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ERC / Credit and 941's


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In case anyone was thinking they could file a late 941 after tax season where all taxes due have been paid and the deposits made timely... I have just confirmed this is not exempt from penalties. All of the guidance indicated that penalties were assessed where taxes were due. 

On a call with the practitioner line, the agent said she had talked to a taxpayer two calls before me where they had a penalty for failure to file... even though there was no tax due on the 941. 

The three agents I've asked before this didn't say this. They were either clueless or said my hunch was right (turns out not).

 

Also, if you need to call on a client and the account has an amount due and in collections, then the new department's number is 1 800-829-0922.

 

If you guys don't hear from me again, it's because I started this industry in 2013 during the repair regs, then we had the oboma-care reporting, then the trump changes and now the covid laws. With the PPP loans, ERC credits, countless calls just to ask if Stimulus payments were received, and the gymnastics involved with our tax strategies... I'm over it. I think I've had it. Industry is looking peachy to me. I'm just waiting for clients to start calling asking why they're getting advance deposits for child credits this summer, and then the angry conversations next year when they ask why their child credits are smaller than normal (and thus why they owe tax + penalties + interest).

Thanks all for your feedback and willingness to share and assist. I will likely be hanging my spurs up with those that "couldn't hack it", but I just wanted to say thank you. 

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Matthew in the PNW, we all hear you!  I've been postponing retirement for some time, even completely shed all business returns a few years ago. But so much now affects even my individuals, all long time folks, that it is increasingly frustrating.  Lucky I don't have to consider another career move, just have to stop.  Best of luck to you in whatever you choose to do.  Peace of mind is really valuable!

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Thanks for sharing Margaret, it's nice to know others are reaching that point too. If I had a pretty face I would do youtube like one of my clients who expects to gross $200K in his first full year of being monetized. Sadly I'm just a fat, bald, middle-aged male who's passed his prime 😄

Was the industry always like this?

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  • 2 weeks later...
2 hours ago, Margaret CPA in OH said:

Ag?  Since you seem happy it must be your happy place so enjoy!

It's the periodic table symbol for silver.  Maybe he's struck it rich.

It could also stand for Attorney General.  Maybe he's going to the AG office to fight all the preparer penalties he was assessed this past tax season.

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