Lee B

I have a client that got ensnared in this exact mess, because she bought a condo in 2019, which was owned by a foreign national. The IRS came after her because the 15% had not been withheld the proceeds. By the time it came to my attention too many days had passed for me to do anything, especially since it's an area that I have zero experience with. i sent her to find a real estate attorney with expertise in this area, who was able to resolve the issue.

Lion, that's a really tangled web that you are working on

The last statistics I saw was that about 30 % of 941s were paper filed

Interesting, have you had indications that this website has been subject to brute force attacks? As far as logging in, yesterday and today have been normal.

"The IRS began sending out letters from the Automated Collection System function in June, and restarted the income tax levy program in July. In addition, responsible officers continue to work on nonfiler cases and are sending out notices and billing notices; however, their focus is primarily on egregious cases, such as high-income non-filers, according to Mankowski. “Unfortunately, there’s still a backlog of paper, and until that’s cleared there will be people that efiled and mailed in their check, the check cleared, but they get notices saying they never paid,” he said. “That’s the downside of restarting the program. They have to do it because otherwise people will get complacent when they think there’ll be no repercussion for not paying.” “The phone lines are still backlogged due to taxpayers not getting their refunds,” he explained. “They have to go through manual processing, mostly for returns that had additional stimulus funds. Because of time constraints, the IRS didn’t have time to fully reconfigure their computers to recalculate the additional credits due for the additional stimulus money. I tell my clients that if they don’t owe and have proof of payment, hold off on responding to the notices.”

"Forms 940X/941 inventory This year continues to be unique and present filing issues, Mankowski noted. “The IRS has hired over 3,200 employees to cover attrition and to increase staffing. As the IRS is attempting to reduce the backlog, Austin and Fresno have been tapped to help process Form 941. As of mid-July, approximately 1.8 million forms have not yet been processed. For returns prior to 2021, 11,000 are still in inventory. These figures are for Form 941 returns — they don’t include Form 940, or Form 941X amended returns" Wow, 1.8 Million unprocessed Form 941s. I have have been wondering about this, because I have several 941s that I should have received a letter or a refund check?

According to the U S Treasury we have hit the Federal Debt Limit again and started the shell game of shuffling numbers around

I usually carryforward unless there is a substantial amount of money available or it's doubtful there will future profits generated to be offset, especially since prior to 2018 the 1st $ 50,000 was taxed at the lower 15 % rate.

Can we get this fixed or is their something we need to do at our end ???

Are you talking about their 1st PPP Loan or their 2nd PPP Loan?

This partly a legal issue and partly a tax issue. I would want something definitive from the Attorney in writing.

Exactly the same thing I have been seeing for about a week now!

I am having trouble logging on again! Keep getting a message referring to a "server error"

My own experience just with my own office is that kind of information is not very reliable

?

When you say brother in law, whose brother are you referring to?

"The gift itself is only included in the total estate value, to the extent the gift is more than $15,000. Therefore, if a gift is made within 3 years of death, and the gift is worth $25,000, only $10,000 of the gift – the amount above the sum excluded from tax – is included in the gross estate. The gross estate, as discussed above, will also increase by the amount of the gift tax paid on the gift."

Exactly, where did the proceeds from the sale of the stock go?

This applies to both deferred employee and employer deferred social security: "Employers can make the deferral payments through the Electronic Federal Tax Payment System (EFTPS) or by credit card or debit card, money order or with a check. These payments must be separate from other tax payments to ensure they are applied to the deferred payroll tax balance. IRS systems won't recognize the payment if it is with other tax payments or sent as a deposit. EFTPS will soon have a new option to select deferral payment. The employer selects deferral payment and then changes the date to the applicable tax period for the payment. Employers can visit EFTPS.gov, or call 800-555-4477 or 800-733-4829 for details. If the employee no longer works for the organization, the employer is responsible for repayment of the entire deferred amount. The employer must collect the employee's portion using their own recovery methods."

Bingo

Why would you lower the % ?

One way of doing it is as a commission based employee is 30 % of the tax return billing fee.

This week I am having trouble logging in. My success rate is about 50 %. Instead of the normal website log in page, I keep getting a basic text like page, which i have seen before over the years ?

You have Schedule M - 1 adjustment

This may be a red flag since appraisers are subject to Circular 230!