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.
So, from what I've gathered, we're now entering the second month of paying contributions for the first month, and we handle that through the e-tax form via JPMorgan Chase.
Does anyone know if there are actual instructions out there for small business owners on how to fill out the JPMorgan Chase form for these payments?
I read somewhere that there’s a specific software you can install that flags any potential errors in the JPMorgan Chase form before you send it off.
Does anyone know where to download that program or how it actually works? And does it have a specific name?
Also, are the payment account numbers for the contributions still the same?
I heard the reference number format changed... apparently, you use those four digits, then the SSN, and then some other codes after the SSN that I couldn't quite make sense of.
What are those extra codes for? Thanks for the help,
Carol Price4 said:If there's no due date listed, it's generally considered due 30 days after the issue date.
You'll send that specific tax form over via the IRS e-file system.
As for those old invoices from 2009—you don't even need to worry about reporting them. You only have to report stuff going back six years, so anything from January 2010 onwards is what matters.
Carol Price4, here’s an instruction I found on the IRS website:
It states there's an obligation to report all receivables that aren't older than 6 years. Specifically, for the initial reporting regarding outstanding unpaid receivables as of December 31st... for the year 2015, this includes all overdue, unpaid amounts that became due for collection after December 31st... 2009. In other words, those due from January 1st, 2010, and beyond.
Based on this from the IRS, my take is that all 2009 invoices fall in if they are due after 12/31/2009... like an invoice dated Dec 20, 2009, that isn't due until Jan 15, 2010. What's your thoughts on this?
If an invoice doesn't explicitly state a due date—basically, when is it officially considered overdue?
Does that timeline change depending on whether the bill is sent to a business or just a regular individual?
Also, regarding this new IRS form... is it filed electronically through the standard portal, or does it go somewhere else?
One more thing: what happens if the recipient was an individual back in the day who only had a Social Security number on file (back before everyone had a specific taxpayer ID, around 2009 or 2010)?
I didn't mark anything under Section VIII, line 7 before, and now that I've logged into the IRS portal to file, it’s showing a checkmark instead of an X for that spot. Hopefully, it goes through just fine now...
Also, I was wondering—what exactly does "taxation based on cash receipts" mean?
Is that something only businesses that pay sales tax upon receiving payment should mark, or is it a requirement for everyone?
One more thing; which address should I use when filing my sales tax forms? Basically, I have my home address and then there's the business address where my Small Business is located. Some people tell me that since I'm technically an individual running a Small Business, I should use my residential address... while others say the business address is the way to go. I'm stuck, honestly. Both ways seem to make sense... Thanks,
I sent my latest sales tax filing to the IRS, but it hasn't been processed yet. They reached out to let me know there was an error... apparently, I missed marking an "X" somewhere on the form.
I've gone back through everything, but I honestly can't see where that "X" is supposed to go.
If anyone here handles these filings more often than I do, I could really use some help.
There wasn't a refund, a credit, or any carryover from the last period involved. It was just a straightforward payment. Nothing carried over from before.
Hoping for a quick response here. I run my own business and I'm registered for sales tax.
When I get invoices without any sales tax—like a bank fee, for example—do those still go into the purchase ledger, or do I only record invoices that actually include sales tax?
Or take postage costs, for instance... there's no sales tax on those.
I’m going to ask this one more time... tomorrow is my final deadline for submission...
Picked up a laptop back in 2014... used up the entire sales tax credit that month...
When filling out the sales tax forms, I’m putting the input tax in the same spot as before—domestic purchases at the 25 percent rate... Do I need to fill out the second page of the form? Specifically section VIII and the tax adjustment... that is, 1.5, the net value of acquired fixed assets...
I could really use a quick answer from someone before my filing deadline hits.
Back in 2014, I bought a laptop. I claimed all the input tax credits and listed it on my sales tax return under "domestic supplies at 25%."
Now that I'm sitting down to fill out the actual sales tax report, I'm getting tripped up by the section for the 8th Amendment regarding input tax adjustments, specifically right below it where it asks about long-term asset acquisitions.
I've been digging through the IRS guidelines online, and I'm under the impression that the 8th Amendment adjustment is reserved for more complicated scenarios... like if a business exited or entered the tax system mid-year and had to adjust previously reported credits. Basically, just correcting old entries. If anyone here has dealt with purchasing long-term assets during 2014, could you let me know which line you used to report that input tax on your sales tax return? Thanks so much.
amberbadger17, thanks for getting back to me. I have more questions coming, but right now I'm just stuck on filling out the Sales Tax return...
Back in April, I bought a laptop—fixed asset—and applied the full input tax credit on my standard sales tax filing under the line for "domestic purchases at 25%."
Now I'm looking at this amended return form and the second page is confusing me... there's Section VIII for input tax adjustments, section 1.5 for fixed asset acquisitions, and all sorts of other things.
Does any of that actually apply to my specific credit, or do I just put it in the regular line and leave the rest of the page blank?
I was hoping for some clarity... when filling out my ledger, do I only include invoices that actually have sales tax listed? Or should I also be logging ones where no tax is charged, like those that fall under an exemption?
For instance, I have a service fee from JPMorgan Chase for managing my account, and the statement says it's exempt from tax based on specific IRS regulations...