extension is only an extension to file, not to pay. If you are going to owe, you do have to pay that by April 18th, lest you owe penalties and/or interest.
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Mar 7, 2011 19:11
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Zeta Taskforce posted:This is probably beyond the scope of this thread. There are new rules in effect that probably mean there will be no taxes owed, but you should think about professional help on this one. My understanding is you are subject to Modified Carryover Basis Rules, which allow you to increase the basis of the house by up to 1.3 million, but there are forms that need to be filled out to make this happen. As a follow-on to this, as someone who is currently working at H & R, if you are coming in to get your taxes done, and you have anything, anything, big or small, that you think may be of interest, let us know when you drop stuff off. I offer a minor example to illustrate the point: Couple drops off information to have us start taxes. Seem fairly basic, couple W-2s, mortgage interest, couple kids. A co-worker gets all the info entered in, and the couple has an appointment on Saturday to get everything finished. I'm on Saturday, the appointment has been made for me, and I open the return up, just so I am kind of familiar with it for when they come in. Hmm, the social security numbers for the kids aren't on the drop off sheet. Co-worker threw in dummy SSNs, just to get a picture on the return. Now, this is fairly common, and so, when the guy comes in to start the appointment, our office assistant, in the spirit of being helpful, asks, "by the way, do you have social security numbers for your children?" At which point, we get the following gem: "No, we're all here from Canada on visas." The fact that you aren't actually citizens is information we need. Now, this all worked out, everyone met substantial presence, so I didn't have to gently caress around with a 1040-NR, they had a prior return that had the kids' ITINs on it, so I didn't have to gently caress around with that either, which relieved me to no end, but still, at least a casual mention of, "oh, by the way, we're here on visas, does that make a difference?" would have saved me a lot of worry, and would have saved them at least 3 trips home to find various information.
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Mar 29, 2011 06:21
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Zeta Taskforce posted:I'd like to hear other people's interpretation, but to me this almost sounds like self employment. You performed services in exchange for money. Except it just seems weird. Did you have to do this work as a requirement for your degree, or was this an extra side project you picked up to make some extra money? Either way, they should have issued a tax document that would have clarified the nature of the money. Yeah, if it wasn't directly degree-related, it sounds like self-employment to me, and if it was a "few thousand", you might get stung on the self-employment tax. Did they withhold anything at all? (if a w-2 wasn't issued, my guess would be that the answer to that question would be "no")
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Apr 3, 2011 06:42
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FlyWhiteBoy posted:I've never filed my taxes in 7 years of working. Am I able to go back all those 7 years and file and be eligible for a tax refund? My mom has told me I can only get money back if I have other items to write off and such like that which I haven't donated any large sums of money with receipts to prove that. It was my understanding that since I don't make a very high salary I would be eligible for some returns. Making between $10,000-$30,000 each of these past years. Any help would be appreciated. Well, first off, after 3 years, you can no longer claim old refunds, so basically, as of April 15th 2012, which will be the deadline for filing a 2011 return, any refunds you would be due for tax years prior to 2008, are gone. Now, you are still on the hook if you owe, and you'd owe penalties and interest. You are probably going to be better off going to an accountant, or tax professional, and laying out the situation. If you have W-2s for all prior years, and you were having some things withheld, I don't think you're going to wind up owing for any year, but you can only go back and claim 3 years worth of refunds.
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Dec 23, 2011 04:32
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furushotakeru posted:Interesting, I'll have to If you flip through Pub. 17, you get all sorts of interesting things- items you stole have to be reported as income unless you return them to their original owner in the same calendar year you stole them, bribes are reportable income. The IRS really covers all their bases, the better to nail people for tax evasion.
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Jan 14, 2012 01:51
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AbbiTheDog posted:NY and CA have become highly aggressive, some of the other states are gearing up as well (WA is starting to crack down a bit on us Oregon taxpayers). I have been doing taxes in NY for 3 years (Granted, part-time, and only at the HRB/Jackson Hewitt level), and have not once had someone tell me that they owe use tax. I also have not had any of my clients demand my head on a pike, with a deficiency notice from NY stuffed in my mouth, so on that purely anecdotal evidence, they seem to have better things to do with their time than go after someone who buys Christmas presents off Amazon, but as always, your mileage may vary. What I have noticed this year is a lot more people actively trying to game the system. I outright told one person this year that I had severe doubts about the self-employment information he was giving me, had one person get pissed and claim that I did his return wrong when I did 2 schedule C's for him, and had another person walk out after he refused to provide me with a 1099-R for a 401(k) he had cashed out. I know that I have nowhere near the expertise that furu or some of the other tax pros in this thread have, and if I got some of the returns that they have to deal with, I'd probably huddle in the corner of the office and cry. But still, I work for a decent guy, the people I work with are nice, I can pretty much set my own schedule, and 3 months of extra income can come in handy, but I'm seriously thinking that this is gonna be the last year I do this. I feel sorry for my boss, because I think he's gonna lose a lot of decent people between the new IRS tests coming down the line, and the fact that more and more people are just trying to gently caress us over. I don't know how much longer it's gonna be worth it.
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Mar 5, 2012 06:55
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furushotakeru posted:No. To prepare any returns for pay you need a PTIN, if you have a PTIN and are signing returns you need to be a RTRP, EA, CPA, or attorney. um...I thought that was taking effect in '12 or '13. Either that, or I'm about to get a shitload of letters from the IRS.
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Mar 18, 2012 06:54
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So when I (don't) win half a billion bucks in the Mega Millions tomorrow night, what sort of tax issues should I be on the lookout for?
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Mar 30, 2012 01:56
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smackfu posted:I read somewhere that taking the annuity is much better from a tax perspective, but not sure if that is true. If someone wants to crunch the numbers, right now the jackpot is estimated to be 540 million, though it's probably going to grow based on sales (figure that on Wednesday, the initial estimate was a 476 million jackpot. I'm thinking we're gonna settle in somewhere in the 580-600 million range.) If there is only one winner, their option is either a lump sum payout of somewhere around 390 million, or 26 annual payments of around 21 million. Of course, if there is more than 1 winner, then the pot starts getting divvied up.
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Mar 30, 2012 04:47
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OK. I had a guy come in today, and drop his, unfiled 2009 and 2010 information off, along with his 2011 info. Works as a rural mail carrier, paid on a 1099-Misc. Fun item 1- The 1099 had 50k per year, with NO withholding. Fun item 2- Guy still has an outstanding balance from his 2008 taxes. Fun item 3- A portion of that 50k listed on the 1099 was reimbursement for gas and vehicle maintenance. 3b- He has used at least 4 vehicles to deliver mail in the past 3 years. Fun item 4- Trying to figure out if he can actually CLAIM those reimbursements as business-related expenses makes me want to shove a pen in my eye. At one point, I was estimating this guy owing the IRS and NY somewhere around 56,000 in taxes and penalties for these. Someone give me one good reason why I should go back to Block for next tax season to do this again, and jump through the testing hoops?
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Apr 13, 2012 00:26
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Chef Bromden posted:I have a surprising amount of tax problems for someone who made so little money. As someone who may (or may not) continue working at Block, let me take a small stab at this, with the standard disclaimer that I, in no way, speak for the company. I'm not entirely sure that this is an error worthy of the Block guarantee that Kaishek mentioned, though it is a godawful, convoluted explanation that the tax preparer gave you. The preparer was correct in saying that the NJ and Federal refunds would offset the NY liability, but, to my knowledge, there is no way that the federal and NJ refunds could be sent directly to NY to cover that bill. To put it another way, what I'm getting from what you wrote is that this is what you expected: NJ and Federal refunds would both go directly to NY, you would not receive a check from either entity, and you would write a check to NY if there was a difference. To my knowledge, there is no actual way to do this. What happens in a case like this is that you have to bend over, suck in, and cut a $1400 check to Albany, and then your Federal and NJ refunds would ease that pain a little. Now, if the tax prep specifically told you that you would NOT be getting checks from NJ and the IRS, well, then he's a dipshit for saying that, but, technically, that is not an error on the return itself, its more a dumbass explanation of what was going to happen. Now, what the tax preparer MAY have missed, and what you need to go back through your return to see, is if he gave you the NY Residence Credit, for the taxes that you paid to NJ. (If memory serves, it would be on form IT-112). As far as the compliance fee goes, it is added to cover certain licensing fees. As an example, I got reimbursed the $100 it costs me to register with NY as a tax preparer each year, and I'm (probably) going to get reimbursed the testing fee for the RPTP exam, if I actually decide to take it. My boss is still going over things, and at one point, he was mulling around the thought of the whole office just becoming EA's instead, and I want no part of that. Most employees do NOT like the fact that the fee is not really disclosed until the absolute end of the return, and I've forgotten more than once to add it in when I initially explain the bill to clients, and felt like a schmuck for the (albeit small) bait-and-switch.
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May 5, 2012 06:44
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furushotakeru posted:Why not take the EA test and become a real professional instead of just playing at taxes? Also, the RTRP test isn't optional unless you no longer want to do taxes for money, or you become an EA. Well, I'm not entirely sure that I want to keep doing taxes. I am keeping up with it, and am going to probably make a decision in the next few weeks, and if I'm going to stick with it, then I will be taking the RPTP exam. But that said, this has always been a seasonal sideline for me. The extra money is nice, and I like the people who I work with, but I'm not sure that this is what I want to be doing with my life, so that's why I want no part of the EA thing. Of course, I could wake up tomorrow, find out that my permanent job is heading down the shitter, and this could all change. ThirdPartyView posted:Except that his error (which it is based on the narrative) technically makes Chef Bromden liable for the failure to pay penalty in NY. Of course, as mentioned before, Chef Bromden could file a request for waiver arguing that H&R Block screwed the pooch by misrepresenting the actual treatment of the $1,400 liability to NY, leading him not to mail a check/request an ACH withdrawal. I'm not quite sure how H&R Block could viably argue against paying for any resulting penalty in this case as it would seem, at the very least, to be an estoppel situation and at worst gross incompetence. I know the basics about the guarantee, but whenever our office has a claim, it gets kicked to someone over me in the chain of command, so it is entirely possible that you are right with that. If it were up to me, I would pay the penalty, because Chef Bromden relied on bad advice from the professional. But, as said before, I in no way speak for the company.
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May 5, 2012 17:10
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