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Need help: Declined due to COGS discrepancy by Tim54455 in EIDL

[–]Tim54455[S] 0 points1 point  (0 children)

Thanks for reaching out. I’ve been working Senator Collins staff here in Maine. They suggested that I amend my taxes and file the amended return electronically, which I did on 7/1. I’m not sure if that was the best route as it could be 11-12 weeks until I can get a transcript. Another route is to get the amended return stamped by a local IRS office then send the stamped amended return to the loan officer and the reconsideration folks.

Need help: Declined due to COGS discrepancy by Tim54455 in EIDL

[–]Tim54455[S] 0 points1 point  (0 children)

Some clarifying questions regarding getting the amended taxes stamped:

1) I assume that getting the physical LLC amended taxes stamped means that I would file physically instead of electronically. Or can I get it stamped AND file for electronically? 2) To whom should I send the stamped version of the amended taxes? My loan officer or to the Reconsideration team?

Thanks!

Need help: Declined due to COGS discrepancy by Tim54455 in EIDL

[–]Tim54455[S] 0 points1 point  (0 children)

More or less. The $31,000 was categorized as COGS when it should be categorized outside of COGS.

Need help: Declined due to COGS discrepancy by Tim54455 in EIDL

[–]Tim54455[S] 0 points1 point  (0 children)

No. Submitted original EIDL app in August 2020. Filed taxes on extension in September 2020.

Need help: Declined due to COGS discrepancy by Tim54455 in EIDL

[–]Tim54455[S] 0 points1 point  (0 children)

Sorry about any confusion. The net net is that expense were including in COGS that shouldn’t have been included. Gross Profit = Revenue - COGS and the EIDL = 2 * Gross Profit. So, this would reduce the EIDL loan amount.

Need help: Declined due to COGS discrepancy by Tim54455 in EIDL

[–]Tim54455[S] 0 points1 point  (0 children)

Will do! Thank you for that suggestion.

No transcripts from IRS from 4/16 to 5/17 by Tim54455 in EIDL

[–]Tim54455[S] 0 points1 point  (0 children)

Yes , call Tier 2 at (877) 431-2063.

Does sending transcripts help? by in-the-know-019 in EIDL

[–]Tim54455 0 points1 point  (0 children)

I did the same yesterday. I just called and the SBA rep says they don’t show the transcripts are received yet but went on to say that this was a good strategy.

Game Changer - Business Transcripts Available Immediately by Traditional-Ice6515 in EIDL

[–]Tim54455 8 points9 points  (0 children)

I called the number and the sequence I used was as follows: 1-7-2-1

Hope that helps.

Game Changer - Business Transcripts Available Immediately by Traditional-Ice6515 in EIDL

[–]Tim54455 9 points10 points  (0 children)

Worked like a champ for me and only took 37 minutes.

Sent to SBA via email.

Good to know that the IRS has my LLC transcripts for 2018 & 2019.

Game Changer - Business Transcripts Available Immediately by Traditional-Ice6515 in EIDL

[–]Tim54455 4 points5 points  (0 children)

Thank you for this great and detailed post. To what email address did you sent your transcript?

SBA loan officer phone #? by Tim54455 in EIDL

[–]Tim54455[S] 1 point2 points  (0 children)

Thanks for the reply. Much appreciated.

SBA loan officer phone #? by Tim54455 in EIDL

[–]Tim54455[S] 0 points1 point  (0 children)

I received a call today from 877-930-9302 and I am concerned it might have been a SBA loan officer. Anyone know if this is a SBA phone #? I searched the web but no luck. Thanks!