Leaderboard

My own NYS return is one of two that's been hanging for three days. Initially, I received error the SSN didn't match IRS. Well. I know my own SSN and IRS accepted so bite me. Called my software company who told me to re-submit both which I did. I still have three I'm trying to finish and would really like them done this weekend just in case there's a delay. My anxiety rises dramatically when I refresh and see REJECTED in red. Said it before and I'll say it again. Every single day makes me more determined to find a way to NOT do this anymore. I'm not trying to pat myself on the back but I'm one of the good ones. I get documentation. I ask questions. I fire people trying to lie. But they're pushing me out with all this insanity.

It was to speed up the delivery of the stimulus payments. IRS and SSA don't have banking information for everyone, and even then can only process "X" number per day, so that means mailing payments. Again, IRS can only physically process a certain number a day or week, so it contracted with the bank to issue some on plastic.

Replace a Lost or Stolen Card If you have misplaced your Economic Impact Payment Card, you can lock it by logging in online at EIPCard.com to prevent unauthorized transactions or ATM withdrawals while you look for it. If your Card is permanently lost, it is important that you call Customer Service at 1.800.240.8100 (TTY: 1.800.241.9100) to report your lost or stolen Card immediately. Your Card will be deactivated to prevent anyone from using it and a new1 replacement Card will be ordered. Fees may apply1. Please refer to the material in your Welcome Packet or see your Cardholder Agreement for more information

If not forgiven in 2020 then its a liability.

I started one last night that'd been angry that it wasn't completed yet. She's SE and artistic. But she usually gives me a stack of 1099s and a messy spreadsheet of expenses. This year, one 1099 for $500 and nothing else, not even car tax or a Goodwill receipt. I wrote her before I slept with a long list of her usual clients and expense categories from last year, and told her today or I prepare in November. She wrote this morning that she signed our engagement letter, but she didn't send it to me. Nothing else. She will rant for a month when I can't complete her returns. I'll brace myself. By the way, she sent me the one above (that one I charge a LOT). So, I'll probably lose both of them after spending time on both of them -- but next year will be more pleasant.

We also know that the IRS will look at bank-to-bank transfers (such as from operating account to payroll account) as "income" going to the second account. So they will wildly overestimate the income for anyone who transfers their own money from one account to another. Those who put money into money market accounts to earn a bit of interest until it's needed will have to "prove" to the IRS (who won't have the personnel to process the proofs submitted) that the $5,000 was not income to their checking account, but savings transferred to pay for the end of year mortgage, utilities, plus Christmas gifts. It's a nightmare waiting to happen. The only good to come from it would be if trying to process all that data melts the processors on all the IRS computers, and they go back to the Stone Age for a decade.

@Eric - whatever happened to our wonderful little emoji of banging a head against a brick wall? That would be the *perfect* response to this post!

The question is really twofold: legal, and tax. Was it part of a QDRO in the divorce agreement? Is there anything in that agreement that states "husband will sell property X and give half of proceeds to wife" and then is there anything like "after provision is made for payment of taxes"? If he is to pay all the tax, then she should get her portion after the tax amount is paid, and it would be part of the property settlement and not taxable income to her (since he took it all, and paid tax on it all). If there is no provision for him to pay the tax, then she gets her portion on a 1099 as nominee, and she reports half the sale and gets half the basis (as of date of divorce; should have been listed there with a value) and pays tax for herself on the then-taxable gain (if any) but not on the part that is basis (i.e., her property) under the divorce agreement. Hope that it at least as clear as mud.

My messy, hard, voluminous, international, dead, and anxious clients are left. And, our own with two SE spouses, IL, CT, IRS, etc. Thank you all for sharing your knowledge. I second Donna: please stop in each day through the 15th.

D I continue to be astounded by the variety of clients that you have and the unusual issues that arise I am so thankful for the clients I have.