You can use Form 4852, if you can't get the W-2 from the employer. I'm not sure you can e-file this return, probably not. Instruction indicate not to file before February 14. It also requests not to file the Form before April 15, which seems strange.
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Originally posted by FEDUKE404 View Post
The IRS provides form 4852 or you can supply a statement as outlined on pages 41 and 42 of Publication 17.
On page 12 of Puplication 17 the February 15th date is also documented for all Individual Taxpayers and the reason behind this.
If a substitute form or statement is used, you also have to provide proof of the numbers and explain why a form W-2 was unatainable and the steps taken to obtain one. Since the employer has utinl January 31 to deliver the W-2 for 2007 people must wait.
As for the loans, the banks and tax firms offering them are providing a cash advance and not an Refund Aniticipation Loan. If you look into this practice, you will see that the client will have to file a Refund Anticipation Loan by February 15th to repay the advance. Just like rolling over a pay day loan.Comment
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Form 4852 issues
I'm aware of the Form 4852....filled out a few in my time.Originally posted by gkaiseril View Post
I was just curious what the written "excuse" was for not having the W2 in the first place - "client didn't want to wait for W2"??
SueBaby has since responded the event occurred some time ago. Certainly would not currently fly with e-filing, and even Form 4852 puts a time issue into play to wait for the W2 to appear on the scene. The current instructions with Form 4852 actually state "Generally, do not file Form 4852 before April 15."
As for the "cash advances"/"pay stub loans" I think that HRB/J-H (or their banks?) have now quit that service due to losing lots of money in the process. Some folks would also cite it was not the PC thing to do to continue scamming the customer. HRB this year may have a new animal with a green credit card or something, to effect an end run.
FEComment
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Still Making Small Advances
From the ads on TV they are both offering the advance loans. Talking to one of the providers, the limit on the pay check stub advance is $500.00, wave income of over $10,000.00 and wage withholding of over $1,000.00.
They also act a bank agents for these loans and not taxprepareres.
Most of the clients taking these loans need to lerarn budgeting skills and spending discipline.Last edited by gkaiseril; 01-16-2008, 05:00 PM.Comment
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Filing From Final Pay Stub
It's not hard to create a W2, especially if you have a copy from a previous year or one from another taxpayer who works for the same company. It's just a piece of paper, and it is in your tax software. As long as you have all the information.....EIN, gross wages, FWT, SWT, FICA, MC, taxpayer name/address/SSN. No guarantee it's right, however, if employer has Sect 125, 401K plans, Advanced EIC, car allowances, etc. and this info is not on pay stub.Originally posted by FEDUKE404 View PostComment
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Are you joking? That would be illegal.Originally posted by Burke View PostYou have the right to remain silent. Anything you say will be misquoted, then used against you.Comment
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W/0 W-2
RECEIVED THIS MESSAGE TODAY FROM MY BANK- I DO HOPE THEY INVESTIGATE THE TAX OFFICES THAT IGNORE THE LAW.
FILING RETURNS WITHOUT W-2s
You should not be e-filing returns or offering bank products using information from a paystub. The IRS does not allow those returns to be filed until February 15th, so we suggest you stop doing it immediately or you may risk suspension from our program. We have been collecting information on tax offices that are suspected of doing so.Comment
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What Bank
gman
What bank sent out the warning? Heard of wide spread abuse by many small "fly-by-night" places like car dealers, etc.Comment
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HRB, JH, Liberty, etc are providing an unsecured loan and providing payroll information to their bank abut the wages and taxes withheld for review and approval by the bank and they are not actually filing a return with the IRS. When the client receives their W-2s they have to come back and complete their return, have it transmitted and accepted by the IRS and their refund is sent to the lending bank to repay the loan.Originally posted by gman View Post
Further more the borrower is responsible to repay the loan if it is not repaid by their IRS refund. And if the borrower does not repay the loan, the banks providing the RAL will come after them until it is repaid including taking funds due from futuer RALs.Comment
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Must be a joke , if not I can definately see why the IRS is going after preparers.Originally posted by WhiteOleander View PostComment
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Originally posted by Burke View Post
This is an old jail house fraud, long before the EICTC and Internet forms, Those who got caught did more time in a federal prison. As a taxpreparer you would face substantial penalties for doing this or recommending this..Comment
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To gkaiseri
I would like to know where you came up with your information. I'm with JH (and have been for 12 years) and none of the banks are loaning on a pre-file this year. For people getting bank products, no information goes to the bank until the return is accepted at the IRS. You better get your facts straight before spreading false information.Comment
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Filing From Final Pay Stub
Good grief. I can see I am going to have to be very clear in my comments. I certainly was not recommending that someone manufacture W-2's. There have been some celebrated cases prosecuted by the IRS where individuals (not paid preparers) did this to scam the IRS into producing refunds. I was simply responding to the poster about how a W-2 could be produced with any tax/bookkeeping software. It's been a while, but I've even seen them hand-written on the IRS forms you can get at any service center. If I suspected it wasn't legit, I would check it out. I just filed a 2006 return because it took us 9 months to get a duplicate 1099R from the payor, even though I had all the information to go on it.Last edited by Burke; 01-17-2008, 09:31 PM.Comment
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You can do a substitute 1099 by a statement and providing a photocopy of the documentation showing the FIT and SIT withholding to support the withholding clain. If there is not withholding you do not need to supply any documentation with the return.Originally posted by Burke View Post
When I have done prior years returns and the taxpayer on has the IRS transcript, I use the IRS numbers unless there is documentation to support a different value.Comment
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IRS Quick Alerts
ATTN: Software Developers, Return Transmitters and Authorized IRS e-file
Providers/EROs
Authorized IRS e-file Providers are prohibited from submitting electronic
returns to the IRS prior to the receipt of all Forms W-2, W-2G, and 1099-R
from the taxpayer.
If the taxpayer is unable to secure and provide a correct Form W-2, W-2G, or
1099-R, the return may be electronically filed after Form 4852 is completed
in accordance with the use of that form. This is the only time information
from Pay stubs or Leave and Earning Statements (LES) is allowed.
For further information see Publication 1345 Chapter 3 "Submitting the
Electronic Return to the IRS."
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This has been an IRS e-file QuickAlertComment
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