Stimulus payments

[IRonMaN]

It's been a long tax season, but sometimes you just have to smile.  I just opened up an envelope and found this note inside:

"I did get a stimulus check for tax year 2020 - I don't remember the amount ☹️.  Can you guestimate?  I would say that whatever the dollar amount that was advertised - I did not receive that amount - so if $800 was the amount that most everyone received - I got $300 and truthfully, I thought that I got less than $300"

That was the note in verbatim - complete with the frowning face.  You just have to smile -------- it keeps you from crying 😀 

[qbteachmt]

Here's what they say in the South: Why, Bless your little heart.

[PATAX]

Or how about the client that does not remember the amount of stimulus payment checks that they received until you tell them that it is not taxable and that they may be entitled to an additional amount and then suddenly they remember.... Maybe they suffer from selective amnesia... Just my opinion

[IRonMaN]

Almost scientific studies have shown that memories improve tenfold when people think they can benefit from remembering crap.

[mojocpa_]

Yo, Yote, how are you doing? mojo, here.  Semi-retirement is tough. Is there still a double secret All Star room anymore? 

[qbteachmt]

@mojocpa_ 

How is it you came in as New? That's weird.

Only the All Stars that "signed on" got converted from All Star to Champ.

[mojocpa_]

I do not have access to my old firm e mail so it had me enter a newuser name.

[sjrcpa]

Hi Dave. Nice to "see" you.

The new Champ status required us to sign a bunch of paperwork agreeing to terms. A lot of us said No Thanks.

[mojocpa_]

nice seeing you also, Susan. 

[IRonMaN]

@mojocpa_ , is that really you?  The rumor was that you retired and became a professional fisherman.  How are the fish biting?

There isn't any secret room or secret handshakes, but if you get out your Orphan Annie decoder ring I can start sending out secret messages.  The official AllStar group has been disbanded.  Most of us refused to sell our soul to Intuit so now we insult Intuit up front and center instead of going behind closed doors to do it.  Along those lines, I still do get a certain amount of satisfaction stirring the pot here --------------- somebody has to do it 😁

But it is good to see you here.  You have been missed.

[mojocpa_]

Yote, things are well here, fishing has been non-existent this winter due to the Covid thing and really bad king tides. Getting ready to wet a line maybe this weekend. Cindy will become a fishing widow again. But she does love the catch when I bring it home.

I prep about 25 returns a year, mainly family and friends. Went to Drake to reduce cost. There was a learning curve, but when you have all the time in the world it functions for me. 

[IRonMaN]

Hopefully that line doesn't just get wet ---------------- hopefully there are some fish attached to the end of it.  Good luck! 

[sjrcpa]

Still making wine?

[mojocpa_]

Yes, we have a few neighbors that seem to like it, not like Idaho.

[IRonMaN]

Keeping the neighbors happy is a good thing 😀

[BobKamman]

What we have here is a mismatch.  Taxes are obviously the most important thing in your life right now, and they are obviously not the most important thing in your client's life.  Look at the bright side -- you're not married to each other.  And for me, the worst clients are those that I have to remind, "It's only a tax return."

If their income was less in 2020, put down something for RRC and tell them IRS will figure the exact amount.  It may delay the refund, but they're earning more interest than the bank would pay.  If they complain, remind them "it's only a tax return."

[IRonMaN]

Let's just say, you really have to know the client to appreciate the note😁

[taxes96786]

Client can register to see their account on irs.gov. It lists the stimulus payments received. IRS does not allow "estimates", they want the actual amounts.

[BobKamman]

What they want and what they get are both limited by  what is possible.  Some of us choose to apply the Cohan rule to EIP reporting.  

If a taxpayer reports nothing for RRC, IRS will accept that.  If a taxpayer reports something, IRS will check its accuracy in every case and correct the amount, up or down, based on the numbers they have readily available.