Posts by ruggedlynx63

Mark Torres45 said:I really need some help here! I’ve been recording all our credit card sales as direct deposits into our business checking account since that's where the cash actually lands. But when it came time for our tax filings, the IRS agents called me out. They're insisting that every single cent we ring up through the POS system needs to be booked as cash receipts. Honestly, it makes zero sense to me—why would I call it cash when the money hits our bank account directly? Who's actually in the right here, the tax authorities or me?

Unfortunately, I hate to be the bearer of bad news, but they're actually right on this one. For the purposes of tax reporting and fiscal tracking, credit card transactions are treated just like cash...

Henry Stewart2 said:I am not registered for sales tax and don't have a tax ID.
I'm ordering a service from Germany.

Should I be asking for their tax ID before I place the order, and will I be hit with a 25% sales tax on the service when I acquire it?

Yeah, you definitely need to grab their tax ID at least 15 days before you actually pick up those services from the USA, and once the transaction happens, you'll have to calculate and pay the sales tax yourself and file the appropriate tax forms for that month...

Steven Anderson14 said:Back in 2016, they were booking liabilities for the U.S. Chamber of Commerce dated December 2015. Seems like a bit of a mess to me, since they were already recording those same December 2015 liabilities during the 2015 fiscal year too. How are you guys handling your coding?

It's the exact same thing over here 🙄

Patrick Peterson49 said:they're swamped right now—can barely keep up with ☕
...

🙂

Does anyone have any idea why my monthly membership dues for the U.S. Chamber of Commerce $14 aren't showing up on the IRS portal yet...?!

Robin Kern76 said:Do I need to attach the Chamber of Commerce fee calculation along with my sales tax filings? Like, am I supposed to keep those records tied directly to my financial statements? Or can I just debit the liability account and book the expense and call it a day? 🤔

You don't submit or even calculate the QuickBooks for corporations anymore...

Anthony Jackson81 said:So, I just noticed something crazy on a worker's filing. He’s under 30, so basically, certain payroll taxes aren't even being paid on his checks. But when you look at the actual tax form, instead of showing the standard insurance base, it just says "exempt per contribution laws" under the employment status code. Like, what?! This means for almost an entire year, we've been dutifully paying nothing but the basic payroll withholdings while the rest of it just... vanished? And I didn't even realize they messed up the filing! I wasn't even looking for mistakes, everything seemed fine! Now I'm freaking out. What am I supposed to do now? Help!

You need to file a correction using the N/A form.

Drew Rogers6 said:The summary report applies to both goods and services—I handle transport services myself and always file the ZP. Honestly, unless that brokerage service has some weird, specific tax loophole attached to it, I wouldn't know.

Alright, thanks 👍

Quick question here: I know when we’re shipping physical goods, besides the standard sales tax filings, we have to submit those ZP forms... but what happens when an invoice goes out for brokerage services provided to companies within the European Union? Is there anything else that needs to be filed with the IRS beyond the usual tax returns?

The tax filings for 2015 are still being processed using the old rates! But get this—all the prepayments for 2016 are already hitting based on the new rates...

amberbadger17 said:Jessica Gonzalez30, thanks.

Regarding those interest rates everyone’s obsessing over—I’ll just throw that into my footnotes. Honestly, I’m not going to lose sleep over a few bucks here or there.

Anyway, quick lightning round question: if I want to list my husband as a dependent—assuming he meets all the criteria—do I need to submit both the standard HHS form and that other specific one, what's it called again?

He isn't on my insurance, and I have zero intention of adding him.

I was thinking about just attaching our marriage certificate and calling it a day.

What do you guys think?

Are you working a standard W-2 job or are you running your own small business?
If you're self-employed, you don't file the Higher Education Act version of the HHS form; you just submit the standard HHS form, list your husband as a dependent, and include a marriage certificate issued within the last six months.
If you're a regular employee, you just submit the Higher Education Act/HHS paperwork along with the marriage certificate as an attachment.

Keith Martinez5 said:But where exactly are you planning to list them?? I've been staring at this P-PPI form for two days straight trying to make sense of it, and I am totally stuck... Does the total cash revenue minus the cash expenses have to match the deposit into the checking account?? I’ve double-checked everything, but the numbers just won't balance out for me.🙂

Right into the trash pile...

Carol Price4 said:Look, I'm just gonna report it. It’s not like we're talking huge money here—let them deal with the headache and the legal jargon... damn, we shouldn't have to be lawyers too 😵 just to get through our actual jobs...

Well, I guess I'll throw my two cents in too. Whatever happens, happens...😉

Nathan Peterson10 said:I'm not quite sure which section this belongs in.🤔
An employer running a small business wants to pay for additional training for an existing employee. Not a student, just a current staff member.
What kind of tax breaks are available, and what exactly can be filed as a deductible expense? Can they write off the full amount of the training costs? If so, how much? Also, how does this get recorded on the payroll forms, and what's the proper way to report it to the IRS?
Thanks for any help.

Look, if you want those training costs to be tax-free, you have to check all these specific boxes first:
- The payment absolutely has to be for the benefit of the company's own staff.
- The training needs to be directly relevant to what the business actually does.
- The money should be paid directly to the educational institution, not handed to the employee.
If the employer decides to foot the bill for an employee's continuing education, that expense ends up being doubly tax-advantaged... because the company can use it to lower its taxable income base via standard federal tax incentives when filing their annual return.

They aren't coming, they just aren't... ugh...😵
Does anyone actually have a solid conclusion regarding passive interest for 2015? Like, does it even count as income back then or what? I’m honestly just completely lost at this point 😢
It’s like they wrote the laws just to make us suffer... 🙂

graniterider10 said:I’m thinking income tax prepayments don't actually count as business expenses. Am I on the right track here? Is it just the self-employment taxes that go toward my overhead? And for VAT and income tax, am I just supposed to deduct those directly from my checking account?

Exactly, tax prepayments aren't an expense, and neither is sales tax...

Brandon Jackson4 said:ruggedlynx63, everything is sorted now, I can finally get back into the IRS portal.

I saw on the forums that a few others ran into this exact same issue, and it turns out the error was on their end. Probably just some backend maintenance... the usual stuff.

If you don't mind, I have one quick question for you.

When I'm submitting payroll taxes, I put a dash after the SSN and then enter about five digits.
Are those numbers the "report identifier" from the PPP?

For example: if I'm paying for February 2nd, 2016, it would be 16033.

Thanks...

Yeah, that's the report identifier, you've got it right 🙂

Brandon Jackson4 said:I tried logging into the IRS portal, but they’re telling me my certificate has been revoked and I can't get in at all.

It doesn't make any sense... my certificate isn't supposed to expire until 2027.

Has anyone else run into this? Is it possible their system is just glitching out?

I'm really hoping it's just a technical error on their end... otherwise, I'll have to pay an IT specialist to fix it again.

Any advice would be appreciated...
Thanks

Was it the actual certificate that got revoked, or was it your power of attorney for the IRS site?

urbangull65 said:When exactly is the deadline for filing the DI form? I haven't even had a chance to sit down and look at what it actually looks like yet—but after reading through all your comments here, I’m starting to get a very interesting sense of how everyone is reacting to this whole mess.

You have to file that DI form by February 28th along with your tax return.

Timothy Morgan38 said:This new depreciation module they shoved into the IRS portal is pure idiocy. Honestly, someone needs to be publicly shamed for designing this mess...

Basically, the system refuses to accept fractional depreciation rates (like 12.50%); it only recognizes whole numbers...

The real headache happens when you're trying to depreciate an asset down to zero, but the math doesn't perfectly align with the rate provided... there is absolutely no way to file...

Say you buy something for $33 in November 2011 and you're depreciating it at a 25% rate
2011 depreciation - 2,083.33 (from Dec 1st to Dec 31st)
2012 depreciation - 25,000.00
2013 depreciation - 25,000.00
2014 depreciation - 25,000.00
2015 depreciation - 22,916.67

You can't submit the form because there's this mindless validation check requiring the amount to equal exactly "purchase price x rate / 100," and to make matters worse, it won't even let you input decimals for the rate itself... just integers...

I have no idea who designs the logic for these forms, but whoever it is deserves a very stern talking-to from their parents and a long stint sitting in a corner...

😁😁
This is just awful! I "can't wait" to start dealing with these lovely little forms 🙂