I want as much time on the beach with a cold fruity drink in my hand as I'm spending calling clients to determine what they received. I mentioned it in my yearly tax letter and I revised my organizer to include a place to enter this information....but Oh No... why would they bother to fill it in !!!!!!!
I NEED IRS to help with this
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My struggle is some of my client's AGI is above the limit for the full amount but is below the amount for not receiving any. Did IRS use round dollar amounts when they adjusted? I've not had enough information come in to determine how to calculate the amount myself. And did IRS use the 2018 return for the first EIP or the 2019...because for many it will make a difference. 😫
@dkh wrote:I mentioned it in my yearly tax letter and I revised my organizer to include a place to enter this information....but Oh No... why would they bother to fill it in !!!!!!!
I hope that you ARE charging the clients an extra fee for not giving you that information.
Here is a collection of Stimulus info I documented. Have them do the work. These links:
https://www.irs.gov/payments/view-your-tax-account
https://www.irs.gov/coronavirus/economic-impact-payment-information-center
https://www.irs.gov/coronavirus/get-my-payment
https://www.irs.gov/coronavirus/second-eip-faqs
https://turbotax.intuit.com/stimulus-check/
https://ttlc.intuit.com/community/articles/community-news-announcements/second-stimulus-resources/05...
And: "The IRS said you can check the status of your second stimulus payment at IRS.gov/GetMyPayment (GMP).
If GMP reflects a direct deposit date and partial account information, then your payment is deposited there. If the payment was mailed, it may take up to three or four weeks to receive the payment. Watch your mail carefully and be sure not to throw out your payment.
If GMP shows “Payment Status #2 – Not Available,” then you will not receive a second stimulus check and instead you need to claim the Recovery Rebate Credit on your 2020 Tax Return."
Here's a link to the image for seeing the payment(s). An account transcript image example, which you can get for them or they can get for themselves:
https://www.irsmind.com/irs-notices/irs-transcripts-now-provide-stimulus-payment-information/
Good luck.
IMHO.... a client that makes enough to have part of the EIP phased out *should* be smart enough to:
1) remember the amount
2) be able to find the amount on a bank statement (if Direct Deposit)
3) have a record of depositing it themselves.
If they don't or can't, I agree with Lisa's approach. I have made a concerted effort to cease all of my 'babysitting' of clients.
Most of mine (so far) know their numbers. One (who's sharp) said she didn't put down the $ 600 as she "got it this year" and assumed it did not apply to 2020. I had to tell her what "ass-u-me" spelled 😂
I sent out organizers to those clients that at least returned the organizer last year (hey, returning a blank organizer is better than not returning one at all). I think that worked out to about 90% of my clients. In between the slip sheet and the organizer itself, was another sheet of paper (in a different color) with a section that stuck out quite easily that asked them to enter the amount of the credit that they received. It is placed in a such a manner that even a blind squirrel could see it. If they can't take ten seconds of their precious time to provide that information, I am not going to take any of my time to attempt to retrieve that amount. As far as I'm concerned, if they didn't provide any amount, I am of the assumption that they received the full payment. As I have mentioned before, I do taxes ---------------- I do not do adult daycare.
even a blind squirrel ...
I miss Henry.
Gone -------- but not forgotten.
I am dealing with Amish..... no computer, no internet (well for most, there are some rebels). So while your links are appreciated by ME, they will not be helpful to my clients.
And @TaxGuyBill yes I am charging more the extra work involved in chasing down their info 🤑
"So while your links are appreciated by ME"
Exactly. For those who need navigator help, you use the links. And many Amish are now using cell phones = smart device. Funny how they accept the money but don't want to swim in the pool.
"a client that makes enough to have part of the EIP phased out"
Likely has a life assistant that would do this for them.
suggest over-riding line 11 on recovery rebate cr wksht with prior yr AGI-couple of clients agreed(!) with the rebate amount shown. won't know for sure til we e-file
I had a call from a sweet little old lady client that did well in the stock market in 2019. She called wondering what the deposit for $12.30 from the US Treasury was for at the end of the year. So no, they don't round.
@abctax55 "a client that makes enough"
This might be true if the payments were based on earned income. However, it assumes too much when dealing with those in nursing homes, on a ventilator, or already six feet under (and not for social distancing).
@Just-Lisa-Now- wrote:
no, they didnt use round amounts...some had change on the end.
Of course.....just one more way to make it complicated. Why not dollars only....like on tax returns.
@chasetax wrote:suggest over-riding line 11 on recovery rebate cr wksht with prior yr AGI-couple of clients agreed(!) with the rebate amount shown.
Interesting approach with the AGI override
@chasetax wrote:won't know for sure til we e-file
Are you expecting a rejection if it doesn't match IRS ? or what do you mean by this?
don't know about a reject-but concerned a CP-2000 or something will magically appear if the amount is not correct-in a couple of months when i have forgotten about tax season due to the cocaine and meth!
just remembered--most of us have been around for awhile. back in '06 or '08, there was a 'make work pay credit' of $400, i think. however people receiving non-taxable Veterans Affairs (VA) benefits rec'd $250 in their VA checks-so while I computed a credit of $400 on the 1040-client rec'd $400 less of a refund with a letter that said they already rec'd a payment from the VA. ( didn't know i had that many disabled vets in my practice and they were working 40 hour a week jobs!) so i am expecting that if rebate is incorrect IRS will reduce the refund and i will have to explain that to the client
If the number doesnt match expect a refund delay while IRS corrects the math error, its not going to reject for Efiling.
Refund delay is even more of an incentive for them to come up with the right number.
Yes, I've already pushed the possibility of delayed refunds with several clients to make them work harder to find the EIP amounts. I don't want to deal with CP2000s later this year. I'm going to be relaxing at the Betty Ford Clinic lol🥃
There should be trigger warnings here. That reminds me of my client, a retired police sergeant, who was accused of getting the $250 with his Social Security check. The problem was that he did not qualify for or receive Social Security, and he did not receive VA or any other benefits either. IRS ignored us when we pointed this out, and Taxpayer "Advocate" refused to take the case until we turned it into a Congressional. But on to current issues.
From The Department of Short Memories
Those who are trying to predict what IRS will do might want to review what IRS said less than a month ago, when justifying the delay in accepting e-filed returns. Not that you can believe anything IRS says in a press release, but still, lest we forget:
WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.
This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.
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