new laws - what are you doing?

WITAXLADY · February 12, 2018

so do you feel like you are in limbo waiting to see if the forms are going to be revised??!! I have a number now that need to be amended -- grr

TAXMAN · February 12, 2018

I have a bunch that the TP's said wait and see about the extenders bill.

Abby Normal · February 12, 2018

I'm just telling them to wait. No one has protested yet. I'll revisit this in 3 weeks.

Randall · February 12, 2018

Just got a list of the extenders from ATX notifications. They are monitoring IRS for time table of these.

SaraEA · February 13, 2018

What's affecting us in addition to the extenders is that the 2018 ES vouchers aren't ready yet. At first I couldn't believe it because all IRS has to do is change the date from 2017 to 2018, but then someone pointed out that there's a whole booklet that goes along with the form, and I imagine that has to be recalculated to conform to the new tax rates and lack of exemptions. All I can think of to do is make a list of clients who need their vouchers and mail/email them when available. Why oh why did policymakers do this to us, to the IRS, to zillions of taxpayers at the last minute??? This tax season is going to be a disaster in terms of our own client service, but likely nothing as bad as next filing season when those $2000 refunds turn into $40 ("but you already got the money in your paycheck" isn't going to cut it).

Ringers · February 13, 2018

I am telling clients affected by the extenders that the Congress is responsible (hard to use the words "Congress" and "responsible" in the same sentence) for the VERY late passage of the extenders. As a result, the IRS has to revamp many of its forms to re-allow the deductions and credits to apply. Then, after IRS is done, the software companies have to reprogram their software to align with the revised IRS forms. I tell them that it is anyone's guess as to when the software will be updated to allow the credits and deductions that many of them have. I cannot at this time tell them for certain that the software will be ready before April 17th. So I give them a choice:

1. File your returns now based on the tax regs as of december 31, 2017, get your refunds, and then I will amend your Federal return for a flat fee of $50 to obtain your additional refund. I also, of course, tell them the approximate amount of their additional refund due before they make their decision.

2. Wait until the softward is able to process the e3xtended credits and deductions before filing with the option of filing extensions on or before April 17th.

So far I have had all 3 affected clients take option #1, which is what I expected. No one wants to wait for their money because Congress had " other things to do" besides address the extenders before Dec. 31.

Rant over!!

Randall · February 13, 2018

9 hours ago, SaraEA said:

What's affecting us in addition to the extenders is that the 2018 ES vouchers aren't ready yet.

I wish they would at least allow the vouchers. The Ky 740-ES is available in the program but you can't create the efile with this in the return. I print the vouchers, then discard the form to create the efile. I don't use the worksheets to prepare an estimate. I use the planner, then give the client a memo I set up on Word. I then give the client the four vouchers. But I can't print Federal vouchers, not even from irs.gov.

Abby Normal · February 13, 2018

I would kill to have the 1040-ES in draft form. Ridiculous that I can't finish returns with estimates because of it.

ILLMAS · February 13, 2018

“This tax season is going to be a disaster in terms of our own client service, but likely nothing as bad as next filing season when those $2000 refunds turn into $40 ("but you already got the money in your paycheck" isn't going to cut it).”

Same thing I am telling my single, no dependent clients, and maybe it’s not a bad idea incorporating something to that nature on the transmittal letter and highlighting it.