2020 Unemployment Benefits up to $10,200

[MAJ]

Well - it looks like it's _{(The Stimulus Bill - but you know what I was talking about)} going to get signed by President Biden. Yawn... start searching for the UnEnjoyment candidates. If I wait my software will post a report for impacted returns once the update is run.
But - I want to know now so I jump in front of the clients (once final notice hits of course) and notify them as well as, begin preparing the 1040x. Double Yawn...

So, What is the going rate for an Amended return of this nature in your area?
Here in NJ since Un-Enjoyment isn't taxable (Imagine THAT! - or should I say - YET )it's only a Federal and for some clients no matter what I charge it will be a steep price based on their current financial status. For some they won't care because the Amended return will pay for the cost. Others, I know I will be forced to use the Pay-It-Forward story-line and ask them to Pay-It-Forward...

Enjoy!

[Twin Turbo Z]

Before crying about it, the only reason there is a tax preparation industry is because Congress keeps making it interesting. Charge for your time and be thankful you have a job.

I have a corn field in which I could use your talents

[Scarecrow]

Before crying about it, the only reason there is a tax preparation industry is because Congress keeps making it interesting. Charge for your time and be thankful you have a job.

[ATSMAN]

One of my biggest issues is that my clients who are going to benefit from this change in law are generally under $60K average income. I have had many of them as clients for over 10-15 years and many are multi-generational. I picked up clients of two retiring accountants few years back. I may have the father making good money and a son just struggling to pay bills. One common thread that runs is that almost all of these clients hate when they are nickel and dimed for every little change. I often get referrals who tell me that they just are not going back to their previous accountant for that very reason.

So I have to be very strategic with these amendments so that I don't upset a well balanced apple cart, especially these multi-generational clients, siblings etc.

[Twin Turbo Z]

I've seen that price all over the place. From $75 to $150. Hopefully a software query will be released to show effected returns quickly. We use Proseries and they are good about that stuff. Unfortunately many of our clients had unemployment. More money I guess !!

[Bucky]

All I can say is thank God we can efile amended returns now. On the charging them question mine are paying.

[Twin Turbo Z]

Lets hope crap gets approved or nixed within the next few days. But we are not holding our breath. Congress has not a clue how these mid season changes effect the IRS and us. Who the heck knows what next year will bring us !!!! Maybe valium and a cold beer ?

[Anarchrist]

Don't need a crystal ball to know what legislation has been proposed. And certainly don't need a crystal ball to know about proposed legislation that has been actively discussed for the past 3 weeks on this and most every other tax bulletin board on the internet. It's not difficult to take 20 seconds to inform clients of their options.

[ATSMAN]

That depends. The proposal has been on the table for over a month. If he's just been preparing those returns this past month without telling the clients the option to hold off on filing in case the legislation passes, he has some fault.

Otherwise, no reason to discount the amended fee.

Give me a break! You think I have a crystal ball to see when legislation will pass and what will be signed into law! I am not going to tell a client to hold up unless it is a sure thing.

[TAX4US]

On 2 of mine take out the unemployment and the the refundable ctc and the eic both kick in.

[Anarchrist]

It's not your fault either.

That depends. The proposal has been on the table for over a month. If he's just been preparing those returns this past month without telling the clients the option to hold off on filing in case the legislation passes, he has some fault.

Otherwise, no reason to discount the amended fee.

[TaxGuyBill]

Do you think the IRS will now be able to zip through various AGI ramifications such as student loan interest deduction, PMI deduction, AOTC eligibility and so on.

Maybe I'm wrong here, but I would THINK the IRS computers already calculate if the amount we enter for the student loan interest deduction, PMI deduction, AOTC eligibility and so on are correct (based on AGI). That would just be the computers calculating if our math is correct. If that is the case, a changed AGI should similarly result in the IRS computers calculating those things. And if for some reason we did not agree with their calculation, we could presumable respond to the notice of the change (or maybe amend).

[ATSMAN]

What a Nightmare. How about State Taxes ?????

Up. It depends on if the state goes along with the Federal law changes. In my state they have a history of not following many last minute Federal tax law changes until sometime in the future.

Needless to say it is more work for us. I can almost feel that they will extend the filing deadline by a month or so??

[mrbill]

What a Nightmare. How about State Taxes ?????

[ATSMAN]

Now, if you can get other professionals, e.g., Medical, Legal, Accounting & Tax, (even politician with the tax laws) to adopt your alternatives.

At the risk of offending lawyers on this forum, I will say that the few times I had interaction with them they billed me for every minute they were on the phone with me. When my son got sued the lawyer told him boldly either pay my hourly rate and a retainer to boot or go find yourself PD or pro bono lawyer. Don't call and waste his time! This was a 18 year old kid working min. wage jobs getting a dose of legal reality!

Anyways, I have decided to do the 1040X if required free of charge UNLESS there are other issues that crop up that requires additional work. I still have to understand the final law of what is required, what the cutoffs are etc. But my main goal is not to act like a "jerk" like the lawyer I unfortunately encountered.

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