The Season that NEVER Ends!

[Yardley CPA]

It was a challenging tax season for many of us.  Normally, during this time of year, calls and emails from clients are few and far between.  Not this year.  I've been busy answering questions about "where's my refund", "what's this letter from President Biden", "what is this direct deposit I just received" and so on.  I suspect the coming season will offer it's share of challenges as well.  

I hope everyone is well and enjoying the waning days of summer.  Before you know it, a new season will be upon us.   

[FDNY]

Yes, it’s been hectic and makes semi retirement look all that more enticing.    Have a good rest of the summer, it certainly goes fast.

[Elrod]

                                                                    

[schirallicpa]

How many notices have your clients received from IRS stating that IRS has not received their $$.  This is my new summer work.  And of course, even though I told every single person that was sending a check by mail to copy their check and at least use priority mail, most did not.  

 

[Possi]

Yes, lots of letters are coming to my clients because in spite of my spending countless hours explaining why I needed their exact stimulus payments, many got them wrong. 

In other news, I did sell my business! YAY! I will continue to work for the buyers for at least 4 years.  I will be transitioning from TaxWise to Ultra Tax. Praying for an easy learning curve.

I'm so happy to be an employee and not a business owner. One more step toward retirement. 

And yes, you will still see me here! 

[Lion EA]

Congratulations, Donna!

[FDNY]

In speaking with an agent on PPL she said much of the holdup is incorrect reporting of EIPs, that’s why WMR shows processing.   I’m a little guilty because I assumed clients were giving me correct amounts.   So for the coming season make sure clients confirm and get it right.

[Lee B]

Any client who seemed unsure, I made them go back and check their bank statements.

[Gail in Virginia]

I have one that just surface yesterday that she swore she did not get the second stimulus payment for anyone in her family.  IRS finally issued her refund for the amount calculated less the stimulus we claimed. She finally admitted she GOT A LETTER saying they sent her a debit card, but still says she did not get the debit card.  Maybe she did, maybe she didn't -mail has been a little iffy especially last December and January.  But if she had told me she had the letter to start with, it would have been a whole different procedure to try to get the money for the stimulus.  Some days my head hurts. 

[Possi]

I actually made every client check, unless they told me straight up that they received the entire amount. These clients getting letters swore by the amounts given to me. 

I am telling them that they would need to prove to the IRS that they did NOT receive the money, and "good luck with that." Not my problem. 

The whole thing is a cluster bomb, as will the last stimulus payment and the advance CTC be next year. 

Job security.

[TAXMAN]

Maybe we can get the big accounting firms to request that IRS send out notice on each of these. They are quick in sending other notices.

[Sara EA]

What a relief that must be Donna--no more worrying about if there's enough paper or light bulbs or if the client paid or not.  Don't expect UT to be user-friendly.  A really big help is that you can toggle between the input and form views.  If you know where something is supposed to go on the return but can't find where in UT to input it, go to the form view and put your cursor where the data goes, then switch to input and there you are (doesn't always put you in the right place for some of the esoteric entries).  You can also be in a field and click on help for usually good info on what to do there (for example, how to mark a qualified charitable distribution or Covid-related distribution).  It's a powerful program and can do most everything.  Kiddie tax is a breeze--go into the child's return, pick tools, and mark off 8615 and the parent and sibling files--all that info imports instantly and the return is done.  Instantly optimize MFS or education credits too.  Excellent diagnostics.  The tax projection component isn't perfect, but maybe where you work has sprung for the separate better module.