Jump to content
ATX Community
Sign in to follow this  
WITAXLADY

new laws - what are you doing?

Recommended Posts

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

  • Like 1

Share this post


Link to post
Share on other sites

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).

  • Like 2

Share this post


Link to post
Share on other sites

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!!

Share this post


Link to post
Share on other sites
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.

 

Share this post


Link to post
Share on other sites

  “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.

  • Like 2

Share this post


Link to post
Share on other sites

I do not have any affected....that I have done.  I think there are several in the "To-Do" pile that have PMI, but they are in no hurry.  As I get to them, I'll give them the option to file now or wait until end of March...no later.  March 31st, I'll tell all waiting that I need to file now (or pay my $50 April price increase) then advise them that can pay me to amend once forms are finalized. 

  • Like 3

Share this post


Link to post
Share on other sites

They gave us a draft 4562 and 1040 for weeks before it was approved. They should have done the same with 1040ES and every other common form.

I had to manually type in the estimated tax amounts and dates on a client letter this morning. A draft 1040ES would have made that unnecessary.

  • Like 1

Share this post


Link to post
Share on other sites
2 hours ago, Abby Normal said:

1040ES JUST DOWNLOADED!!!!!!!!!! Let the games begin!

Now I can finish my own return.  Almost forgot where I left off.

Share this post


Link to post
Share on other sites

I still can't create the efile with 1040-ES in the return.  Like I've been doing with Ky 740-ES, I print the vouchers, discard the form, then create the efile.

 

 

Share this post


Link to post
Share on other sites
2 hours ago, Randall said:

I still can't create the efile with 1040-ES in the return.  Like I've been doing with Ky 740-ES, I print the vouchers, discard the form, then create the efile.

 

 

Mark the box that says you are making the estimated payments by check.  It will allow you to e-file.

Share this post


Link to post
Share on other sites

I have check for payment method but it still won't create the efile. So, what I did was create the efile without the 1040ES. Then add the 1040ES and print the return, letters and estimate vouchers and close without saving, so the efile is preserved.

Share this post


Link to post
Share on other sites
11 hours ago, ILLMAS said:

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.

Your clients actually read the transmittal letter?

  • Haha 2

Share this post


Link to post
Share on other sites

I got my first one today, new client, had to tell them we are waiting for IRS to update the forms for the MIP.   Luckily, he was understanding.

Tom
Modesto, CA

Share this post


Link to post
Share on other sites
1 hour ago, SaraEA said:

Your clients actually read the transmittal letter?

Absolutely not, that’s why I threw in highlight.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

×