Get Ready to Amend Some Tax Returns

[Jim Oh Bkkr]

10 hours ago, NECPA in NEBRASKA said:

I have only had one return with unemployment so far and she lost her appeal. She now has to pay it back, because the state didn't think that having to leave the dorms and move 40 miles away was a good reason to quit her fast food job. Nobody was hiring here when she came home. I feel for her, because she is just a kid and they should not have given it to her in the first place if that was not a good enough reason. The state gave millions of fraudulent $ to unknown and random people that they will never get back. 

Rant over. 

This is pathetic!  I saw a post somewhere of a wife who got a part-time job just as the (hold my tongue) pandemic hit.  She made a couple thousand dollars, then collected close to 20K unemployment.  

[Possi]

1 hour ago, Jim Oh Bkkr said:

This is pathetic!  I saw a post somewhere of a wife who got a part-time job just as the (hold my tongue) pandemic hit.  She made a couple thousand dollars, then collected close to 20K unemployment.  

My stay at home mom worked one week in the church nursery for a little over $200. Two hundred dollars. She got over fifteen thousand dollars in unemployment.

I do a lot of tax returns. I see this over and over.

I too, was hoping the IRS would fix this and just send refunds, but then I woke up. They do not care about software or the very tax professionals guarding their gates, following their mandates, crossing T's and dotting I's with threats of penalties looming. We are the "good guys" and we are the ones getting kicked around... again. 

I'm sorry, but I have way too many clients to postpone filing tax returns based on "what ifs," and I'm sure many of us are in the same boat. This isn't the end of the world for me, it's just "another day in paradise." I have a job, and for that I'm thankful. 

 

[Jim Oh Bkkr]

I have a client who called Friday to set up an appointment, 19K unemployment, after an explanation, he decided to wait.  But he also hasn't received his 2nd stim. check. 

My post was merely to show the poor treatment of NECPA's client received.  I used to live in the "world" of unemployment, (construction), and they wouldn't even talk to you if you had a part-time job!

[Randall]

Looks like I have 6 already filed with unemployment.  Maybe someone in the House will actually have a practical thought in his/her head and this won't stay in the joint bill.  Probably no such luck.

[Alisha]

I've been preparing tax returns for over 20 years. I grew up in the family business and watched my father do tax returns since 1979. I've been working in the office in some capacity since 1987. I know how tax season goes. Yes, I'm always vaguely aware of possible legislation but don't pay much attention until it become valid law.

This though, is almost too much.

Mid season retroactive changing tax legislation, during a pandemic year, with a later than ever e-file start date? 

I've already filed over 300 returns, probably well over a third of those with unemployment. I do 700-750 returns each year so I'm not even halfway through.

I've never posted, and I'm just venting to actual tax preparers who understand (aka not my husband).  I'm sure I will get through the tax season as usual. Kaiidth (Vulcan for "What is, is".)

[Abby Normal]

23 hours ago, JohnH said:

My crystal ball almost always flashes “4868” when there are any questions or potential issues. 

 

Why I don't already have one of these on my desk is almost incomprehensible. Would use it a lot when clients ask a question.

[Abby Normal]

5 hours ago, Randall said:

Looks like I have 6 already filed with unemployment.  Maybe someone in the House will actually have a practical thought in his/her head and this won't stay in the joint bill.  Probably no such luck.

6 is nothing. Imagine how many some of those tax shops have done already.

[ETax847]

Is there anyway in ATX to see who received a 1099G for unemployment without having to open every single return and check?

[BulldogTom]

14 minutes ago, ETax847 said:

Is there anyway in ATX to see who received a 1099G for unemployment without having to open every single return and check?

What ETax asked?

Tom
Modesto, CA

[Pacun]

2 hours ago, ETax847 said:

Is there anyway in ATX to see who received a 1099G for unemployment without having to open every single return and check?

You will have to pay attention when the form gets updated (if it will be) and then you will have to see who gets affected by that update.  The problem is that the update might be to form 1040 and you will not have that chance.

[Possi]

13 hours ago, Abby Normal said:

6 is nothing. Imagine how many some of those tax shops have done already.

I've done 22 when I ran a query. It's not just the numbers, it's the fact that fat cats grab their designer pens and stroke a signature without one thought of how this will affect anyone but the man in the mirror. 

Will the child tax credit be retroactive, too? I'm looking but can't find it. 

[Possi]

10 hours ago, BulldogTom said:

What ETax asked?

Tom
Modesto, CA

 

10 hours ago, ETax847 said:

Is there anyway in ATX to see who received a 1099G for unemployment without having to open every single return and check?

Taxwise has a query for forms. ATX might have one, too. In TW, go to "reports," then Lists comes up. Choose "form selection report." 

I hope this helps.

[Possi]

26 minutes ago, Possi said:

I've done 22 when I ran a query. It's not just the numbers, it's the fact that fat cats grab their designer pens and stroke a signature without one thought of how this will affect anyone but the man in the mirror. 

Will the child tax credit be retroactive, too? I'm looking but can't find it. 

I found the CTC info, too late to edit. 

Would it change how the credit worked?

Here’s where it gets interesting: You could receive some of the credit as an advance on your 2021 taxes.

The bill would make the credit fully refundable, which means you can receive money from it as a tax refund even if your tax bill is reduced to zero. And half of that money could be advanced to households over the next six months (based on their 2020 tax information, or 2019 if that was unavailable). It’s not clear how frequently payments would be made — perhaps monthly — but under the bill they would begin in July.

The changes are effective for 2021 only, though at least some Democrats would like to make it permanent.

[Pacun]

Every month they will get a check from the IRS starting in July till the end of the year. The new name for the IRS is "Weak IRS" because with all the changes the organization will be very weak with the extra work. 

[TKTax]

I was hoping that the "Other Income" column in tax warehouse would include unemployment, but it does not for some reason, even though that is how it is listed on the 1040.

[Possi]

1 minute ago, TKTax said:

I was hoping that the "Other Income" column in tax warehouse would include unemployment, but it does not for some reason, even though that is how it is listed on the 1040.

See if you have a report that lists "forms"... and find the 1099G's. TW had it.

[Pacun]

Almost everybody in my list has 1099G since they got a refund from the state in 2019 and/or they collected unemployment in 2020.