ERC / Credit and 941's

[Matthew in the PNW]

In case anyone was thinking they could file a late 941 after tax season where all taxes due have been paid and the deposits made timely... I have just confirmed this is not exempt from penalties. All of the guidance indicated that penalties were assessed where taxes were due. 

On a call with the practitioner line, the agent said she had talked to a taxpayer two calls before me where they had a penalty for failure to file... even though there was no tax due on the 941. 

The three agents I've asked before this didn't say this. They were either clueless or said my hunch was right (turns out not).

 

Also, if you need to call on a client and the account has an amount due and in collections, then the new department's number is 1 800-829-0922.

 

If you guys don't hear from me again, it's because I started this industry in 2013 during the repair regs, then we had the oboma-care reporting, then the trump changes and now the covid laws. With the PPP loans, ERC credits, countless calls just to ask if Stimulus payments were received, and the gymnastics involved with our tax strategies... I'm over it. I think I've had it. Industry is looking peachy to me. I'm just waiting for clients to start calling asking why they're getting advance deposits for child credits this summer, and then the angry conversations next year when they ask why their child credits are smaller than normal (and thus why they owe tax + penalties + interest).

Thanks all for your feedback and willingness to share and assist. I will likely be hanging my spurs up with those that "couldn't hack it", but I just wanted to say thank you. 

[Margaret CPA in OH]

Matthew in the PNW, we all hear you!  I've been postponing retirement for some time, even completely shed all business returns a few years ago. But so much now affects even my individuals, all long time folks, that it is increasingly frustrating.  Lucky I don't have to consider another career move, just have to stop.  Best of luck to you in whatever you choose to do.  Peace of mind is really valuable!

[Matthew in the PNW]

Thanks for sharing Margaret, it's nice to know others are reaching that point too. If I had a pretty face I would do youtube like one of my clients who expects to gross $200K in his first full year of being monetized. Sadly I'm just a fat, bald, middle-aged male who's passed his prime

Was the industry always like this?

[Matthew in the PNW]

It's official. Hiho Hiho, it's off to Ag I go. I wish you all the best! Thanks again for all the feedback over the years (whether I was lurking or active  )

[Margaret CPA in OH]

Ag?  Since you seem happy it must be your happy place so enjoy!

[Slippery Pencil]

2 hours ago, Margaret CPA in OH said:

Ag?  Since you seem happy it must be your happy place so enjoy!

It's the periodic table symbol for silver.  Maybe he's struck it rich.

It could also stand for Attorney General.  Maybe he's going to the AG office to fight all the preparer penalties he was assessed this past tax season.

[Matthew in the PNW]

Agricultural Industry. I have a 2 month busy season ahead of me with the company so that makes me a sucker for punishment. 

[jklcpa]

@Matthew in the PNW congratulations on landing the new position and best wishes on this new path. Don't be a stranger; you are always welcome here.