Author Topic: any accountants out there that i can ask a question?  (Read 477865 times)

Offline Definitions2

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Re: any accountants out there that i can ask a question?
« Reply #2460 on: September 01, 2023, 12:56:41 AM »
What's the going price to file an amended return? A Simple tax return that didn't include a 1099k.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2461 on: September 01, 2023, 09:35:18 AM »
What's the going price to file an amended return? A Simple tax return that didn't include a 1099k.


Offline Definitions2

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Re: any accountants out there that i can ask a question?
« Reply #2462 on: September 01, 2023, 09:58:23 AM »
.
Are you saying there's no general going rate?

Does $1000 sound reasonable? That's what I got quoted but it sounds very high to me so I wanted to know

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2463 on: September 01, 2023, 11:32:33 AM »
Are you saying there's no general going rate?

Does $1000 sound reasonable? That's what I got quoted but it sounds very high to me so I wanted to know
from the same guy that did it the first time around?- very excessive
or are we talking someone who did his own and now needs an entire return reentered and matched before adding the missing details? - possibly not as excessive

Offline Definitions2

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Re: any accountants out there that i can ask a question?
« Reply #2464 on: September 01, 2023, 03:32:52 PM »
from the same guy that did it the first time around?- very excessive
or are we talking someone who did his own and now needs an entire return reentered and matched before adding the missing details? - possibly not as excessive
Not same guy. I used TurboTax (I think at that time credit karma) to file. Didnt put in a 1099k from eBay.

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #2465 on: September 01, 2023, 04:33:23 PM »
Not same guy. I used TurboTax (I think at that time credit karma) to file. Didnt put in a 1099k from eBay.
If you log back into TurboTax, just go to the income section and add it. voila - you've got your amended return.
TT also has a question on the first page "Do you need to amended a return?"
My favorite cause: cssy.org

Offline imayid2

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Re: any accountants out there that i can ask a question?
« Reply #2466 on: December 26, 2023, 09:04:06 PM »
Does withdrawing principle from a Roth have any implications for EIC or anything else?

Offline USam

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Re: any accountants out there that i can ask a question?
« Reply #2467 on: December 27, 2023, 10:41:27 AM »
Does withdrawing principle from a Roth have any implications for EIC or anything else?

You won't be able to get the savers credit that year if you contributed to an IRA.

Offline AussieMan

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Re: any accountants out there that i can ask a question?
« Reply #2468 on: December 28, 2023, 05:40:14 PM »
Erc refund IRS is asking people to return the money and keep 20%?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2469 on: December 28, 2023, 05:50:02 PM »
Erc refund IRS is asking people to return the money and keep 20%?
yes
My guess is, the thought is that is average promoter fee?
also needs to be some "carrot"

Offline AussieMan

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Re: any accountants out there that i can ask a question?
« Reply #2470 on: December 28, 2023, 05:57:58 PM »
 Is it only if they have not sent an audit - or even those who are being audited can do the voluntary disclosure?

yes
My guess is, the thought is that is average promoter fee?
also needs to be some "carrot"

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2471 on: December 28, 2023, 09:51:21 PM »
Is it only if they have not sent an audit - or even those who are being audited can do the voluntary disclosure?
Q1. Who is eligible for the ERC-VDP? (added December 21, 2023)
A1. Businesses, tax-exempt organizations and government entities that are not under criminal investigation or notified that IRS intends to commence such an investigation are eligible to apply for ERC-VDP for each tax period that meets the requirements below:

Your ERC claimed on a Form 941, 941-X, 941-PR, 941-PR-X, 941-SS-X, 943, 943-X, 944, 944-X, CT-1, or CT-1-X has been processed and paid as a refund, which you have cashed or deposited, or paid in the form of a credit applied to the tax period or another tax period;
You're entitled to $0 ERC;
You're not under employment tax examination (audit) by the IRS;
The IRS has not reversed or notified you of intent to reverse your ERC to $0;
For instance, if you received a notice or letter from the IRS disallowing your ERC, you are not eligible for ERC-VDP for the period(s) on that notice or letter. Disallowance Notices or Letters from IRS, if they indicate ERC disallowance, include but are not limited to:
Letter 950-D, Employment Tax 30 Day Letter
Letter 5376, Full/Partial Claim Disallowance
Letter 6362, COVID-19 Employer Credit Disallowance Letter for PPP Loan Recipient or Government Entity
Letter 6362-A, COVID-19 Employer Credit Disallowance for Third Party Payor reporting a Government Entity
Letter 905, Final Partial Claim Disallowance Letter
Letter 906, Final Full Claim Disallowance Letter
You have not reversed your ERC to $0:
For instance, if you previously filed an amended employment tax return to eliminate all of your ERC, you generally aren't eligible for ERC-VDP for the period(s) you amended. However, if you filed this amended employment tax return before December 21, 2023, IRS will review your ERC-VDP application on a case-by-case basis for eligibility into ERC-VDP.
IRS doesn't have information from a third party alerting us to your ERC noncompliance.
IRS doesn't have information directly related to your ERC noncompliance from an enforcement action.
Please note that if you willfully filed an employment tax return that fraudulently claimed ERC, or if you assisted or conspired in such conduct, filing for ERC-VDP will not exempt you from potential criminal investigation and prosecution.

If you're not eligible to participate in ERC-VDP:

Because your ERC has not been paid, you can still consider the ERC withdrawal process.
Because you can't repay your ERC-VDP liability, you're not approved for an installment agreement, or for any other reason, you can amend your incorrect returns and review other IRS payment options to pay back your full ERC.

Offline yakov.ziki

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Re: any accountants out there that i can ask a question?
« Reply #2472 on: January 01, 2024, 11:07:42 AM »
Not sure if this is an accounting question, but I was curious to know if one can open a business credit card under oneís personal SSN, and do I need to spend on business transactions to validate the cardís use?

Offline Help

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Re: any accountants out there that i can ask a question?
« Reply #2473 on: January 03, 2024, 12:11:17 AM »
Quick tip for anyone who redeemed "I Bonds" in 2023:

As you may already know, you can exclude the interest earned from the bonds if you paid for qualified higher education in the same year of redemption. This might not excite everyone, as many have no higher education expenses.
However, I learned that the same exclusion applies if you contributed to a 529 plan, even without incurring an actual expense! With NJ changing the rules to allow 529 plan distributions for K-12 education, many people I know contributed to such plans.

You do not need to pay for the education after redeeming the bonds, if anytime during the year you had qualified education expenses you can get the exclusion.

Online CHEAPAVEDA

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Re: any accountants out there that i can ask a question?
« Reply #2474 on: January 03, 2024, 02:25:32 PM »
Hi DDF Forum,  anyone has a good accountant to recommend for small business owners?  Looking for yearly tax filing and also tax consultations.  Located near Williamsburg, Brooklyn  Thank you.

Offline ae123

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Re: any accountants out there that i can ask a question?
« Reply #2475 on: January 12, 2024, 03:29:37 PM »
How much should it cost to set up a 501c3?
Someone was quoted $1750.
Is that really the going rate?
Thanks.

Offline shapsam

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Re: any accountants out there that i can ask a question?
« Reply #2476 on: January 12, 2024, 03:34:14 PM »
How much should it cost to set up a 501c3?
Someone was quoted $1750.
Is that really the going rate?
Thanks.
I've done a 501c3 congregation with religious exemption and filing with the county for over $2k.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2477 on: January 13, 2024, 08:27:29 PM »
How much should it cost to set up a 501c3?
Someone was quoted $1750.
Is that really the going rate?
Thanks.
Thats on the cheaper end
assuming you aren't doing the 1023 EZ fast track which runs around $800

Offline lcm

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Re: any accountants out there that i can ask a question?
« Reply #2478 on: January 13, 2024, 11:47:04 PM »
How much should it cost to set up a 501c3?
Someone was quoted $1750.
Is that really the going rate?
Thanks.
Unless you are an official Chabad house, then there is someone that has a special rate.

Offline gozalim

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Re: any accountants out there that i can ask a question?
« Reply #2479 on: January 14, 2024, 11:36:05 AM »
Unless you are an official Chabad house, then there is someone that has a special rate.
all included isnít all that much below the 1700 he mentioned