Announcement

Collapse
No announcement yet.

EIP (stimulus) trick for unfiled balance due 2019 return

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    EIP (stimulus) trick for unfiled balance due 2019 return

    Maybe I'm late to this party and it's obvious to everyone else, but I just realized today (and so advised a client) with balance due 2018 (filed) and 2019 (unfiled) returns, that they can go online right now, pay slightly more than the balance due for 2019, as an extension payment, and then file the return to get a small refund (and the IRS now has their valid banking info for EIP direct deposit, which it is hoped comes sooner than paper mailed check).

    With the extended deadline, I think I still have a few more client returns where this tactic would help beyond the one I looked at today.
    Last edited by Rapid Robert; 04-24-2020, 07:49 PM.
    "You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
    "That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe Howard    ​
    Tags: None
    #2
    Or, your client can go to irs.gov and enter his banking information to get his EIP direct deposited.

    Comment

      #3
      Originally posted by Lion View Post
      Or, your client can go to irs.gov and enter his banking information to get his EIP direct deposited.
      Unless it that site isn't working, or maybe you haven't been reading this forum? Client yesterday sent me screen shot where they typed in 5 digits of AGI amount (no commas, periods, etc) and the error message was "you must only enter numbers from 0-9".
      "You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
      "That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe Howard      ​

      Comment

        #4
        The tool is very flakey, I agree.

        Until today, my client could not enter bank information repeatedly because he neither had a refund nor a balance due. Either the IRS fixed this or he entered it a little differently today (or he cleared his cache or some other factor, sunspots, moon phase...).

        Technology is not our friend.
        Doug

        Comment

          #5
          I am not recommending to my clients to play any sort of games to beat the system. I agree with Lion. Just keep on checking the website and when it asks for the bank account info input it and then check your bank account for direct deposit. If the playing games goes bad guess who your client will blame and may be even report to IRS.

          I had one client approach me to take his college aged daughter off his 2018 tax return by doing an "urgent amendment" and amending her 2018 tax return without the dependent status so that she can get her $1200 stimulus payment. Both have NOT filed 2019. Parents got their $2400 EIP.
          Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

          Comment

            #6
            Originally posted by ATSMAN View Post
            I am not recommending to my clients to play any sort of games to beat the system.[..] If the playing games goes bad guess who your client will blame and may be even report to IRS..
            Not sure what you mean by "playing games". If an extension payment is made for more than the balance due when a return is filed, you call that "playing a game"? Gee, I thought it was was a tried and true strategy to handle 1st quarter estimates when the tax return is not done by 4/15 in a normal year. In other words, people deliberately overpay on the the extension, so they can use the overage to cover a timely 1st quarter estimate for the following year.


            Funny how "playing games" is what many tax professionals charge their clients steep fees for, but when it is only to benefit a taxpayer trying to work around a deeply flawed IRS software rollout, then somehow it is a bad thing.
            Last edited by Rapid Robert; 04-25-2020, 06:02 PM.
            "You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
            "That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe Howard            ​

            Comment

              #7
              Not sure what you mean by "playing games".
              I gave the example in my post, please read that again.
              Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

              Comment

                #8
                Originally posted by Rapid Robert View Post

                Unless it that site isn't working, or maybe you haven't been reading this forum? Client yesterday sent me screen shot where they typed in 5 digits of AGI amount (no commas, periods, etc) and the error message was "you must only enter numbers from 0-9".
                Have you been reading this forum? The IRS is undergoing three nights of maintenance and updates on that site. Did your client try it again today? What did you tell your client to do?

                Comment

                Previous template Next

                Disclaimer

                Collapse

                This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

                Working...