Posts by Kimberly Harris6

frozenangler12 said:Well, I tried calling my daughter’s phone to see if anyone could help, but there was no answer over there...

So, here’s the situation: we finally received her digital ID card, we popped it into the card reader, and everything seems to be working perfectly fine.
But what on earth comes next?? Do we need to download some specific software or something?? I honestly haven't been able to
figure out where exactly we’re supposed to input any information, or if there are certain forms we need to fill out somewhere,
because I just can't seem to find anything at all... 🤷🤷

If anyone would be kind enough to point me in the right direction, I would truly appreciate it... 🙂

It really depends on what you actually intend to do with that card...
You can use the IRS portals or various state tax services http://www.irs.gov/—just look toward the bottom left of that page. For most of these applications, you won't need to install anything unless your browser needs a quick tweak, in which case you just call the service provider..
You can also set up electronic tax filing http://www.irs.gov/filing-information... and you can find all the details at this link.. it explains everything..
Beyond that, you can handle Social Security matters http://www.ssa.gov/
and even Medicare filings http://www.medicare.gov/

I think that covers the basics.. Every one of these services is actually great; I've been using them for years and haven't had any issues..

Raymond Martinez10 said:Like I said—yesterday, the refund hit my account. No extra questions, no formal requests, no bank statements... nothing. 🙄

The clerk involved definitely deserves credit for making that happen...

Thanks, Lili... I'm joining in on those congratulations. Here’s hoping we can keep this level of productive cooperation going through next year too. As for the rest of you folks on this forum... hats off to you.🙂

Betty King7 said:Does the person in charge actually have to show up in person, or what?

It doesn't have to be... all that matters is that the powers of attorney and the cards are taken. Honestly, even a random passerby could walk off with them if they aren't careful.🙂

Jose Johnson51 said:Hey everyone!

I have a quick question for the group: when you all finally received your Goldman Sachs card and the USB reader, did yours come with an installation CD included in the package? 😕
Look, I’ll be the first to admit that I am completely out of my element when it comes to this kind of technical setup...🙂

If this is your first time setting up the Goldman Sachs portal, you can actually call their IT support to walk you through the whole setup process (it's free for the initial setup). It’s probably the safest way to go to make sure everything works right... That's what I did with mine.

Has anyone here tried filing an ID form through the IRS portal when no salary was actually paid?
Here’s the deal... at a recent tax seminar, they mentioned how to handle the ID form if there was no payout, specifically noting that Section II should be left blank. But using the online IRS application, it feels like that's physically impossible to do. The only thing the system lets me do is leave field 7 under Section II—"Income Tax and Surtax Paid"—empty.
Am I just messing this up? Has anyone else run into this exact roadblock?

Carol Stewart2 said:Thanks so much, Kimberly Harris6.
I’m just paying my own taxes as a board member, so technically the company doesn't have any employees.
Honestly, I haven't filed anything in a year and a half—I basically disappeared from the books for a while. If a company isn't officially "dormant," maybe I should just shut it down or sell it; right now, I'm just bleeding money on fees for a business that isn't even running. I'm starting to panic a little—does anyone know what kind of penalties I'll be facing since I haven't filed anything in so long?

I'm not entirely sure what the penalties are. There was some talk for a while that the IRS would start cracking down on companies with no employees and zero revenue, but I haven't actually heard of anyone getting shut down yet. Honestly, if you aren't planning on running the business, why bother keeping it alive? Besides, those self-employment tax obligations for board members can get pretty expensive...

Carol Stewart2 said:I really need some help here...
About a year and a half ago, I took over my late father's business. It had been dormant for a while before I stepped in. Since then, the only thing I've actually paid for is the business internet. There’s zero revenue coming in—nothing is hitting the business bank account.
Since I'm currently unemployed, I just use the business to cover my own health insurance and social security.
Aside from those specific bills, nothing else ever shows up at my house. I'm honestly worried I might have missed registering with the IRS since I haven't actually started any operations yet.
Does anyone know if I'm legally required to send paperwork anywhere? I am totally lost. Every time I try to talk to an accountant, they just want $75 a month plus tax for... well, I don't even know what. I keep telling them the business isn't actually doing anything.
According to the rules, isn't a company considered inactive until you issue your first invoice? Does having one small expense mean I'm technically "active" now? What do I need to file, and how do I keep the business in this "dormant" status?
Thanks so much to anyone who can help me out. Honestly, I’d pay for some solid advice just to avoid dealing with the bureaucracy at the local government office.

Technically, a business can't just stay in "limbo." Even if you aren't making money, a business still carries obligations and costs—like bank service fees and whatnot. Generally, if there are any expenses at all, the business is supposed to file reports, which inevitably leads to the requirement of keeping formal books. You mentioned you're paying your own Social Security and health insurance through the company... how exactly does that work? Are you registered as an employee of your own firm? Or are you acting as the owner/director and paying contributions based on that standard minimum of roughly $2667 (which is incredibly expensive)? If the company existed prior to you, it already has a registered business activity with the Secretary of State and is registered with the IRS (under the corporate income tax system). It's likely a request was made to opt out of sales tax collection since operations stopped. Furthermore, you said you put the internet bill under the business name; that means it has to be recorded as a business expense.
There is a possibility that if there are absolutely zero expenses and zero income, you could notify the IRS and the state treasury about the situation to waive reporting requirements (which is probably why your company was considered dormant until now). But once something starts happening—like adding expenses—that status changes. Since I don't know what was filed previously, your best bet is to contact the IRS and the state authorities directly to see where things stand. That said, you really should have an accountant take a look at the whole situation and give you some actual guidance.

Raymond Martinez10 said:Believe it or not, I filed an IRS refund claim and it went through without a single follow-up question. I've got another refund coming next month, so I'll let you know how it goes.
For another client, I had a VAT carryover to N/A, and that went through too—though, naturally, they required the Central Hub docs.
In these situations, I’m convinced the "key to success" is just having a good relationship with the clerk.

When you say they didn't ask any follow-up questions, do you mean you actually requested a refund, they sent the money back, and nobody called you to demand your logbooks for an audit?

As for the agents, I’m with you there. I have a couple of clients who constantly carry debt and all they ever get are these little reminders to pay a bit here or there before the next notice hits—they've been dragging it out for a year like that. Meanwhile, I have another client who stays completely current, but the one time he’s late with his taxes by JUST THREE DAYS, he gets a notice threatening a lawsuit. It makes zero sense. It really just comes down to which agent you end up with.

There’s going to be plenty of interesting stuff happening here. If I can't make it, I already know exactly who I'm reaching out to for the scoop 😉

Where do you think you're going, Kimberly Harris6?

I keep telling myself I need to stay chill, but honestly, some of these idiots are testing my patience more than I can handle.🙂

Has anyone actually attended a worthwhile seminar lately? ☕

Timothy Morgan38 said:And why is everyone so terrified of showing a loss? Just show it... at least they won't be paying corporate income tax next year if things actually pick up...

If the loss is the actual reality of the situation, then it needs to be reported...

Personally, I run into situations all the time where accountants try to "massage" the numbers in all sorts of ways just to hide a loss—stuff like inflating inventory, delaying legitimate expenses, or misclassifying costs as loan repayments...

It’s all short-sighted because eventually, those numbers have to be reconciled. And I really don't get the logic behind bloating inventory or whatever else... what kind of reasoning leads you to believe that a company which couldn't even generate enough revenue this year to cover its own materials and payroll will magically make enough next year to cover both last year's deficit AND the current year? There's zero logic there, unless you're expecting some massive, sudden surge in business... which rarely happens...

So instead, they report these unrealistic profits while generating a massive, hidden loss that will inevitably have to surface later. In my opinion, it's better to face the music and report a $100,000 loss now and start next year with a clean slate, rather than playing games only to be hit with a $500,000 loss five years down the road... better five rounds of $100,000 than one giant $500,000 blow...

Honestly, I agree. If I were in their shoes, I would have faced the music immediately. But they kept getting all sorts of "expert" advice... for instance, they had a crew stealing inventory and creating a huge deficit, and instead of being honest about it, people advised them to just cover it up by buying stock off the black market. Now, they've been playing this dangerous game for years, the gap keeps growing, and they're eventually going to be forced to come clean anyway. The only difference is that instead of dealing with the original shortfall of roughly $6.75, they'll be staring down a deficit three times that size..🙂

Timothy Morgan38 said:And there you have it... that's what happens when you play fast and loose with the numbers...🙂😂

Kidding aside...

Just write it off gradually over the next few years... have them perform a physical inventory count to see what they’re actually using, keep that on the books at $3, and then slowly phase out the rest of the junk that isn't being utilized... think of it like depreciation...

As for whether it catches anyone's eye? That's secondary. At the end of the day, you have to report fair market value... your excuse during any audit would simply be that a year-end inventory was conducted—as required by US accounting standards—and the obsolete small inventory was written off accordingly... nobody can argue with that... it shouldn't be an issue... unless, of course, they were using the small inventory account to fund personal shopping sprees, which could be flagged as an undocumented expense... but that wouldn't be your fault since you weren't the one pulling the strings...

People seriously need to realize they can't just do whatever they want and then expect the accountant to swoop in and fix the mess later... you can't buy everything under the sun on the company dime and then whine when you don't want to show a loss on the balance sheet...

I wouldn't say this specific case was about buying personal items... generally speaking, both the owner and the company were fine during the first half of the year. Now, they're basically on the verge of shutting down, unless some miracle happens...
The previous service provider left behind a massive mess of unresolved issues... not to mention the chaos with customers and vendors; this balance in accounts receivable is just one of many disasters. If a balance exists, there should be an inventory list to back it up, but there isn't even that here, so the whole thing was just pure guesswork.

Timothy Morgan38 said:To be honest, that's how I've always handled it😍 and I don't see any reason to change since I end up writing off the entire inventory every single year anyway...

Well, here’s my situation. I just took over the books for a company where the previous shop used to stash all their small supplies under account 35. The problem? They only ever wrote off a tiny fraction of it because they were too busy padding their profits to deal with actual accounting. Now, I'm stuck dragging around about $40 thousands in unwritten-off small inventory. If I decide to write it all off now, the company is going to show a massive loss on paper. Wouldn't that look suspicious to an auditor? What am I even supposed to tell them if someone starts asking questions...

Timothy Morgan38 said:Back to my ongoing battles with the IRS... The power of attorney for a client was submitted and processed at the local office, but I still can't access the PKK for their SSN... The agent at the office insists the authorization has been granted and it shouldn't be an issue, yet I'm still completely locked out of doing anything for that specific ID...

Do I need to file some additional request through the IRS portal??? Or is submitting the power of attorney enough?

Because the authorization went through two days ago, and I'm still getting nowhere...

Well, a woman at my local branch told me a few months back that every time I bring in a power of attorney, I have to bring my ID card too; she swipes it through her reader, sets everything up, and within 24 hours, everything is working perfectly...
Look, I'm looking at your screen right now... you have the business entity authorizations listed below... try entering the SSN for those clients who are giving you trouble, hit send, and then you should get a list showing exactly what you're authorized to do with your card. For all my clients, I have full access... maybe you specified certain things on the paperwork and accidentally left something out on the POA? I always select "YES" under authorization management, which means you have unlimited access for an indefinite period, and you can cancel the service whenever you want.

Carol Ward3 said:Just to circle back to my previous point regarding the fees for extra authorizations on the FINA card: "... if you're using the same card for multiple companies (provided you have the power of attorney), there's an additional charge of roughly $2.50-$$4.00 per authorization—though I suppose that figure fluctuates depending on how many powers of attorney you're processing, as more volume usually means a bit of a discount. And keep in mind, these charges are strictly for FINA’s internal services (like registration, statistical reporting, or FINA payments); in a typical scenario, you might see one company $17 a month, maybe three firms $29, or even up to 101 firms $101. That invoice could potentially spike only if you happen to request a specific tax document, a statistical transcript, or something similar that FINA charges for—which, honestly, is still probably cheaper than dealing with someone at a bank teller window anyway."

It’s definitely more cost-effective. You just have to weigh the savings against how much time you actually save—not to mention the headache of having to drive back down there if you messed up a form. As for those Social Security and retirement filings? This card is a lifesaver in every sense. I've been using it for about four years now and haven't found a single flaw.

Carol Ward3 said:So, were you scanning those notes and decisions to send them along with the rest of the paperwork, or did you handle it some other way?

Look, you can either scan them or just convert everything to PDF. The main thing is that it absolutely has to be in PDF format. A digital signature—the kind you use when submitting documentation—should be enough. As far as I know, they haven't required a physical stamp and handwritten signature until now.

Raymond Martinez10 said:There’s definitely a fee schedule for accessing data...
So tell me—do you have a professional login and full authorization for all your clients? And what’s the monthly per-client fee looking like?
As of right now, I'm strictly using mine for the IRS.

"Additional authorizations are billed according to the following scale:
Digital ID - additional authorizations*
up to 10 authorizations
$4.00/authorization
from 11 to 30 authorizations
$3.25/authorization
from 31 to 50 authorizations
$2.25/authorization
51 to 100 authorizations
$1.75/authorization
101 or more authorizations
$0.83/authorization
Calculation example: If you have a total of 35 authorizations, the charge calculation will be: 35 users x $2.25 totaling $82."

And where on earth is this price list for viewing? I just check public records by logging in with my username and password to find whatever I need... Good grief, they aren't actually going to send me a bill for that, are they? I mean, I've been looking at stuff for at least a year now and they've never once charged me anything.

Raymond Martinez10 said:Absolute disaster.👎
I suppose next we’ll get some new directive on how to electronically submit non-standard documentation—you know, the footnotes and distribution decisions—and who knows, they might even make that optional eventually.😂
But for now? They’re charging us just to look at public data—as if we’re paying for movie tickets or something.🤣

Up until now, I've submitted everything through the electronic portal—notes, everything required... But how exactly are they charging people to view public records?
Here is the article:
"The Treasury is now charging for the public filing of annual reports

Monday, November 14, 2011.

According to the species regulation regarding fees for the SEC for services involving the public publication of annual reports and issuing documents from the SEC filings (Federal Register, No. 126/11), the SEC will begin charging fees for the public publication of annual financial reports starting January 1, 2012.

Per Article 2, Item 1, and Article 3, Paragraph 2 of said regulation, businesses will be charged fees for the public release of financial report documentation received by the Registry, whether submitted via paper or electronically on various data carriers.

Fees for the service of publicly releasing financial report documentation received by the Registry through online services will be collected from the federal budget in accordance with Article 2, Item 1, and Article 3, Paragraph 1 of the regulation.

Interestingly, in previous practice, there were no fees charged to businesses for publishing annual financial reports; instead, those costs under the 2009 regulation (Federal Register, No. 12/09) were covered by the federal budget regardless of the submission method or media used. "

Ha!! So that means my companies won't be charged anything because I send everything through the digital portal... Thank goodness! :-)