Tax deadlines!
If not a holiday or a weekend, it's the date that individual tax returns are due.
What is April 15th.
It's when you have to fund your IRA.
What is before April 15, extension or not.
If you fail to file your return on time with no extension, your failure to file penalty will cost you this much.
What is 5% of what you owe for each month or partial month the return is late. So if you don't owe, you won't have a penalty.
This is how many days after a rejection that a return must be either perfected or paper filed and not be considered filed late.
What is 5.
This is how long you have to file your return if you get an extension.
What is 6 months?
If I bought a stock on Jan 1st and sold it on December 31st, you have this type of sale.
What is a short term sale. Must be OVER a year.
The failure to pay penalty applies if you don’t pay the tax when due.
The penalty you must pay is 5% of the unpaid taxes for each month or part of month but this is the amount it will not exceed.
What is 25% of the taxes owed.
E-file reject F1040-164-01 means that Form 8862 (Information to Claim Certain Refundable Credits After Disallowance) is missing from your tax return. This is the reason you are getting that reject.
What is, if your Earned Income Credit (EIC) was disallowed for any year after 1996, and permission was later restored?
This is when your tax payment is due, with or without an extension.
What is April 15th?
It is the holiday celebrated in Washington DC on April 17 that often moves the tax deadline.
what is Emancipation Day?
it's the form used to calculate your underpayment penalty.
What is form 2210?
These are three of our most common rejects.
Missing form 8992, PTC.
Missing IP Pin
Incorrect Prior year AGI
What is wrong SS# /name mis match
If you file a 1065, 1120S or an 1120 C, generally, this is when your taxes are due.
What is March 15th.
It's how many hours you need to schedule and work from April 6th through the 15th and also how many hours you need to work on the 15th to qualify for that portion of your bonus.
What is 46 and 6?
If you earned $10,000 the first three quarters and $100,000 for the last quarter, this is how the quarters would be reported on the Form 2210.
2nd $20,000
3rd $30,000
4th $130,000
Because it is cumulative.
The e-file reject FW2-502 occurs when the employer’s name or EIN (Employer Identification Number) that you entered from your W-2 doesn't do this.
What is match the IRS database?
The error could be as simple as a missing or mistyped letter or number.
This is the statute of limitation for getting a refund on an amended return.
What is 3 years from the due date of the return or 3 years from the filing date if you had an extension.
If you overfund a Roth IRA you have until this date to remove it without penalties.
What is by the due date of your individual income tax return (with extension).
IF your payments are 90% of your current year taxes or 100% of your prior year taxes you will not have an underpayment penalty and you are considered to be in this.
What is Safe harbor?
Caveat: If your income is higher than $150K, it's 110% of LY taxes.
This is the first thing to do when your client gets an e-file rejection.
What is pull the reject code up in EFE and review it carefully to try to see what needs to be done?