RitaB Posted March 10, 2008 Report Share Posted March 10, 2008 Client has been looking around on the IRS site: "But my son won't get the $300 (and we won't get anything either) because we claimed him on our return. Maybe we shouldn't have done that. Did you think about that?" So, I go thru the WHOLE exercise about what it will cost the family to get that $300. Plus, the parents provided practically ALL the support when you go thru the #$%& worksheet for this 18 year old with education expense and $204 in tax liability. I read somewhere that a letter would go out in March explaining the rebate. For real? How much will that cost? Don't get me wrong, I'll be happy to get the rebate, but the timing is not so good for us, is it? Bet our phones will be ringing off the wall cause they have questions about the letter, too. Quote Link to comment Share on other sites More sharing options...
MN2V Posted March 10, 2008 Report Share Posted March 10, 2008 The short answer to your question about how much the letter from the IRS will cost....$42 Million. I read that in the paper.... Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 10, 2008 Report Share Posted March 10, 2008 I had a couple of similar conversations over the weekend. In both cases I explained to them that the issue is not who gets the rebate, but who provides the support. If sonny boy doesn't provide over half his support, then it doesn't matter that he's over 17 and nobody gets the rebate, even though he COULD have gotten a rebate if he had earnings and filed a return claiming himself as a dependent. That's just how the tax law works. If it's a close call, then by all means the issue should be settled in favor of the child if their contribution totheir own support is close to 1/2. However, in most cases it's nowhere near a close call, especially if the child is a college student just working to earn enough money to hit the bars on the weekends. And I think you're right about the letter. It will probably be well-written, but most clients won't understand it and will call us for an explanation. Those who do understand it will call us "just to be sure they got it right." I think the most difficult calls will be from those who don't qualify for a rebate at all, even though their neighbor got one and their hairstylist assured them that everybody gets at least $300... Quote Link to comment Share on other sites More sharing options...
michaelmars Posted March 10, 2008 Report Share Posted March 10, 2008 WRONG 142 MILLION IS WHAT IT'LL COST Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 10, 2008 Author Report Share Posted March 10, 2008 And I think you're right about the letter. It will probably be well-written, but most clients won't understand it and will call us for an explanation. Those who do understand it will call us "just to be sure they got it right." I think the most difficult calls will be from those who don't qualify for a rebate at all, even though their neighbor got one and their hairstylist assured them that everybody gets at least $300... Yes, you are so right. Even if the letters are very clear, a lot of people will have questions. Last week, a client called cause "that stupid bunch at IRS sent me a letter saying to reply to this address, and they didn't even say what they wanted to know. What do they want to know?" Me: Uh... could you bring the letter in? He brings it in, I TURN IT OVER, and read to him the part where it says he did not sign his return! Quote Link to comment Share on other sites More sharing options...
Mel in Hawaii Posted March 10, 2008 Report Share Posted March 10, 2008 The mailing I received on Friday from the IRS 'explaining' the stimulus package is more confusing than anything I had read in the media. Haven't you guys already received your copy too? Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 10, 2008 Report Share Posted March 10, 2008 http://www.irs.gov/pub/irs-utl/economic_st...ment_notice.pdf Quote Link to comment Share on other sites More sharing options...
jainen Posted March 10, 2008 Report Share Posted March 10, 2008 >>read to him the part where it says he did not sign his return<< There are so many advantages to electronic filing, I don't understand why anyone ever questioned it. Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 10, 2008 Report Share Posted March 10, 2008 You mean nobody has to sign anything when a return is filed electronically? That's news to me. Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 10, 2008 Author Report Share Posted March 10, 2008 >>read to him the part where it says he did not sign his return<< There are so many advantages to electronic filing, I don't understand why anyone ever questioned it. What was really funny (after he left) was that he had prepared his Form 2290 all by himself (too cheap to pay me, I guess). Quote Link to comment Share on other sites More sharing options...
jainen Posted March 10, 2008 Report Share Posted March 10, 2008 >>You mean nobody has to sign anything when a return is filed electronically?<< No. I mean you don't have to deal with clients bringing in an IRS letter about not signing. Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 10, 2008 Report Share Posted March 10, 2008 >>You mean nobody has to sign anything when a return is filed electronically?<< No. I mean you don't have to deal with clients bringing in an IRS letter about not signing. Oh, I see. You don't have to deal with an occasional client's bringing in an IRS letter about not signing, but you do have to deal with each and every clients' signing the paperwork that you have to keep track of on an ongoing basis, rather than holding the IRS responsible for all that detail. Plus you have to keep up with their original W-2 forms as well. Now I understand. Quote Link to comment Share on other sites More sharing options...
Byron Posted March 13, 2008 Report Share Posted March 13, 2008 No, you can scan the W-2's and the signature form 8879 and keep the PDF's for the required 3 years. Quote Link to comment Share on other sites More sharing options...
pcmcpa Posted March 13, 2008 Report Share Posted March 13, 2008 If you have your 2007 tax returns completed, theres a nifty little calculator that will estimate the Economic Stimulus tax rebate (it's about five inches down from the top of the page): http://www.taxrebatecalculator.com/ Quote Link to comment Share on other sites More sharing options...
Chrisbry Posted March 13, 2008 Report Share Posted March 13, 2008 Oh, I see. You don't have to deal with an occasional client's bringing in an IRS letter about not signing, but you do have to deal with each and every clients' signing the paperwork that you have to keep track of on an ongoing basis, rather than holding the IRS responsible for all that detail. Plus you have to keep up with their original W-2 forms as well. Now I understand. AND -- I don't have to contend with the letters from IRS for their input errors from a paper filed return. None of my clients have had any letters from the IRS in 3 years for efiled returns -- but the clients that insist on paper filing (or can't efile because of non-efiling forms), have had them and I have to tell the IRS where they are WRONG. My favorite was about 7 years ago when the IRS told me there is no such form as Schedule E. :lol: Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 13, 2008 Author Report Share Posted March 13, 2008 If you have your 2007 tax returns completed, theres a nifty little calculator that will estimate the Economic Stimulus tax rebate (it's about five inches down from the top of the page): http://www.taxrebatecalculator.com/ Thanks for the link. I believe the calculator needs a little tweeking, though, as it will give the $300 to my client that this post was originally about (we appear to have changed the subject to e-filing somehow). Taxpayers don't get $300 for dependent children over 16, correct? Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted March 13, 2008 Report Share Posted March 13, 2008 Thanks for the link. I believe the calculator needs a little tweeking, though, as it will give the $300 to my client that this post was originally about (we appear to have changed the subject to e-filing somehow). Taxpayers don't get $300 for dependent children over 16, correct? They can be over 16, just not yet 17 Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 13, 2008 Author Report Share Posted March 13, 2008 They can be over 16, just not yet 17 OK, don't tell my clients; they will swear that this is their situation! I can't wait till May and we have to deal with all the (additional) questions. I think I'll rip out the phone. Or, maybe just not answer and have the IRS # on my greeting. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 13, 2008 Report Share Posted March 13, 2008 OK, don't tell my clients; they will swear that this is their situation! I can't wait till May and we have to deal with all the (additional) questions. I think I'll rip out the phone. Or, maybe just not answer and have the IRS # on my greeting. That is why I DO NOT discuss how much "rebate" clients MAY get. Then they CANNOT say to me: "You told me...." I refer them to the IRS website. Then any discrepiancies can be addressed by the IRS. Quote Link to comment Share on other sites More sharing options...
ajuroff Posted March 14, 2008 Report Share Posted March 14, 2008 It's a little after 10:00am and I've already had 6 phone calls regarding the letter everyone received about the rebate check. I can see what is going to be happening for the next few days..... Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 14, 2008 Author Report Share Posted March 14, 2008 It's a little after 10:00am and I've already had 6 phone calls regarding the letter everyone received about the rebate check. I can see what is going to be happening for the next few days..... Yes, I am getting calls, too. And, to be honest, it's probably easier to figure out what their rebate will be than to take the time to refer them to IRS. I don't know about your clients, but many of mine are just scared silly at the thought of contacting IRS. Plus, a lot of folks with questions are the older folks that don't use computers, so they won't be looking anything up online. AND, I really do want to be helpful and answer these questions, so I at least LOOK like I'm on the ball, this is just the worst timing ever. Quote Link to comment Share on other sites More sharing options...
Karen Lee Posted March 14, 2008 Report Share Posted March 14, 2008 Are TP's with FMS debts going to get their stimulus payments or be diverted for debt? Can't find info on that situation and not even going to assume what will happen. Karen Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 14, 2008 Report Share Posted March 14, 2008 Are TP's with FMS debts going to get their stimulus payments or be diverted for debt? Can't find info on that situation and not even going to assume what will happen. Karen Q. I'm eligible for a payment but I still owe federal income tax from a prior year. Will my payment be reduced? A. Yes. For this purpose, the stimulus payment is treated like any other tax refund. This means that part or all of your payment can be used to pay past-due federal or state income taxes or non-tax federal debt such as student loans and child support. If this occurs, you will receive a letter explaining how the stimulus payment was applied. http://www.irs.gov/newsroom/article/0,,id=179181,00.html Quote Link to comment Share on other sites More sharing options...
Karen Lee Posted March 14, 2008 Report Share Posted March 14, 2008 Thanks...I feel so stupid. Karen Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 15, 2008 Report Share Posted March 15, 2008 I received my LETTER today. Quote Link to comment Share on other sites More sharing options...
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