RitaB Posted March 25, 2016 Report Share Posted March 25, 2016 Client brings in Mar 21, 2016 letter saying IRS has resolved an issue with his 2013 return and will be mailing him a check for $2.77 in four to eight weeks. Whew. We didn't even know there was a problem. Dodged a bullet there. 9 Quote Link to comment Share on other sites More sharing options...
FDNY Posted March 25, 2016 Report Share Posted March 25, 2016 Very interest-ing. More than he would get in a bank these days. Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 25, 2016 Author Report Share Posted March 25, 2016 41 minutes ago, FDNY said: Very interest-ing. More than he would get in a bank these days. He's bringing me half a Big Mac to celebrate. Sometime April to May. Counted it down. 3 Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 25, 2016 Report Share Posted March 25, 2016 Only half? 1 Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 25, 2016 Author Report Share Posted March 25, 2016 37 minutes ago, kcjenkins said: Only half? Well, he's gotta save some of that windfall for a rainy day. 3 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 25, 2016 Report Share Posted March 25, 2016 5 hours ago, RitaB said: Client brings in Mar 21, 2016 letter saying IRS has resolved an issue with his 2013 return and will be mailing him a check for $2.77 in four to eight weeks. Whew. We didn't even know there was a problem. Dodged a bullet there. Client brings in Feb 15, 2016 letter saying IRS has resolved an issue with his 2013 return and will be mailing him a check for $8.73 in two to three weeks. That's after amount applied to tax owed for 2014 $4.67. We didn't even know there was a 2013 overpayment or 2014 underpayment. Well, we didn't know there was a 2014 underpayment that small; his 2014 balance due was $98,201. 6 Quote Link to comment Share on other sites More sharing options...
BLACK BART Posted March 26, 2016 Report Share Posted March 26, 2016 13 hours ago, RitaB said: Client brings in Mar 21, 2016 letter saying IRS has resolved an issue with his 2013 return and will be mailing him a check for $2.77 in four to eight weeks. Whew. We didn't even know there was a problem. Dodged a bullet there. I also have high-roller clients. Guy brought in 12 months' bank statements Thursday and said "There's some interest on that bank account, but they didn't send me a 1099 form; I don't know why." Checked after he left and the YTD figure was six cents. 4 Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 26, 2016 Author Report Share Posted March 26, 2016 6 hours ago, BLACK BART said: I also have high-roller clients. Guy brought in 12 months' bank statements Thursday and said "There's some interest on that bank account, but they didn't send me a 1099 form; I don't know why." Checked after he left and the YTD figure was six cents. There is so much pressure with these investing gurus. I mean, there is money to be made and lost all around. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 26, 2016 Report Share Posted March 26, 2016 I especially love it when there IS a 1099-INT for six cents. Now it was reported to the IRS, usually as part of his brokerage consolidated 1099 along with dividends and capital gains. I always put $1 so IRS computer can match a TD or whoever 1099. Client already owes $98,201 so owing an extra 39.6 cents plus 6.7 cents to CT is just his penalty for having so many investments. Quote Link to comment Share on other sites More sharing options...
BHoffman Posted March 26, 2016 Report Share Posted March 26, 2016 SCorp business client called me in Sept. asking for an estimated tax payment coupon. Said he made lots of money. I looked at his records, and he was right! Asked him about his plans for asset purchases. Said he was sort of looking at some equipment, but he wouldn't be buying until 2016. Estimated tax paid based on prior year and current year to date income: $100,000 He placed a $600k piece of equipment into service on 12/23/15. Sec 179 is going to wipe out all of the SCorp pass thru income, leaving just a tad. This client is going to be owed a refund of around $100k! Will IRS just cough that up, or will we be receiving notices, etc? Quote Link to comment Share on other sites More sharing options...
FDNY Posted March 26, 2016 Report Share Posted March 26, 2016 In 2014 and '15 I had two oil execs with huge W2s, but with offsetting non passive K1 losses. Both refunds were over 200K. Refunds took a little longer probably for a routine verification but they were paid with no problems, so far anyway. And this thread started with $2.77, now that's compounding thoughts. 4 Quote Link to comment Share on other sites More sharing options...
BHoffman Posted March 26, 2016 Report Share Posted March 26, 2016 Spoke with client. He expects 2016 to be a big income year so I suggested he apply an amount TBD to his 2016 estimated taxes. He likes that idea. This year I have been slow to get there...... Bad things about home office:. Pretty lonely sometimes, no really fancy copy machines, no admin assistants. Good things about home office:. The afternoon nap . 6 Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 27, 2016 Report Share Posted March 27, 2016 Yes, I often nap after the last client leaves! But I've started getting kinda chatty with them too. I must be starved for social interaction. But I got to leave the house TWICE this week! 5 Quote Link to comment Share on other sites More sharing options...
BHoffman Posted March 27, 2016 Report Share Posted March 27, 2016 Chattiness is probably due to the caffeine in those chocolates....Yummy! Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 28, 2016 Report Share Posted March 28, 2016 And in the coffee, and Monsters and Rock Stars...... 1 Quote Link to comment Share on other sites More sharing options...
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