Posts by Jack Young

Arthur Thomas5 said:If a small business—one that isn't actually required to file electronically—decides to go ahead and buy a digital certificate just to start using the IRS online portal, do they forfeit their right to file paper returns? I mean, can they just play both sides? Can such a company switch back and forth between electronic filing and the old-school paper method whenever they feel like it?

And what about the bigger players? Are medium-to-large corporations allowed to submit filings or forms on paper if the electronic system hits a snag and refuses to process them?

Nope, they can't.

slycobra7 said:Nobody?

Everything's running smooth, no issues at all.

Larry Phillips2 said:I'm getting a certificate error. Who am I supposed to contact to get this renewed?

You just handle the renewal online. It’s like renewing a driver's license through the DMV website—you definitely want to get it done before it actually expires.

Larry Edwards3 said:This is actually my first time dealing with a tax refund, but it looks like they’re going to credit it toward my future tax periods rather than sending me a check, so I won't be getting an actual payout. When I'm filling out my VAT return at the end, should I mark the "prepayment" box to account for this?

Yep, exactly like that

Anthony Kelly822 said:Hey everyone, I could really use some advice here... So, we have this employee we weren't able to officially terminate for almost two months, right? Well, during that gap, this other employer went ahead and registered him with Social Security. First off, I have no clue how the SSA can just accept two full-time registrations at once. And second, now they’re refusing to process his deregistration because they claim those dual entries exist—basically telling us it's not their problem and there's nothing they can do about it?! Of course, we've been paying double the payroll taxes this whole time... Does this sound like a total circus to anyone else, or am I crazy? Is this just a massive clerical error on their end that they should be fixing?

Uh, easy fix... just process the termination effective yesterday and send the paperwork via certified mail. That should do the trick.

Thomas Diaz8 said:I am seeking some guidance here, if anyone happens to have any insight.
I mistakenly sent my quarterly estimated income tax payments for my freelance business to the wrong account—specifically, I sent them to the account designated for annual filings (1619), when they actually should have gone to account number 1430. As a result, my IRS record currently shows an outstanding balance on account 1430, even though the funds were paid toward account 1619. I suppose I am wondering how one goes about rectifying this error. Would the appropriate course of action be to submit a formal written request to the IRS for a reclassification of funds, or is there perhaps another way to handle this?
Thank you in advance.

Yeah, just file a request to have the funds transferred. Give your local agent a quick call and ask them the best way to submit it; I once sent mine via email, but they ended up asking me for copies of my bank statements to prove the payments went through... definitely get on top of this ASAP so you don't start getting hit with interest charges on that 1430 account.

neontiger4 said:Did the employee's kid also get processed automatically during the sign-up and sign-off? How did that whole thing work?

You don't need to do a thing for the kid.

placidcobra7 said:You're spot on, Jack Young. I checked and everything went through perfectly. Thanks, you saved me a massive headache 🎉

I'm just glad I could help out... oh, wait, I just realized I had a total brain fart. I meant to write US Census Bureau corporate at 4 Trpimor Street, not what I typed before. 😵

placidcobra7 said:Thanks, I went ahead and handled all that, but apparently, I still need to report my second job to Medicare within the next couple of days. I was planning on getting it sorted the day before yesterday, but the lovely lady over at NOAA gave me a heads-up... turns out I need my registration from the Chamber of Commerce and the Census Bureau, and I didn't have those papers on me...
Just so you know, since we're talking part-time hours here... I actually managed to pull off the paperwork. Successfully unsubscribed from everything effective May 31st and got the new registration set for June 1st... easy enough, I guess...

I totally believe you. Back in December 2015, I had the exact same thing happen. The person at the NOAA office on Smith Street told me the same thing, but... well, I decided to swing by the Medicare office on Lincoln Avenue instead. The gentleman there told me, "No, you don't need to worry about that, it'll update automatically in five or six days." And sure enough, I checked later, and he was right. It's like that sometimes—the folks at NOAA think one thing is required, but they aren't quite up to speed on how the systems talk to each other, so they give people the wrong info.

placidcobra7 said:Hey everyone,
I need some advice: I've got two employees who need to quit one company and start working for another one. They’re both signing on for permanent positions, just working one hour a day. The second company doesn't have any employees on the books yet. Since there are only two of us, we don't have access to the online portal... so everything has to be done manually. I'm assuming since it's only an hour a day, I can wrap all this up in a single day. What paperwork do I actually need to bring to Medicare, and is there anything I need to handle with the IRS? Also, one employee already has a dependent listed on their file. How does that work with the transition?

Just fill out Form 1040 (the termination notice). If you're knocking this out today, just use June 1st, 2016, as the date.

placidcobra7 said:Hey everyone,
I need some advice: I've got two employees who need to quit one company and start working for another one. They’re both signing on for permanent positions, just working one hour a day. The second company doesn't have any employees on the books yet. Since there are only two of us, we don't have access to the online portal... so everything has to be done manually. I'm assuming since it's only an hour a day, I can wrap all this up in a single day. What paperwork do I actually need to bring to Medicare, and is there anything I need to handle with the IRS? Also, one employee already has a dependent listed on their file. How does that work with the transition?

If you haven't officially filed the paperwork to start the business for tax purposes, you'll likely need to complete Form 11P first.

placidcobra7 said:Hey everyone,
I need some advice: I've got two employees who need to quit one company and start working for another one. They’re both signing on for permanent positions, just working one hour a day. The second company doesn't have any employees on the books yet. Since there are only two of us, we don't have access to the online portal... so everything has to be done manually. I'm assuming since it's only an hour a day, I can wrap all this up in a single day. What paperwork do I actually need to bring to Medicare, and is there anything I need to handle with the IRS? Also, one employee already has a dependent listed on their file. How does that work with the transition?

Fill out a Form 1040 for each worker and set the filing date to June 2nd, 2016. You won't need to visit Medicare; it’ll all be handled automatically.

You can pretty much wrap all of this up today.

Jack Young said:Hey everyone, did you catch what happened over on the IRS portal regarding that U.S. Chamber of Commerce membership prepayment 01?
The posting date says April 7, 2016, but the actual payment currency date was back on February 1, 2016...
I honestly had no clue that starting this year, healthcare facilities paying corporate income tax would also be on the hook for those U.S. Chamber of Commerce dues...

Just speaking from my own experience here... I noticed today that they actually reversed the charges on account 5262 for those medical institutions that are already paying their corporate taxes.

quietfox40 said:Hey, quick question—when’s the actual deadline to go public with this report? Is it April 30th or June 30th, 2016?? My colleague, who runs the accounting department here, told me we have four months, but then I checked the Goldman Sachs site and it says June 30th at the latest.

Hey, maybe tell your accounting lead to double-check those facts... you don't want bad info floating around. Public filings are due by June 30th.

Hey everyone, did you catch what happened over on the IRS portal regarding that U.S. Chamber of Commerce membership prepayment 01?
The posting date says April 7, 2016, but the actual payment currency date was back on February 1, 2016...
I honestly had no clue that starting this year, healthcare facilities paying corporate income tax would also be on the hook for those U.S. Chamber of Commerce dues...

Jessica Gonzalez30 said:I’ve been doing things that way forever—well, mostly—but then I’ll stumble upon Article 7 of the Tax code and just completely lose my mind. 🤣

See, Article 7 is talking about that one-time lump sum payment you get when you opt out of unemployment benefits—basically the buyout for those monthly checks you’d usually be getting... whereas that $25,000 is specifically earmarked for certain expenses.

Nathan Cox25 said:Does that rule apply to filing too? If I were to register an employee starting Monday, say Jan 1st—would I report that to NOAA on Jan 1st or back on Dec 29th? And I'm assuming I don't need to deal with Medicare at all?

The registration absolutely has to happen before they actually start working. I had a situation back in December where I filed one, and the lady at NOAA told me, "Oh, you still need to go to Medicare too." Since I couldn't make it that day, I just called Lincoln the next morning just to double-check things. The gentleman there was like, "No, you don't need to do that; once the registration is filed for a specific date, you're all set... you just won't have the paper confirmation immediately." Sure enough, I checked the status a few days later and the registration was totally processed. So yeah, that's just how things go with the ladies behind the counter at NOAA.

amberbadger17 said:JPMorgan Chase always gives you a heads-up, but FINRA? Never. As for anyone else, who knows.

I wouldn't go along with that. Back on December 17, 2015, I got an email from FINRA that looked just like this:

"Dear Customer,
based on our records, your certificates are set to expire shortly.

Please review the attached documents containing the pre-expiration certificate details,
and confirm receipt of this message by visiting this link: "

Elizabeth Hill52 said:I currently have subscriptions active on accounts 2003, 8109, 8400, 8443, and 8559. I’m looking to transfer those over to my "new" accounts: 2283, 8168, 8486, 8508, and 8630. Could someone please walk me through the process for doing this?

Just draft up a formal request to transfer everything and drop it off with your agent at the FBI.

Carol Price4 said:The digital certificates definitely weren't working—I checked. My client actually had to head down to the local Bank of America branch because payroll wouldn't go through, and the teller told them it’s absolute chaos over there right now since the system crashed and the certificates are blocked... I honestly don't know how you managed to get those payments through, but none of my clients using Chase have been able to. Since most of them are newer companies, they probably have more recent certificates... maybe that's where the glitch is.

It wasn't working for me either. My contact at the bank mentioned the exact same thing—just a total system outage where nothing would process. And it’s not even like we're some brand-new startup; the company's been around since 2007, and our certificates aren't exactly outdated either.

Olivia Cruz86 said:Hey there, fellow forum dwellers!

So, quick question—if an employee is out on vacation for the entire week, do I just log them under the GO category for 8 hours every single day?
I mean, surely I don't need to be logging their daily or weekly rest periods too, right??

Thanks!

That’s right, you don't need to log the daily rest period.

ruggedheron13 said:Are the late interest charges on my tax card considered a tax-deductible expense?

Yep, they are.