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HV Ken

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Posts posted by HV Ken

  1. Mine has been calculating the $330 just fine. I'd love to see a screen shot of one where it is not working properly. Is this because of the decoupling from the IRS calculations?

    NY only gives $100 when there is no earned income on the NY return.

     

  2. NY IT-215 Earned Income Credit

    I have my first return with EIC. The NY form is not calculating. The Federal EIC amount is not feeding to line 10 of the IT-215.

    This is a HOH client with just a W-2 and 2 dependents.

    Anyone else having this problem with the IT-215?

    Am I missing something?

  3. We use Daybreak Virtual to answer our phones - https://daybreakvirtual.com/

    They cover our phones M-F 9a-5p, so everyone who calls talks to a human and does not go to voicemail.

    They schedule all appointments, confirm all appointments, make followup calls, etc. Their team communicates us via slack so we can authorize which calls to put through.

    Couldn't do this without them.

    Their billing is based on usage: "Combined productivity equivalent to one or more 6-9 hour per week clerical employees"

    • Like 2
  4. On 12/3/2021 at 8:29 PM, Sara EA said:

    You're kidding, right Kev?  Transcripts for 2021 aren't available at the start of tax season, so that may crimp your plans.To open an IRS account, you not only have to get through all the security questions but upload a photo ID and send them a selfie taken with a cell phone.  Can/will all your clients do that?  I can do it, but it would require unfreezing my credit reports, take a lot of time, and I don't want to.  Might be better to just say you will assume each client got the $1400 stimulus unless they prove a different amount.  As for the CTC, IRS is supposed to send a letter in Jan so require that. 

    No IRS account required. Simply go to https://www.irs.gov/individuals/get-transcript. Can receive it in the mail within 5 to 10 calendar days by filing in 4 fields.

    Noname.jpg

    • Like 2
    • Thanks 1
  5. On 12/3/2021 at 5:20 PM, Margaret CPA in OH said:

    This seems like a good plan but how will you implement?  Require clients to obtain their own IRS account or give you POA or 4506 or something else?  If you have to be involved, will that be a separate charge or rolled into your prep fee?  Do you think you will lose clients?  If so, probably not sorry, right?  Sometimes getting all the data can be just so draining!

    No account needed! Go to https://www.irs.gov/individuals/get-transcript and if the client can't get it online, it can be mailed and received within 5 to 10 calendar days. We utilized this approach during this current tax season for anyone who couldn't absolutely prove their amounts via other means (not merely relying on their memory) and as a result had ZERO math error notices once we adopted it.

    You can also request a transcript by mail by calling the automated phone transcript service at 800-908-9946.

    We also offer a transcript monitoring service as an add-on. For clients on this service we were easily able to get their information.

    • Like 2
  6. On 12/3/2021 at 8:29 PM, Sara EA said:

    You're kidding, right Kev?  Transcripts for 2021 aren't available at the start of tax season, so that may crimp your plans.To open an IRS account, you not only have to get through all the security questions but upload a photo ID and send them a selfie taken with a cell phone.  Can/will all your clients do that?  I can do it, but it would require unfreezing my credit reports, take a lot of time, and I don't want to.  Might be better to just say you will assume each client got the $1400 stimulus unless they prove a different amount.  As for the CTC, IRS is supposed to send a letter in Jan so require that. 

    If you mean Ken (not Kev), no I am not kidding. The EIP3 information is already on the 2021 transcript (just as EIP1 and EIP2 were on the 2020 transcript as the start of last tax season), and I believe the ACTC is as well. It's easy peasy to obtain and will eliminate all the math errors and delays. I honestly can't understand why any taxpreparer won't require this. Sadly, the taxpreparer industry contributed greatly to the delays the taxpreparer industry suffered due to IRS manual processing caused by invalid amounts claimed for the RRC. We can do better and be better citizens to ourselves.

  7. 17 hours ago, Yardley CPA said:

    Can someone please verify that Thursday, November 11 is the last day that a 2020 1040 can be efiled with ATX?  Thank you. 

    Where did you get that date from? Haven't seen that announcement anywhere.

    The IRS date is 11/20 and ATX typically backs up 5 days from that. 11/11 seems excessive.

  8. 3 hours ago, Carolbeck said:

    Where I had the NYS EITC issue is with the Federal Return allowing the taxpayer to use their 2019 Earned Income if that gave them a better EITC they could use the 2019 Earned Income vs 2020. Well NYS does not allow for that...

    According to: https://www.tax.ny.gov/pit/credits/eitc.htm

    they are honoring using 2019 for the calculation.

  9. 3 minutes ago, Lion EA said:

    Sorry, I don't have any NY returns with EIC and read your post too quickly, I guess. Did you report this to ATX?

    Not yet - wanted to alert people right away. Going to open a trouble ticket when the work day is done.

    • Like 3
  10. 3 minutes ago, Lion EA said:

    Nope - that is for the NY AGI on the IT-201.

    This is specific to the EIC calculation. ATX is passing the Federal EIC as calculated on the lower AGI and needs to do the calculation on the non-reduced (higher) AGI and pass that amount.

  11. Client came by today with a notice from NY, claiming the EIC calculation was wrong. This has to do with the 10,200 unemployment exclusion.

    NY IT-215 line 10 is the Federal EIC amount, or RECOMPUTED EIC amount. This amount needs to be REcalculated having the $10,200 added back in to the Federal EIC calculation.

    1. There is really not an easy way to do this in ATX, since the value simply flows from the Federal form.
    2. I'm surprised the software is not calculating this correctly.

    Just a heads-up for anyone else who has a NY return with EIC and unemployment calculation - the software is (currently) not calculating this correctly.

  12. According to the instructions: To make this election (to use prior year earned income), enter “PYEI” and the amount of your 2019 earned income in the space next to Form 1040, line 28.

    I know how to do this for EIC, but can't see how to do this for the ACTC.

    What is the incantation I need to perform this magic?

    Noname.jpg

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