any accountants out there that i can ask a question?

[Kobe Bryant]

Hi guys -

I got a bonus to sign onto my job in 2019. I am leaving my job a year early, so I have to return 1/3 of it.  I have to return it post tax.  Is there a way to claim it to get the tax back I had to pay on that amount? It seems really complicated from my google search

Have them withhold from your paycheck.

[cks33]

Have them withhold from your paycheck.

I tried. They said no. It’s IRS guidelines

[Dovdovmoneytree]

Hoping for $150k, but all offers are coming in at the $110-135k range.

Am just horrified that I've been so grossly underpaid for past 10 years. Let's this be a lesson for everyone out there, never get too comfortable in your job.

Sounds crazy. Idk your numbers but I was getting 80k in my 5th year.

[JunkYardUnz]

Hoping for $150k, but all offers are coming in at the $110-135k range.

Am just horrified that I've been so grossly underpaid for past 10 years. Let's this be a lesson for everyone out there, never get too comfortable in your job.

That sounds about right. You can get 150 if you want to go to the big 4 but you would need to come in as a manager 3 which means you need to specialize in something. Coming from a small firm you’re probably more a generalist.

[Cat18]

Sounds crazy. Idk your numbers but I was getting 80k in my 5th year.

When you get 4-8% annual pay raises and start at $50k coming out of college it takes awhile.

That sounds about right. You can get 150 if you want to go to the big 4 but you would need to come in as a manager 3 which means you need to specialize in something. Coming from a small firm you’re probably more a generalist.

Correct, am more of a generalist. For me at least the bigger the firm, the smaller my compensation offer was.

[Dovdovmoneytree]

Filed 2019 PAPER on March 26

E-filed 2020 April 16th with a missing stimulus payment. I also used my 2019 tax info for my Child Tax Credit form (probably adding to delay!). Until now, I couldn't find a thing on my 2019 return. Now at least, it is showing up in my IRS account as the most recent filed return. Regarding 2020- first was saying "processing" for weeks, now it says no information can be found on my 2020 refund and I should check that it was filed. Strange....

Any way to get more info? I've been checking my IRS account and "where's my refund" link.

[Jack out of the box]

Filed 2019 PAPER on March 26

E-filed 2020 April 16th with a missing stimulus payment. I also used my 2019 tax info for my Child Tax Credit form (probably adding to delay!). Until now, I couldn't find a thing on my 2019 return. Now at least, it is showing up in my IRS account as the most recent filed return. Regarding 2020- first was saying "processing" for weeks, now it says no information can be found on my 2020 refund and I should check that it was filed. Strange....

Any way to get more info? I've been checking my IRS account and "where's my refund" link.

Call the IRS
800-829-1040

[sddd]

I tried. They said no. It’s IRS guidelines

Why not amend - will they issue a revised w2 after returning?

[Alexsei]

I have a S corp registered in NYS with 0 activity, I just noticed that state and federal returns weren't filed since 2015, what's my repercussions and recourse now ?

[Dovdovmoneytree]

Call the IRS
800-829-1040

Can you actually reach someone to speak to??!

[Jack out of the box]

Can you actually reach someone to speak to??!

Call as soon as they open in the morning. I think 7am in your time zone.

[jose34]

Money used from Income to directly pay off student loans.
Is it possible/anyway to not count as Income and make it not taxable?

[davidd75]

what line number should I look at on my 1040 return to determine how much taxes I owed for the purpose of offsetting that amount with non-refundable credits?
what if I paid my taxes during the year on a regular basis does that matter?

[yitzgar]

Money used from Income to directly pay off student loans.
Is it possible/anyway to not count as Income and make it not taxable?

Up to 2500 in interest is deductible

[dovy2]

Any accountants here with experience with the ERTC with a non-profit?

[gozalim]

can you amend a tax return if there will result in no change in taxes owed/paid?
e.g. filed including 1099, didn't file Sched C. Can I go back and add the Sched C form without necessarily adding any expenses?


(regarding this)

[Jack out of the box]

can you amend a tax return if there will result in no change in taxes owed/paid?
e.g. filed including 1099, didn't file Sched C. Can I go back and add the Sched C form without necessarily adding any expenses?

Yes

[gozalim]

Yes

Thanks!

in that case, would this:

Before filing an amended return, make sure the IRS has already processed the tax return you need to amend. That way, you can ensure the IRS won't get your original return and amended return mixed up. If you've already received your tax refund, then you know the IRS has already processed your return.

be important?

[Jack out of the box]

Thanks!

in that case, would this:be important?

Yes.
If you were not expecting a refund then you can go to https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp and put $1 as refund amount to get a status update.

[gozalim]

Yes.
If you were not expecting a refund then you can go to https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp and put $1 as refund amount to get a status update.

thanks
expecting a large refund, which that link is showing as pending (since Apr). wouldn't want to jeopardize that