MargaretMort Posted April 10, 2009 Report Share Posted April 10, 2009 I had two clients who each got very healthy bonuses. They called to see what the tax consequences would be. I worked up an ES for each of them, called them back and said the taxes would be about $xxxx and did they want me to print ES Vouchers for them. They said no. What I didn't say was $xxxx in addition to what was already withheld from wages. What they "heard" was their refunds would be that much less than they usually get. Tremendous shock on their parts when they found out the amount they had to pay, long conversation while I explained, again but more clearly, why. Decided that I must be absolutely sure I don't think the client understands what is perfectly clear to me. MM Quote Link to comment Share on other sites More sharing options...
JohnH Posted April 11, 2009 Report Share Posted April 11, 2009 Yesterday client comes in and we start the return. Client has an IRA withdrawal for over 325000 plus a couple of small withdrawals and some normal interest and dividends. Told him no tax was taken out of it and he will owe the IRS a chunk of change. Trying to find the words to soften the blow of 96000 to the IRS and 19000 to the state, he says "Yeah I figure about 130000 to the IRS". My response after my initial shock that he knew he would owe "It's not that much but close to it". He left and was going to sell stock to cover the tax bill. I can see next years tax return being fun. Do you think it's possible that every now & then a client actually knows the bad news and they are just playing mind games with us for the fun of it? Quote Link to comment Share on other sites More sharing options...
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