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Medlin Software

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  1. The only change from the draft form was a slight lowering of the 11c line. I spent several days trying the different combinations to make sure the items are added/subtracted as needed. The instructions are much more complicated, more worksheets, etc. For those with a normal payroll, the changes are nothing to worry about. "Normal" even includes ERC. Complications can arise if any of the Q1 FFCRA amounts were not paid in a timely fashion. Form 7200 seems pointless, as it does not seem to be processed as soon as expected (I do not suggest bothering with 7200). There is a new field for certain COBRA assistance. The "refundable" vs "non refundable" items are more complicated, as how they are calculated changed for Q2, and will change again for Q3. Not a huge deal as the end result is still the same (same eventual credit amount), but will no doubt cause consternation among some employers as to whether or not they get the proper credit.
  2. I know of a form 7200 (the supposed quick payment of 941 credits) sent in early Feb was just processed a few days ago... 7200 was supposed to be processed and the money paid out in a matter of weeks, not months. This goes along with my personal belief never to rely on a form being processed, and with that in mind, if there is ever a credit on a form, always use the refund, never relying on the tax agency to timely or properly apply to a later return.
  3. The draft version was published about a month ago. The final version was published early this morning.
  4. "Them's" is us, except we are likely a bit smarter than to run for office in the sound bite and social media world we live in.
  5. Based on history here, I suspect the majority here would stay out of the client's "business" as far as something not related to processing their returns. IN other words, just as it seems most who specialize in tax prep do not want to help with W4 management, reviewing pay stubs a time or two during the year, etc., so however the client wants to handle (or not) any possible credit is not likely a concern until filing time. I like the position Sara's form has taken as it touches on the options and ramifications without providing an opinion or suggestion. Sometimes clients have to strap up and adult. On the other hand, if they want to pay for a few hours of consultation, there may be some who are willing to provide specific advice.
  6. Sometimes these "gifts" are really a "silent/undocumented" loan...
  7. I revisit our payment receiving options at least annually. Via a costco membership, I get a no monthly fee account (Visa, MC, Disc). All sales are online, which are the highest rates, so YMMV. Looking at the total fees vs the total collected for Dec, our overall rate (all fees included, such as auth entries) was 2.6%. This is actually excellent, beating paypal by a significant amount (paypal would have worked out to about 3.25%). The rub for us is what they call "non qualified" transactions, and ironically, "commercial" cards. Other than those two types, the bulk are at 1.99% plus ~.29 cents. (There are publicly available "tips" to ensure as many transactions as possible are "qualifying".) Amex is an entirely different and more expensive "animal" (at or near 2x compared to V/M/D transactions). Paypal, or other method where you are not acting as a direct merchant, would be more appealing to me if we had higher numbers of Amex transactions. Depending on volume, you could also run into dollar limits per the processor's time frame. The third party processors are pretty clear what their limits are. If you elect to be a merchant, make certain you check with your processing partner to monitor your limits. While it can be "fun" to reach your limit, it does cause frustration as you ask for (and hopefully receive) an increase. Venmo's social aspect was a turn off for me, so I did not consider learning more.
  8. Draft format came out last week. The instructions came out this week, which contain 1/3 more pages than before... This could be another year with three revisions of the 941. (Just skimming while holding granddaughter, there are FOUR worksheets this time!)
  9. Congrats from a ~3 month member of the club. One never knows where or when, but it can happen anytime. Personally, family is earned, not given by birth. Adoption and absorption abounds in my family lineage.
  10. The escapees stuff talks about many additional aspects. Health care access is a big factor before medicare age, less so but still worth considering, once medicare age is reached. The escapees stuff will have items not necessarily highly important here, such as vehicle licensing and insurance, drivers license information (do they require actual presence to renew), and voting/jury duty issues. It will have little or no discussion amount sticks and bricks costs since it is designed for a mobile life. I have not reviewed it recently, but if not included, I would also consider things such as IHSS (can family member be a provider, and does the state tax the payments), and other services which someone may need as they get older or develop/have qualifying needs.
  11. For comparisons, this is something those who live a mobile life consider often (domicile). An RV group, Escapees, has been on this topic for decades, and has some good information to review. Search "escapees domicile".
  12. Universities... I literally just got off the phone with one of our kids, as he just received news he was accepted into his undergrad school's medical school! There is hope - since this proves a "normal" person can, through hard work, do something which exceeds GPA competition or legacy $.
  13. Refer to the 941 instructions. It is black and white. Sending a 7200 means nada. If one is sent AND money received, then it means something. Personally, I would not bother sending, as the odds of it getting processed (despite the belief it will processed very timely) is not good. Better to manage your deposits, and if there are more credits than liabilities, waiting for an eventual refund (don't get me going on using the "apply" option). I know of someone who faxed it (correctly) the day the current form was made official, and no response form the IRS to date. The small concern is somehow it eventually gets processed and has to be accounted for in a later quarter. Of course, that is assuming the employer notices the deposit before getting a nasty gram from the IRS. As with all IRS transactions, one can no longer assume timely(ish) responses. The only fiscal beneficial way to manage the process is to manage so there is no refund due (who knows when it may arrive) and to lean towards managing liabilities to the max allowed without penalty, paying them on or near the last allowed date. Something I have been keen on for decades, using the funds interest free, instead of loaning, interest free, to the IRS while waiting for refunds.
  14. I would not want to defend or explain offering FFCRA PTO for just one of the valid reasons. Of course, if the employer elects not to ask for reimbursement, they can likely offer PTO of their own design. I don't see any practical method for enforcement of the proper awarding of reimbursed PTO, so it would not be too difficult for an employer to only pay for the shot day and maybe a day after, and make their employee's think it is a courtesy, while still claiming the credit under the "full" rules.
  15. I have a long time customer whose email address starts with 'lady38dd'. I have pondered if that is a personal only address, or one she uses for professional non personal messages as well. I use speech to text and to email every day. For me, I find spelling out words which may be confusing to the software save me a few correcting messages. Even with the spelling out words, reviewing and correcting, and sounding out punctuation, speech processing is usually faster than my typing, if the message is longer than a sentence or two. Using auto signatures also saves some time.
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