[GNC] Tax report options (flywire)

[Stephen]

JP Morgan Chase Bank provides OFX/QFX format downloads of Checking and 
Savings Accounts. I DL these monthly to correspond with the just-ended 
statement period. They are very easy to import into Gnucash and make 
reconciliation and reporting a snap. Sorry, I do not know about the 
Direct-Connect or AQBank type stuff and I am not following the 
discussion in re taxes.
  Stephen

On 5/18/2023 4:56 AM, Brad Morrison wrote:
> Hi Alex/all,
>
> Thank you for the overarching explanations about how GnuCash Tax 
> Report Options work and some of the issues behind that.
>
> As I covered in my April 25 post 
> (https://lists.gnucash.org/pipermail/gnucash-user/2023-April/106671.html), 
> I have been trying to find US based FDIC insured banks that allow for 
> transactional data to be downloaded in the OFX file format 
> (https://en.wikipedia.org/wiki/Open_Financial_Exchange). I have still 
> not been able to find any that do, so I dug a bit deeper (the ICBA and 
> several other banking associations did not respond to my inquiries) 
> and noticed that the Financial Data Exchange group that hosts the "OFX 
> Work Group" (https://financialdataexchange.org/ofx) seems to be quite 
> out of date (copyright date at the bottom lists 2020 as the year, 2019 
> is the last date on the timeline, etc.). The Financial Data Exchange 
> homepage (https://financialdataexchange.org/) looks better maintained 
> and seems to have several news items from the last month, but also has 
> that 2020 copyright date at the bottom. FDX also has this Tax Data 
> Exchange section 
> (https://financialdataexchange.org/FDX/FDX/US-Tax/US-Tax-Forms.aspx?hkey=00bae613-7ec8-4c93-8e37-4712f09ae255) 
> under the "Resources" tab, but it also looks a bit stale. You may be 
> able to parse the technical information there better than I can, but 
> it might be worth a look as that Tax Data Exchange page also seems to 
> acknowledge what you are saying about TXF code being abandoned 
> ("Standards-based JSON files are superior to both CSV and TXF files 
> CSV files require proprietary programs to process. Documentation and 
> support of the TXF standard has dwindled and has now been 
> fully-replaced by new standards.")
>
> I do not know if GnuCash is already a member of FDX, but that maybe 
> something to consider...?
>
> Brad
>
> On 5/17/23 12:08, Alex Aycinena wrote:
>> On Wed, May 17, 2023 at 9:00 AM<gnucash-user-request at gnucash.org>  
>> wrote:
>>
>>> ---------- Forwarded message ----------
>>> From: flywire<flywire0 at gmail.com>
>>> To: Gnucash Users<gnucash-user at gnucash.org>
>>> Cc:
>>> Bcc:
>>> Date: Wed, 17 May 2023 17:17:45 +1000
>>> Subject: Re: [GNC] Tax report options
>>> https://lists.gnucash.org/pipermail/gnucash-user/2023-May/107018.html
>>> flywire wrote:
>>>
>>>> It is a spreadsheet process to add share/franking credits to 
>>>> etf/franking
>>>> credits (Distribution:13Q) and similar for capital gains
>>>> (Distribution:18H:18A) since the components are the same tax item. Any
>>>> thoughts of how I could sum them in reports from different account 
>>>> trees?
>>>>
>>> lol In the heat of the moment preparing tax I'd never thought of just
>>> transferring the total to the main account for that item.
>>>
>>> https://lists.gnucash.org/pipermail/gnucash-user/2023-May/107020.html
>>> flywire wrote:
>>>
>>>> ...there are 13 annual returns
>>>>
>>> To be clear, the items on the return map to different tax codes, eg
>>> franking credits is 13Q on a personal return and 8D on a trust 
>>> return. I'd
>>> expect a table would need to be maintained for each return type. 
>>> Australian
>>> codes hardly change over time which likely means there would be no 
>>> active
>>> maintenance.
>>>
>>> Is it as simple as just using a unique tax code as account code and 
>>> then
>>> reporting by account code? (Assume one return type.)
>>>
>>> _______________________________________________
>>>
>>>
>> Some questions have been asked about  Tax Report Options in the past 
>> couple
>> of weeks. I have been away and not able to respond or make comments. 
>> Let me
>> make these points, which may not necessarily apply to this thread, 
>> but to
>> others (sorry):
>>
>> - The Tax Report Options and associated US Income Tax Report are only
>> intended to be used for US Income Taxes.
>>
>> - Some time ago, someone in Germany used the US version and made
>> adjustments for use in Germany; I'm not familiar with that and don't 
>> know
>> if it works and is being maintained.
>>
>> - Initially it was intended primarily to generate a file that could be
>> uploaded to Income Tax Preparation software (and a report was sort of
>> secondary) and so a key element of the design was the use of TXF 
>> codes that
>> the Tax software could understand; the specification for those codes was
>> abandoned some time ago so the ability to expand the system is not there
>> unless we invented our own new TXF code (ugh!).
>>
>> - That is why there is nothing for Form 1116.
>>
>> - If someone wanted to do what was done for Germany for another
>> jurisdiction, they would have to deal with this TXF issue; I certainly
>> don't recommend trying it.
>>
>> - The US version could/should be re-written to not depend on TXF 
>> codes but
>> this would not be trivial.
>>
>> - One can use the 'No Tax code' tag to include accounts on the US Income
>> Tax Report, just not sorted by Form/Schedule; you could use the account
>> name and/or description for that purpose for those accounts to give you
>> totals (example: for Form 1116).
>>
>> - The system assumes that each 'book' (i.e., gnucash file) is for one
>> reporting entity (individual, partnership, corporation, etc.) and 
>> that one
>> file is not used to track the accounts of more than one tax
>> reporting entity.
>>
>> - You can certainly use your account structure design and other 
>> available
>> reports to get your tax information without using this system; in 
>> fact, if
>> you use this system, you have to carefully design your account structure
>> and do careful data entry to get the report to be useful.
>>
>> Alex
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