Any accounting or tax gurus here?

[brian bennett]

Wow am I ever pissed! I opened a trust fund for the grandkids some years ago. We haven’t touched in two years as there were no tax implications. My son went to the bank to update some info and they said the money was gone as it was an abandoned account.

Long story short we recovered the funds almost immediately but I’m worried about tax implications. I know if I deposit it I’ll probably incur income tax on it.

I’d like to get it back into a trust for the kids but am struggling to determine any tax implications. We disn’t withdraw the money this was a funds recovery if that makes any difference.

Any info from youse guys?

[Dawid Lib]

I would be talking to some bank regulators on a deal like that. What did the branch manager have to say about it? I would be up that guy’s ass so far I could see what he was eating before it got to his mouth.

[long walk]

Wow, it’s been a while since I saw a thread like this — people here genuinely need support. Accounting and taxes aren’t just numbers, they’re a bazillion little details where one mistake means months of back-and-forth with the tax office. I had a client who paid in advance for four months, but the contract split it 65 % as advance and 35 % as prepayment — and the entire amount landed in one account. Result: minus $14,500 and two months of refund processing. We solved it by plugging in here and instantly patched the hole: invoice logic, payment parameters, and syncing with the contract terms — all clicked. How do you make sure clients don’t accidentally pay into the wrong account — do you track it through a CRM or reconcile manually?

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