IRS and Tax Filing Issues

Jose Johnson51 said:Greetings to everyone!

Does anyone actually have any insight into what’s going on with the DU form—you know, that Profit Sharing Report? I’ve been scouring the IRS website, and from what I can see, the form is nowhere to be found in their digital system. I even reached out to my aunt who works over at the tax office to see if I was just being tech-illiterate, asking her if I’d be forced to lug around physical paperwork despite having an online account. She just looked at me like I had two heads and asked if I was actually talking about the Long-Term Asset Inventory instead. It’s like trying to navigate a labyrinth where the walls keep shifting; you think you're following the right path, only to find out you're in an entirely different building altogether.🙄

Anything that isn't available through the IRS portal needs to be submitted in hard copy...

The General Motors form has to be filed by February 15th for any profits paid out in January...

So, I’ve run into a bit of a headache while trying to file the tax form for my profitable sole proprietorship for January 2012...

Back in January 2012, we processed and paid out the salary for December 2011—right when the old contribution bases were still the rule...

Now, when I try to submit the ID form for that specific payroll, the IRS keeps flagging certain lines for being below the minimum allowed amount... likely because they’ve already implemented the new controls based on that $8,531.60 threshold...

The ID form itself actually went through and is just sitting there waiting to be processed, so I guess I'll just wait and see what the folks at the local IRS office have to say about it...

Timothy Morgan38 said:So, I’ve run into a bit of a headache while trying to file the tax form for my profitable sole proprietorship for January 2012...

Back in January 2012, we processed and paid out the salary for December 2011—right when the old contribution bases were still the rule...

Now, when I try to submit the ID form for that specific payroll, the IRS keeps flagging certain lines for being below the minimum allowed amount... likely because they’ve already implemented the new controls based on that $8,531.60 threshold...

The ID form itself actually went through and is just sitting there waiting to be processed, so I guess I'll just wait and see what the folks at the local IRS office have to say about it...

I'm dealing with the exact same thing. I actually just sent an inquiry to the IRS to figure out what's broken and how to fix it.
I'm assuming some people are already paying out January owner draws during January, so maybe this warning about the base amounts is just informative—like a nudge rather than a hard stop.

Richard Howard55 said:I'm dealing with the exact same thing. I actually just sent an inquiry to the IRS to figure out what's broken and how to fix it.
I'm assuming some people are already paying out January owner draws during January, so maybe this warning about the base amounts is just informative—like a nudge rather than a hard stop.

That’s how I’m reading it too, since my ID form actually went through despite those warnings... I’ll check in with my aunt who works at the tax office tomorrow. I tried calling today, but they won't have my paperwork ready until tomorrow, so we'll see...

I wanted to ask a quick question regarding my setup. An electronic tax card has been issued in my name, even though I’m just an employee at the firm while my husband is actually the authorized representative. If we go through the process of submitting our paperwork to Goldman Sachs, would it be considered acceptable if the forms are signed via electronic signature by someone who isn't technically the legal director or the authorized agent? Or am I looking at a situation where I might need to officially register myself as an authorized person with the Secretary of State?

Carol Ward3 said:I wanted to ask a quick question regarding my setup. An electronic tax card has been issued in my name, even though I’m just an employee at the firm while my husband is actually the authorized representative. If we go through the process of submitting our paperwork to Goldman Sachs, would it be considered acceptable if the forms are signed via electronic signature by someone who isn't technically the legal director or the authorized agent? Or am I looking at a situation where I might need to officially register myself as an authorized person with the Secretary of State?

Look, the authorized official gave you power of attorney to sign off on things simply by having the card issued in your name. Assuming you included the power of attorney paperwork with the rest of your documentation sent to the IRS... there's really nothing to worry about. You don't need to go through the hassle of updating anything with the Secretary of State.

Thanks, all the requested powers of attorney have been submitted.

I’m right on the edge here. $266667 Basically, back on December 31, 2010, I was well below the threshold, but by December 31, 2011, my total deliveries including tax hit a couple thousand. Now, do I need to start filing my 2012 reports through the IRS, or does that $800,000.00 figure refer to deliveries before tax? (Because if it does, I'd actually be under $800,000.00). Also, does anyone know roughly how many days the whole setup process takes before the system is actually ready to use?
Thanks!

Tax-free.
For me, the whole thing was wrapped up in about ten days.🙂

Henry Edwards33 said:Tax-free.
For me, the whole thing was wrapped up in about ten days.🙂

Henry Edwards33, thanks for getting back to me—honestly, I’ve lost track of how many times we've gone back and forth on this already.🙂
Honestly, I feel a whole lot better knowing I'm not stuck staring down a 15-day deadline to get everything sorted out.

I have a quick question regarding the submission of non-standard documentation to the IRS: When I put together the necessary notes and resolutions alongside the financial reports to be submitted through the online portal, should I have them signed by the director or a board member first and then scan them into a PDF? Or is it acceptable to upload unsigned PDFs—provided they include the full name of the individual required to sign—and then handle the actual signing electronically during the final submission process?

Carol Ward3 said:I have a quick question regarding the submission of non-standard documentation to the IRS: When I put together the necessary notes and resolutions alongside the financial reports to be submitted through the online portal, should I have them signed by the director or a board member first and then scan them into a PDF? Or is it acceptable to upload unsigned PDFs—provided they include the full name of the individual required to sign—and then handle the actual signing electronically during the final submission process?

Exactly... electronic signatures are perfectly valid here.

So, if I go ahead and submit my PD, TZ, and SR through the e-tax portal, do I still need to lug the RDG and Balance Sheet over to the FBI in paper form, or is there some other way to handle it? Thanks a million in advance for the help!

If you hand over the Goldman Sachs filings to the SEC before filing your tax returns, the IRS will basically just "borrow" the balance sheet and revenue data straight from the SEC—and they’ll grab any necessary audit info too if they feel like it.

I’m feeling a little lost with this DMV website—I uploaded my registration, sent it off, and they rejected it for being "invalid." So, naturally, I just uploaded it again (is that a huge mistake or am I overthinking it?), and this time it went through perfectly fine. I tried calling the customer service line at 1-800-XXX-XXXX, but honestly, I couldn't get anyone on the phone to help me out. Does anyone know if doing that is actually okay, or am I totally screwed?

Raymond Martinez10 said:If you hand over the Goldman Sachs filings to the SEC before filing your tax returns, the IRS will basically just "borrow" the balance sheet and revenue data straight from the SEC—and they’ll grab any necessary audit info too if they feel like it.

Thanks so much for clearing that up for me!

Hey guys, I am seriously begging for some help here........ So, I just finished submitting all the power of attorney forms for my clients through the IRS portal and everything seems totally fine on that end......... But now I’m spiraling a bit about the social security side of things—do I need to submit similar authorization forms for those services too? And if so, where on earth do I even find them? I don't have one of those fancy e-signature cards, I just use the standard B2G service with a USB key from Chase Bank.

So, back when I checked with Chase, they told me they hadn't figured out a way to handle those B2G power of attorney setups yet. Apparently, they were insisting everyone needs their own individual card, which sounds ridiculous to me (???!). That was like three months ago, though. Maybe things changed or my banker just didn't know his stuff, but I was in such a rush that I didn't really press him—I just headed straight to FinTech. As for the paperwork, I went right to them, grabbed the forms, filled them out, and handed them over.

Sean Turner5 said:So, back when I checked with Chase, they told me they hadn't figured out a way to handle those B2G power of attorney setups yet. Apparently, they were insisting everyone needs their own individual card, which sounds ridiculous to me (???!). That was like three months ago, though. Maybe things changed or my banker just didn't know his stuff, but I was in such a rush that I didn't really press him—I just headed straight to FinTech. As for the paperwork, I went right to them, grabbed the forms, filled them out, and handed them over.

thanks a bunch...........I mean, it would be totally standard for them to have a fix for the electronic IRS filings if they already have one for the digital tax stuff, right? It's probably been exactly the same for the last three months anyway.

Greetings,

Since we’re running a small business—one of those smaller outfits where you wear a lot of hats—we’re currently making the transition over to the electronic tax filing system.
The plan is to grant formal authorization to our accountant, who will be handling the heavy lifting on this end.
We don't actually have a dedicated business debit card for this, so we were thinking of working through Chase since we already have an established relationship with them via our online banking.
My question is about the logistics: would Chase issue us a physical card or a USB token that we then hand over to the accountant, or is she expected to manage that part of the process herself?
I’ve been reading through some discussions where everyone seems to focus on the client side of things, which made me wonder if perhaps the accountant handles all the setup—getting the digital certificate or the hardware token ready—while we simply provide the necessary power of attorney?

Thanks in advance for any insight.