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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 3996
Experience:  Providing Financial, Tax & Business advice since 1986
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Greetings I would like to know if I qualify for sequestration Kind

Customer Question

Greetings

I would like to know if I qualify for sequestration

Kind Regards

Rudi
Submitted: 10 months ago.
Category: Finance
Expert:  Lane replied 10 months ago.

Lane :

Pursuant to the requirements of the Balanced Budget and Emergency Deficit Reduction Act of 1985, as amended, refund payments issued to corporations claiming refundable prior year minimum tax liability, are subject to sequestration. This means that refund payments processed on or after October 1, 2013 and on or before September 30, 2014 will be reduced by the fiscal year 2014 sequestration rate of 7.2 percent, irrespective of when the original or amended tax return was received by the Service. The sequestration reduction rate will be applied unless and until a law is enacted that cancels or otherwise impacts the sequester, at which time the sequestration reduction rate is subject to change.

A corporation that can claim an additional first-year depreciation deduction under section 168(k) can choose instead to accelerate the use of its prior year minimum tax credits, treating the accelerated credits as refundable credits. Corporations making this section 168(k)(4) election and claiming a refund of prior year minimum tax credits should complete Form 8827. These corporations will be notified that a portion of their requested refund was subject to the sequester reduction.

Corporations making the section 168(k)(4) election but not claiming a refund of prior year minimum tax credits are not subject to this reduction.

Lane :

Do you think that those date would apply? ..."refund payments processed on or after October 1, 2013 and on or before September 30, 2014 "

Customer :

Greetings

Lane :

Hi!

Customer :

Sorry if there was a misunderstanding but I asked How do you qualify for sequestration

Lane :

Do you mean, relative to your employment?

Lane :

Sequestration can mean a LOT of things in different venues .. are you asking about Federal Government worker furloughs?

Lane :

Also this may help:

Lane :

While on furlough, Federal employees may become eligible for unemployment benefits
under the Unemployment Compensation for Federal Employees (UCFE) program.
UCFE is paid by the states under the same terms and conditions as regular state
unemployment compensation (UC). You will need to contact the state of your last duty
station to file an UCFE claim. To qualify for benefits, you must have earned sufficient
wages during the prior 12–18 months, as determined under the state UC law. The state
will advise you of whether or not you are eligible for benefits.
Be Prepared
It is important to have certain key documents ready when you file your claim. States may
take claims over the Internet, telephone, or in-person. Follow instructions provided on
the state’s Web site. Information on where and how to file can be found on the U.S
Department of Labor Web site at www.dol.gov.
You will need to know your department or agency’s correct name and payroll address,
and, if available, the agency’s Federal Identification Code. Documents that have this
information and will help you to correctly file your UCFE claim include:
• Standard Form 8 (SF-8)
• Standard Form 50 (SF-50)
• Earnings and Leave Statement
• W-2 Form
Workers who are otherwise eligible for benefits must first serve a one-week waiting
period in most states. You will have to check with the state in which you file your claim
for specific information. Generally, this means that you will not be paid for your first
week of unemployment.

Lane :

I'm afraid you'll have to give me a little more informaton ... :)

Lane :

I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)

Lane :

AHh I see you're typing now... I'l wait

Lane :

We've been at this for 20 minutes now ... I'm wondering if JustAnswer may be having some systems problems ... If I don't see you in a few more minutes, I'll go ahead and move us to the "Q&A" mode ... Again, we can continue out covnersation there ... Sometimes moving us to "Q&A helps

Lane :

But pleas, let me know if you have any questions at all

Lane :

Lane

Customer :

Sorry for me not being completely clear with my question but I am struggling to pay my bills especially car payment I want to no if I can sequestrate myself and what the requirements is.

Expert:  Lane replied 10 months ago.


Hi Rudi,


... just checking back in HEE, as I never saw you come back into the chat.

Hopefully this will help.

I'm here

Lane
Expert:  Lane replied 10 months ago.

So sorry, got called into a meeting myself.


I'm really not sure exactly what you mean.

I'm afraid I'll have to opt out.

Maybe there will be another expert here that can help.





Expert:  Rachel-Mod replied 10 months ago.

Hello,

I’m Rachel, and I’m moderator for this topic. It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

I was checking to see if you had already found your answer or if you still needing assistance from another one of the professionals?

Please let me know if you wish to continue waiting or if you would like for us to close your question.

Also remember that JustAnswer has a multitude of categories to help you with all your needs from Health, Pets, Computers, Taxes, Cars, Finance, Law, to Home Improvement, and more.


Thank you,

Rachel

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