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Serious glitches in filing all US taxes this year!

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WJK

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I just talked to my CPA. He told me that although the filing date for US Federal taxes has been rolled back, the estimated tax quarterlies and the taxes for 2020 are still due on April 15th. That's 2 weeks from now. Don't you have to have a completed return in order to find out what you owe and how much your quarterlies should be? And he also told me that IRS has been daily changing the forms and/or their instructions for filling them out. How are we supposed to file a return, get the taxes-due number & quarterlies right, in order to sign under the penalty of perjury? Who's running this show?????
 
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CareCPA

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I'm not sure if that's a rhetorical question, or if you really want to know.
But technically your quarterly payments are based on the profit you expect during that year. The IRS just provides you a "safe harbor" of relying on the prior year's tax to avoid penalties and interest.
 

Kid

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Yay! Lets f* up filling taxes!

I mean, damn. I think that i will stop following politics altogether.
 

CareCPA

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Honestly, the biggest pains this year were/are:
- Massive delays in opening the filing program
- Changing the rules at year-end, and then again during tax season
- Ever-evolving guidance on all the new rules. Every time we think we have it down, the IRS comes out with new guidance "enhancing" our understanding.

At least when they changed the due date they didn't push it until July. That just stretched things out all summer last year.
 

WJK

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I'm not sure if that's a rhetorical question, or if you really want to know.
But technically your quarterly payments are based on the profit you expect during that year. The IRS just provides you a "safe harbor" of relying on the prior year's tax to avoid penalties and interest.
I understand all of that. I've been in the RE business for 45 years...

Here we are... in the middle of the tax filing season, and they are changing the forms and the instructions for those forms????? What IF I had filed a month ago and they changed the forms? How can I sign a return IF they don't know what they want and how they wanted it presented? They are asking me to commit when haven't. This is SO dumb on the Administration's part -- it's almost laughable.
 

WJK

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Honestly, the biggest pains this year were/are:
- Massive delays in opening the filing program
- Changing the rules at year-end, and then again during tax season
- Ever-evolving guidance on all the new rules. Every time we think we have it down, the IRS comes out with new guidance "enhancing" our understanding.

At least when they changed the due date they didn't push it until July. That just stretched things out all summer last year.
My point exactly! But, this time they only changed the filing date -- not the due date for quarterlies and taxes due. Does anyone in our government look at this situation and wonder how the citizens are going to navigate their changing rules and forms?
 

thechosen1

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My point exactly! But, this time they only changed the filing date -- not the due date for quarterlies and taxes due. Does anyone in our government look at this situation and wonder how the citizens are going to navigate their changing rules and forms?
They don't give a sh*t.

Accountants and lawyers make their nut off of this stupid government stuff.

The more complicated, the better!
 

CareCPA

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My point exactly! But, this time they only changed the filing date -- not the due date for quarterlies and taxes due. Does anyone in our government look at this situation and wonder how the citizens are going to navigate their changing rules and forms?
Yes, I definitely understand the frustration.
Just want to point out: quarterly taxes are still due April 15, but if you owe a payment with your 2020 return that is due at the same time as the return - May 17.
 

WJK

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Yes, I definitely understand the frustration.
Just want to point out: quarterly taxes are still due April 15, but if you owe a payment with your 2020 return that is due at the same time as the return - May 17.
That's not what I understood my CPA to say. Maybe I misunderstood. But, he promised to have the return done by the end of this weekend, so I'll pay whatever may be owed, plus the quarterlies. I rather deal with the gangs in Los Angeles rather than the IRS. At least if you get totally cross-wise with them, they'll kill you and get it over with. Or, I have cut pretty good deals with them concerning properties that I have bought in their territories. I've seen the IRS chases people down for the rest of their lives -- including my ex-husband while he was dying of Alzheimer's.
 

CareCPA

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That's not what I understood my CPA to say. Maybe I misunderstood. But, he promised to have the return done by the end of this weekend, so I'll pay whatever may be owed, plus the quarterlies. I rather deal with the gangs in Los Angeles rather than the IRS. At least if you get totally cross-wise with them, they'll kill you and get it over with. Or, I have cut pretty good deals with them concerning properties that I have bought in their territories. I've seen the IRS chases people down for the rest of their lives -- including my ex-husband while he was dying of Alzheimer's.
Per Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service

"Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17."

Note: this is only for individuals, not for C Corps, which are still due 4/15.
Also, only for the 2020 tax/return, not for 2021 quarterly estimates (which seems to be what prompted this thread)
 
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WJK

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Per Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service

"Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17."

Note: this is only for individuals, not for C Corps, which are still due 4/15.
Also, only for the 2020 tax/return, not for 2021 quarterly estimates (which seems to be what prompted this thread
OK. I stand corrected on the taxes due from 2020.

BUT, they -- the mighty IRS, with the power of Federal law behind them -- still should have their acts together concerning forms and instructions before the filing season starts. If I treated the people around me like that, they would think that was either a flake or having some kind of silly breakdown. Who would take me seriously? Quick decisions, defined rules, and boundaries are all hallmarks of good management.

He also told me that a lot of other clients owe a lot of taxes IF they collected unemployment payments last year. Those payments have no withholdings. Oh, the tangled webs we weave! For many people, this will be going on for years and years. I provide low to moderate-income housing in my community. I’ll be dealing with all these “unintended consequences” that will be hitting my tenants for the foreseeable future.
 

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