Don't get too comfortable thinking vacation is around the corner—new tasks are hitting our desks next week. We don't have any official stats yet, but the FBI is going to send over some paperwork for us to start filling in the data gaps.😂
That’s not even the issue—the form submission window runs from midnight to midnight. Maybe you installed a newer version of java, which is causing the glitch (or maybe you're stuck with an outdated one).
fadedsailor57 said:I'm actually interested in the ones with interest.
What do you mean by the interest being "too expensive"?
Can you walk me through that?
Here’s my logic: I lend money to my own company, say $33, at a 10% annual interest rate. That means the company pays me $3.25 a year in interest. Since that's an expense for them, it lowers the company's taxable profit, so they pay less corporate tax. Then, as an individual, those $3.25 aren't counted as taxable income for me. Basically, I pulled $3.25 out of the business without paying corporate tax or personal income tax.
Is there a catch? Where's the sting?
Here's the catch: (2) An advance withholding tax on interest income under Section 30, Subsection 3 of this Act is paid via withholding at a 40% rate, with no allowance for the personal deductions found in Section 36 of this Act.
ruggedmaker2 said:I gave it a shot, but honestly, it didn't speed things up one bit. The clerk gets all the paperwork ready, but then that refund request has to sit through some internal committee review before anything actually happens. It really just comes down to whenever that board—or whatever they call themselves these days—finally decides to get together and meet.
It might also depend on which local precinct you're dealing with. In my neck of the woods, it goes "normally"—about 30 days from the time you file. Sure, they run checks (unless it’s a straightforward import refund), especially if we're talking significant amounts, but it moves.
ruggedmaker2 said:You heard right—VAT filings are due by the 20th, but you’ve got until the end of February to get those refund requests in. Personally, I don't mind the rush since we usually end up with a refund anyway. Figure if I get my paperwork in early, maybe the IRS will actually cough up the cash sooner rather than later. 😁
Have you even tried filing earlier? I have—back when I was looking at a larger refund, I filed my sales tax return in the 4th month and had the check in hand within 30 days.
Jack Young said:Hey everyone, does anyone know what the deadline is for Google to accept GFI-POD for stats? I'm wondering if the window for data submission has already closed and now they're only taking stuff for public release.
Richard Howard55 said:Looking for some advice here, I’m a bit stuck on whether this decision applies to people renting out their own properties—those who pay both Social Security and Medicare taxes and fall under corporate income tax rules, even without being registered as a business entity.
I already ran the numbers, sent out the payment notices, and filed the paperwork with the US Forest Service.
But now I've got this dilemma... honestly, even though an article from the IRS suggests they are liable for contributions, it just doesn't feel right to me. I guess I'm wondering if "business activity" actually extends to unregistered individuals, or if that's just a massive overreach of the rules...? What do you guys think?
My take? They shouldn't be liable because they aren't generating income through an actual independent business operation.
Jack Carter88 said:Ultimately, it all comes down to the specific clerk handling your file; there is always room for an exception if you play your cards right. But if you hit a wall and they refuse to take it, don't just sit there. Roll up your sleeves and head down to the local IRS office tomorrow to hand-deliver that electronic card application in person. If you move fast enough, you might just manage to get your IRS access activated by the April 30th deadline.
At the end of the day, submitting something late is still miles better than not submitting anything at all.
It looks like they don't have an open portal for entrepreneurs to submit forms within the sales tax system. Your only real shot is through the IRS e-file. If anyone here has dealt with a different setup, please share—I could use the info.
You can turn everything in online—no more trekking down to the local FBI field office, like we talked about before. The main thing is you have to file the tax return first. Once that’s done, you'll have the option to upload all your supporting docs along with it, such as yearly loss breakdowns or statements regarding prepayments. For those who specifically need the cost of goods sold or the balance sheet (which you can pull from QuickBooks, but still...), I'm pretty sure that's all doable digitally. The only thing you can't send electronically is a chocolate bar—you're going to have to deliver that one in person.😉
If the sales tax has been processed, you'll see it reflected on your business credit card statement. My take—regarding what’s actually paid versus what’s still owed—is that they’re going to debit or credit your account based strictly on their own internal ledgers, regardless of whatever numbers you type in.
Brenda Chase3 said:The calculation rate is determined by your primary business activity—specifically, the one listed on your classification notice from the U.S. Census Bureau. Essentially, the form doesn't give you the option to apply different rates to various activities (since many businesses operate under multiple categories within a single entity); instead, everything is calculated based on the main activity you declared when you first registered your company.
If you ask me, it should be based on whatever activity actually brings in the most revenue. When someone starts a company, they usually have one specific vision in mind for their primary industry—but then reality hits, and life takes them in a completely different direction.
vividhound60 said:They can demand whatever they want, and you can complain about it later... honestly, there have been plenty of times where they've asked for balance sheets and P&L statements. Sure, there isn't a legal requirement to hand over originals when you're filing for a public bid anymore, but once you actually land the contract? Yeah, you're on the hook to provide them.
Come on, send me a link to some JPMorgan Chase tender where they actually demanded a balance sheet—DM me if you have to. The second part holds water: under the new Zillow regulations, a contractor can't demand originals right out of the gate. They can only ask for the originals from the winning bidder after the fact. And even then, they don't necessarily need the exact same physical papers you submitted earlier—they just need documents that serve the same legal purpose.
jadenomad24 said:I've checked everything you mentioned, but when I try using Mozilla, it keeps telling me I need to install Java—even though I know for a fact it's already on my machine. And in Internet Explorer, everything looks exactly like you described; I see both certificates with my name and the date, yet it still won't budge. All I get is: "Loading application..." followed by absolutely nothing else.🤷
Maybe try this too: Go to Start-Programs-Activ identity-Activ client-User console. Once those certificates with your name pop up, right-click one, then the other, and hit "make available."🤷
vividhound60 said:Well, I don't call them... I call my contacts at the Police Department, and I have about two of them. But they don't take anything... honestly, I wouldn't be surprised if they didn't even realize they could take it. Besides, I saw in the IRS instructions that the P&L and revenue statements can be sent through the portal... and when I called yesterday, the agent didn't tell me not to send them, and I need them for public bidding. What can I say. At these auctions, they demand the balance sheet and P&L verified by the Police Department, and now you're telling me I don't need to? You're probably right, but if I just submit what the IRS has, they could disqualify me. Is that illegal? Maybe, but I could drag them through a commission hearing and waste three or four months fighting it... and the job is waiting right now.
This is slightly off-topic, but if we are talking about bidding under the Zalando regulations, the document a client must request from the FBI is an FBI certificate regarding tax debt status. To prove financial capability (which isn't strictly required by the cited law, though a client can still ask for it), one can provide documents like BON-1 or BON-2—those are the ones issued by a commercial bank or FINRA. But as Damir points out—and we've reached this conclusion on this forum several times now—a lot depends on the individual agent and the FBI itself. In the last two years, I haven't submitted a single balance sheet or income statement to the FBI for any of my clients.
And look, just like I noted in the accounting PDF—even if the taxpayer ended up with a loss, you can't just leave the advance payment field blank for the next tax period. You have to enter a non-zero value, so go with 0.01 🙂 It’s what happens when IT guys try to get "creative" with the code
Sam Wells5 said:The folks over at the IRS are asking me to include my business name right next to my own name on the forms, instead of just leaving it as my personal name.
Look, a sole proprietorship is just an individual—there's zero need to register a separate business name. All legal headaches (like some unpaid fine from the Department of Justice, for instance) hit your personal Social Security number directly, regardless of whether they actually relate to the business itself.
On line 39, there’s this parenthetical note (items 4-26+35) suggesting that the loss should be offset by items 5 through 25. If item 4 is larger than that deduction, the result ought to be a positive number—but the system won't allow it. Once I manually entered a "-" sign, it finally went through. Their math is completely broken.😛