schiewolf

Got an amazing IRS agent the other day who explained the whole process and thought I’d share for those worried about checks not arriving.

This is for business owners that have received a refund check date (the date the check will be processed).

The IRS doesn’t process their own checks - it’s a sister agency/department of the treasury who does that. By the time you have a check date, the business address on file with the IRS will already be “locked in” as it’s been sent to the sister agency already.

Check dates will always be on a Monday - that’s the date it is processed. Check get mailed on tuesdays. Most people receive their checks by the following Friday.

IF YOU DID NOT GET YOUR CH

Anyone had a client receive this letter? All the agent can tell me is that it’s a tax adjustment letter. Another agent said they need a different signing title for the 941X, which is odd because we filed three quarters together and the other two have check dates for this month.

All quarters were over $200k but this quarter is the biggest one $900k+.

Icing on the cake is that the client just realized that they had the wrong address on file as well. Ugh. So can’t even get the actual 4384 letter the irs sent.

Edit: also their transcript now shows a code 290 additional tax assessed dated 6/26/2023. Any chance that’s an indication it might still process as normal?

Edit to Edit: NM - other c

Is it possible to create a custom template that could be shared with other databases?

For instance, I have a colleague that wants to mirror what I’ve built in my AT with his own client base. Can I share my base sheet columns, automations, interface setups etc with him?

Is there no way to restrict user views while still allowing them to edit tables?

Curious if the professionals in the group have heard of this. Normally the business owner is allowed to sign the 941X electronically but the paid preparer must ink sign.

My client got a voicemail from the IRS agent assigned to their 941Xs saying that as of May 5th their procedures changed and they are no longer allowing DocuSign/electronic signature and to fax a new form with an ink signature etc etc.

Anyone else heard this??? Clients total credits for the three quarter is around $250k.

Question for the professionals preparing ERC for multiple/lots of clients:

In your experience, how common is it to have 1) quarters lost by the IRS/ needing to be re-mailed or 2) all quarters received but processing began on different dates?

• I’m seeing this in clients with all refunds under $200k.
• We mail all 941Xs in the same envelope.
• We do all of our client tracking using transcripts unless there is an actual issue requiring a phone call.

Hi All: anyone know if there’s a way to do a formula that adds a certain amount of days to a date?

For instance, we do a lot of projects that are due 14 days after we receive the info. In excel, I could just literally do “date+14”.

How do I accomplish that in AT?

How are people handling capacity planning, beyond the standard “eyeball + panic + pray” method?

I’m finding that while workflow management and capacity planning have some cross over, they are separate issues. Workflow management is great for the “right now”, but does anyone have a good handle on scheduling out in advance your capacity as far as how and when future projects will be handled so that you can give very accurate turnaround times to clients + know how many more clients you can take on?

Edit: To add more context to my situation, this is my second full year with my own book of business (100% remote firm). Year 1 was just me with maybe 20 hours of a contractor helping prep 1040s/a

For the recovery startup business qualification:

I understand it is the date they began carrying on a trade or business. Do you always use the metric of when they were officially open to the public for sales?

For instance, a tech company that spends three years developing a product with all costs (including payroll) being capitalized. Year four they officially have a product ready for sale to the public. Would you say they were carrying on a trade or business from year one, or not until they were ready to sell their product?

Or how about a business that spends six months getting ready to open a restaurant to the public - suppose they have a manager on payroll overseeing the construction t

I’ve seen multiple opinions on this and would love to hear what other professionals are doing:

The $1 Million average. For a single business (no aggregates), do you interpret the rules as including 2021 sales in the average, or only sales PRIOR to 2021?

In other words, if you have a business that starts in mid 2020 and made $800k in 2020 and $1.3mil in 2021, would they qualify since the average sale preceding 2021 are under $1mil? Or do you average 2020/2021 which is over $1mil and disqualifies them?

Have a client that we just mailed their 941Xs today - clear cut Recovery startup business. Find out today they were an aggregate well over the million mark (yes, we ask everytime - just one of those situations that sometimes slip thru).

So. Obvious we are going to amend to adjust the refund to zero. My question is the best way to handle the amendments - can we send it immediately? Should we wait until the other processes? Can I call and have the IRS note on the file not to process? Any tips appreciated! Can the USPS return to sender if I give them the certified receipt lol?

Curious to hear other thoughts on this. I have a client with a seasonal snow cone shack that’s been in operation before 2019, does minimal sales in the summers.

In early 2021, the client started a new DBA under the same EIN that operates a pizza truck year round that has a contract with a local brewery and is permanently parked in their lot.

Both business have a legal DBA, keeps separate books, and tracks their payroll separately HOWEVER as they are under the same EIN they report both businesses payroll on the same 941.

Is there any reason the pizza truck would not qualify as startup recovery? Aggregate gross receipt are well under $1mil. If this was a sole prop with two DBAs I would

Anyone dealt with clients closing their business after receiving EIDL Loans from the SBA? This client has $150k outstanding and thinks since he didn’t sign a personal guarantee that the SBA will let him default.

He sold his business assets in September and wants to mark 2022 final.

Anyone here follow Jason_CPA on YouTube?

Probably too late for this tax season, but he floats the idea of breaking up tax season into four separate windows/blocks, and pre-scheduling clients for each window. For instance:

Window one (early filers) is expected to file by 4/15 with a deadline to send in their documents by 3/1. Window two expected to file 6/15 with a deadline to send docs by 5/1. Window three expected to file 8/15 with a deadline to send docs by 7/1. Window four expected to file 10/15 with a deadline to send docs by 9/1. So staggered blocks of clients to focus on, with some wiggle room built in for the clients that realize they need their return ASAP for a mortgage, etc.

Are any of you tracking what happened with Assure? One of my venture capitalist clients just let me know they’ll need quotes for their SPVs ASAP now that Assure closed up shop.

(For those not familiar, Assure specialized entirely on setup and maintaining SPVs. Clients would basically prepay and Assure would do their tax returns etc. at the end of Nov 2022 they announced out of the blue that they were closing and they are now GONE).

Second question: for anyone with venture capitalist/SPV clients, I’m trying to learn more to make sure I’m comfortable with their taxes. Haven’t been able to find ANY CPE that specializes in this. Is that because they are actually just basic partnership tax re