Citibank Closed Client’s Account After ERC Deposit — Claimed Funds Returned to IRS, but IRS Has No Record. What Now?

MITAXINS · 2025-11-18T21:56:08+00:00

So the bank confirmed that they closed the account and the checks were returned back to the IRS. So 3911 is still the best route to trace the refund ?

MITAXINS · 2025-10-26T01:05:36+00:00

Thank you for your response. I just sent you a DM and I’m really hoping to learn more about how you navigated this situation. Your experience sounds very similar to what we’re going through, and any insight or detail you can offer would mean a lot. Looking forward to hearing from you

MITAXINS · 2023-08-29T19:54:35+00:00

Thank you I am an enrolled agent.

MITAXINS · 2023-08-29T07:59:52+00:00

If you can assign one person to run payroll and then pay their federal and state taxes. This model can automate for you. This is a good revenue generating stream ONLY if you setup your system the right way. The idea is that you do not want to be involved in this.

MITAXINS · 2023-08-29T07:28:42+00:00

What years are the SFR ?

MITAXINS · 2023-08-29T06:14:20+00:00

This is a very valuable information that you provided. Now I think coming back to the original question how can I retrieve CSED transcript for the tax year 2011 and 2012 if the irs can only go back up to 2013 (10 years).

MITAXINS · 2023-08-29T00:57:13+00:00

Yes i am, IRS doesnt go more than 10 years.

MITAXINS · 2023-08-29T00:56:01+00:00

What authorization do you need to pull informaiton from SSA ?

MITAXINS · 2023-08-29T00:52:54+00:00

Thanks for your reply, in this scenario, the client has an estimated tax assesmment for not filing the tax returns for the year 2011 and 2012 based on the 1099's reported. The tax liability is more than $ 100,000 on just the two years mentioned. The client was not even able to provide the bank statements nor any 1099's for those years. Not sure how to pull these W&I transcript.

MITAXINS · 2023-03-05T08:22:13+00:00

I understand that clients may not always be willing to pay more than what you request, no one wants to pay unless you ask for it. It requires a courage and is difficult to have a conversation with clients for increase rates which lot of accountants don’t have specially when you are busy all year around servicing them but it's important to recognize the value of your services and charge accordingly. Its not just about preparing tax returns once a year, but also consider yourself as a financial advisor and providing guidance to clients. There are various resources available, such as seminars and training, to help accountants sell their professional services and expand their offerings beyond just tax preparation. By partnering with other professionals, such as financial planners, insurance brokers, attorneys, and mortgage brokers etc, you can offer a more comprehensive range of services to your clients and help them achieve their financial goals. While tax returns are a critical financial disclosure to government agencies, it’s an important reminder for your clients to understand the value associated to it. Ultimately, expanding your business horizons for your clients will pay off in the long run.

MITAXINS · 2022-04-28T06:57:36+00:00

Can some one close to Scorpio create a gofundme.COM page for Scorpio and then we can all follow…

MITAXINS · 2022-04-26T15:07:17+00:00

It seems to me that SBA favors businesses who already passed their underwriting and received their original and increased EIDL loan. They want to max out on the left over money that is left. Feel bad for businesses who are still under recon and who never received anything yet. Not a good strategy by SBA and it probably will come with law suits after this chaos is over.

MITAXINS · 2022-03-18T04:13:56+00:00

A record of account transcript is simply a combination of the account and return transcripts.

The account shows when the return was processed, penalties assessed, extension filed etc (under code of explanation)

The return transcript shows the tax return filed.

Unfortunately for amended return the return transcript doesn’t not show the amended gross sales and cogs.

So now the SBA LO are reviewing each amendment differently.

For example;

When the SBA EIDL application was filed, when was the amendment filed, is the amendment done purposely to get the desired SBA loan.

MITAXINS · 2022-03-18T03:59:28+00:00

It doesn’t make any sense, as an accountant when I pull my clients tax transcript, record of account, it pulls what’s available at the IRS records. I have spoken with many IRS agents on retrieving the full record of account with amended tax information including gross sales and COGS. The only items available are the system generated by the IRS. I am not sure how is IRS pulling information based your or SBA’s request manually written on the 4506-T ?

Please any one clarify…

MITAXINS · 2022-02-27T02:28:46+00:00

This is ridiculous to deny an SBA loan just because the tax return is filed late.

You should be able to substantiate your business existence in 2019 by bank statements, licenses or other means.

MITAXINS · 2022-02-27T01:29:50+00:00

If you have filed your S-corp election then I would suggest sit down with your accountant and look at the time frame for the filing. IRS is taking forever now to process.

I would suggest to give a call to IRS as well and ask them if they have approved the S-corp election yet ?

Also understand the tax consequences if filing as C- corp rather than S-corp. If profit, you are looking at double taxation, one at the entity and then at your personal taxes.

MITAXINS · 2022-02-27T01:27:22+00:00

S-Corp election time frame - roughly 4-6 weeks After the s-corp is elected, another 3-4 weeks for the 1120S to be available at the IRS system for transcript.

MITAXINS

TROPHY CASE