Discussion:Credits are required?
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| Revision as of 04:26, 31 December 2007 Rgtaxservice (Talk | contribs) (1) NO 2)YES 3)) ← Previous diff |
Current revision Ucimnemc (Talk | contribs) (Many thanks RG.) |
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| Besides, it saves the awkward dialogue when you have to explain to the client they were entitled to a credit that you didn't prepare because you charged more than the credit. }} | Besides, it saves the awkward dialogue when you have to explain to the client they were entitled to a credit that you didn't prepare because you charged more than the credit. }} | ||
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| + | {{ForumReplyPost|UserID=Ucimnemc|Date=31 December 2007|Text=Many thanks RG. That was exactly what I thought as well and I appreciate the reply.}} | ||
Current revision
Discussion Forum Index --> Tax Questions --> Credits are required?
| 31 December 2007 | |
| Oops, sorry! This was originally entered as an article, not a discussion or question. My mistake. As a newbie, I hope everyone will bear with what might be considered "naive" and rather generalized questions. A preparer of some extended experience made a comment to me the other day that I would like to check on. The statement was that as professional preparers, we are REQUIRED to file our client's returns with ALL credits that they are entitled to. I had never heard that before. The issue came up because the particular credit in question was worth less than the cost of preparing the form! So my question is three fold: 1) Is a taxpayer REQUIRED to take a credit, or can they elect to decline the credit if they feel it is to their benefit for some reason? 2) If they ELECT to decline the credit in one year, can they file an amended return later to claim the credit? And 3) As professional preparers, are we REQUIRED by law to file a client's return with credits that they would rather decline or could that merely be a "policy" of the firm? Your help and comments would be greatly appreciated! | |
Rgtaxservice (talk|edits) said: | 31 December 2007 |
| 1) NO 2)YES 3)NO
I've run into only a few instances where the credit was actually less than the form fee. In those rare instances, I've included the credit form for no charge. You are probably only talking a few bucks for the credit and a few bucks for the fee. The client saves $20 bucks and you don't charge an extra $25. No biggie. It's no real out-of-pocket cost. I always keep in mine that I have clients and not customers. Besides, it saves the awkward dialogue when you have to explain to the client they were entitled to a credit that you didn't prepare because you charged more than the credit. | |
| 31 December 2007 | |
| Many thanks RG. That was exactly what I thought as well and I appreciate the reply. | |
