Leaderboard

Andrew was hired by United and started training January 4. It was hard for him to leave SkyWest, but this has been his dream job since he was little. He will be flying 737s out of LAX until a spot opens in Denver. We are super happy for him. I am looking forward to more fun trips to places that I have never seen.

Happy New Year to all my friends and colleagues here. Couldn't get through this madness without you all!

When I began preparing taxes in 1983 an instructor in the tax school asked if anyone might want to join their staff in the upcoming tax season. If so he advised I can promise you the biggest can of worms you will ever encounter. After now almost forty years I can attest to the factual accuracy of what he said so long ago. A Happy New Year to all.

May God give us all the strength to get through the 9th, 10th, 11th, and 12th Quarters of 2020... Perhaps we can hope/pray for a return to normalcy on January 1st, 2023. (Loved your comment on Qx of 2020 some time ago, Lion, and have used it ever since!)

Amen! Wishing a smoother tax season to us all.

The happiest of New Years to all of you. Please may we have an easier and more productive tax season this year before we all throw in the towel. Happy and Blessed 2022!

I wonder if this would fly? PITA Fee - whatever it takes to make you go somewhere else next year Tom Longview, TX

Best wishes to everyone here in the New Year, I look forward to a fresh start!

To everyone here, I hope you all have a happy, healthy, and prosperous 2022!

And for the dyslexic and typo prone among us...

If I make a hologram of myself/tax preparer for my Virtual Reality Office, I want to be young, skinny, and pretty, but still believable as a really smart EA. Maybe with glasses, like a sexy librarian type? In fact, I want my Virtual Reality Office to be neat, clean, and organized, things it has not been since the beginning of 2020. And, no Hubby walking in to show me something on his tablet.

Hey Y'all! I'm still here, but I sold my business last September. I'll be working for the new owners for a few more years. The sale was a sale of stock, and they will pay me installments with interest, in case anyone was wondering how that goes. He could have purchased my client list and depreciated it himself, but instead chose to make it a stock purchase so I'd get the better tax advantage. I think I can simply report the stock sale on the Sch D and interest on the Sch B each year without having to do the "installment sale" form 6252. Correct me if I'm wrong. Not owning the business was an immediate weight off my shoulders. I'm glad I trusted God on this one. Donna

It took me much more than 30% longer in 2018 to figure out where things went on the stupid "postcard" return. Five years ago if asked when I would retire the answer was probably never. So much of what has happened, that is no longer true. It's just not fun anymore. Luckily for me I'm at an age and financial position that I don't have to put up with the problem clients. I feel I should keep doing returns for long term clients, friends and relatives as long as I can. It's sad, but when us old timers are gone, people will be in a bind. So much of what I see from the younger crowd is they rely 1000% on their tax software and can't seem to think beyond it. If you are only doing compliance, I guess that's okay. However, unless they understand how it all comes together they are at a loss of making recommendations.

Sending everyone good wishes for a happy and healthy 2022 and a tax season filled with "easy" returns.

Last year turned our world Topsy Turvy, here’s to 2022 turning it right side up. All the best to all for a Happy and Healthy New Year!

Peace on Earth and Good Will to all Ye on this forum!

Red wine, maybe an extra glass for soothing purposes.

Just an announcement, I have passed all three parts and the EA exam and have submitted my application for Enrollment. For those who are considering becoming an EA, I will tell you the three parts are not a cake walk but are not as difficult as when there were four parts. I tried becoming an EA way back when it was a paper-pencil test. Didn't do well so I put it on the back burner until I retired from my teaching job. Fast forward 26 years and here we are. For those who are new or seasoned EA's did you join the NAEA? They are offering a good discount for new EA's just wondering if it is worth the investment. Opinions please.

I would like to remind everyone of my method of getting through to PPL. Today I called at one minute to 8 and got right through. That was lucky, because I forgot they open at 7 So at one minute to 7 I start dialing, get the message they are closed and then keep hitting redial. It works every time for a brief amount of time on hold. Don’t tell anyone, we don’t want to overwhelm that time slot. Only problem is you have to get to bed early the night before.

It's amazing what one year's events does to that baby new year. The more time goes on, the more I understand it!

We have no problem with other people dropping off information. We won't discuss it more than saying, "Thank you," though. If someone slides a package under the door at the office, or slips an envelope through my front door mail slot, I usually have no idea if it was the client, a neighbor, or Pony Express. Now, if an existing client comes in with someone (friend, adult child) and says they want them on board as a backstop, then we get a Section 7216 disclosure signed before any discussions take place. I don't think we need a POA unless the second person is wanted to take sole charge, or sign e-file authorizations and the like. We will accept referral clients from existing good clients. That backfired on us only once - it was last year; long term really nice client sent her brother. What a disaster he was - we fired him and were sure we were going to lose the sister and her husband. In the end, she apologized profusely to us! She had no idea what kind of a financial idiot he was; apparently she referred him to her financial advisor, too, who also fired him and read her the riot act over sending him.

Hmm, I took the OP to mean that clients were asking about sending friends and relatives in as new clients.

My hubby making the rolls for Christmas dinner.

Sales of privately held stock may be reported by the installment method (I don't have a cite handy but many years ago had a client in similar circumstances).

Yup...January 24th it is. https://home.treasury.gov/news/press-releases/jy0553 I sent my clients an email informing them that I would start to prepare returns in early February. Given tax forms should flow in by January 31 (if we're lucky), I like to wait even further. Over the last few years, some forms have flowed in up until mid-February or later. But you have to start sometime, so I'll begin around February 5 this year. I also informed them we should be ready for delays this year. What normally would take the IRS a couple of weeks to a month to process, and then issue refunds, could take longer this year. Last year, several clients waited months, literally. So who knows what this year will bring.

Should we former Saber users ask Eric for a tiger roar when we visit this forum?

Aren't we all amazing? I am pushing 80 (pushing really hard). Margaret, a few years ago, I added a home office extension to my home. I won't be moving because my husband's business is next door. And, I won't be quitting until he no longer needs me to do his accounting and tax prep. Maybe, not even then. I would never give up my two landlines; one for fax; although fewer and fewer people are using faxes any more. Obviously, I am OLD school. I took on a young assistant as we have a client base of over 200 and growing. I have no advice for you about moving. However, I encourage you to not give up your practice. There are so many people out there who really, REALLY need us and I'm not giving up as long as my brain holds out. At my age, it's not always about money and really never has been. I enjoy my clients and most of them are friends. Once in a while I have to send one down the road just because we conflict. You have my best wishes for whatever you decide to do. Nothing much is impossible if you really want to do it. I would certainly miss you here.

As Catherine stated, no problem with anyone dropping off information. I only discuss client information with the client, but if a "daughter, neighbor, or friend" wants to drop it off for them, so be it.

Someone on some platform was counting the days, such as March 621, 2020. That's too much work, but I love it. Even my hubby (a church music director and piano teacher) has started using 8Q 2020.

Merry Christmas all!

In looking over the various increases in what will be our workload this season I am going down to the store and buy several additional bottles of ibuprofen or acetaminophen. I wish you all good luck as I feel sure we will need as much of it as we can get.

And, chocolate, lots of dark chocolate!

Just as an opener. How many of your clients are going to locate must less remember those Child Credit letters and EIP letters from the Service. I am reading a married couple will receive a Child Credit letter to the wife and one to the husband. Am I reading this correctly ? It appears so illogical to me. I don't know about youall but my fees so stable for years are going to take a considerable jump.

I've upgraded to CBD tincture to keep me sane, calm, and focused. Auto-delivery.

Ha Ha! "Normal" these days consists of stimulus payments they don't remember, advance child tax credits they don't remember, cryptocurrency dabbling, NIIT, different phase out ranges for almost everything on the return that you have to explain, ability to use 2019 income in some cases, different rules for every type of retirement plan contribs and distribs, paying tax on 2021 retirement distribs over three years, should I go on? Normal for me will be if the tax laws don't change again before the end of filing season.

Hi dear friends here, Happy New Year! It had been lasting so long and finally I have the case results. The appeal officer turned down the original OIC officer and his supervisor's decision. The appeal officer did not use income factor because only his income is counted and it is less than his expenses (he had a lot late due bills) . She took only the equity factor including his personal bank, stocks , car value and his business bank at the time of first filing of OIC. She actually reduced the OIC because I gave her the current business and personal bank accounts which show less money in both accounts. So we accepted and made a first payment (as condition of acceptance, we agreed to pay off in 6 installment). Thank you all who kindly helped me. Thank you! Kate

If your taxpayer is charitable, and uses the standard deduction, have the RMD go to charity as a QCD. Tom Longview, TX

I'm in that situation too. I plan to contribute. My understanding is that the tax rules changed for contributions when they raised the age to 72for RMDs. If you are working and have earnings, you are now eligible to continue to contribute and get the IRA deduction.

I just used it to help determine of an adult, disabled child is a dependent, and found it very useful. Judy, perhaps this could be a 'pinned topic' ??? Thanks, Lynn

No you couldn't....great cookies come from experience and love, not from equipment. Tom Longview, TX

Congratulations & God Bless You!

I'm hoping to end the accounting side of my business in another 2 years, and just keep doing individual tax returns. Taxes are still fun, I just can't stand the accounting any more. Used to love it..... And it's not the clients, the ones I still have I mostly love. But after a few closing their businesses in 2020, I decided to let it die out. So I'm thinking early taking early Social Security while doing tax returns, and taking the rest of the year off. Of course, that could be the pandemic talking, and I'll change my mind.... But I doubt it.

Terrific news. Have a good friend who recently retired from UA (flight attendant) after more than 40 years. She was not even in the top 50 of seniority... Several other friends are A/P at SFO. One of our sons wanted to be a garbage man (we would not be allowed to ride with him!). Back then, there were no ready made garbage truck toys. Pilot was next, but at the time, his only route was through the regionals, and he prefers a different lifestyle. He then went into medical research for 5 years, and is now working towards trauma surgery. For us, we are most proud of his volunteer time at local free clinics, community based clinics, and at a VA facility. I fully expect him to take up flying again, once he chooses where to practice. (He is a strong believer in not being few times in the air per year private ticket guy. He wants to be up a couple times a month, at least, to keep current.)

Ah, look at that smile!

Or, Roth contributions, right? I'm well over 70.5, have started making QCDs to lower my taxable RMDs, paused my own contributions for a couple years now, but want to make 2021 and 2022 contributions to my Roth again. Or maybe to my SEP. I wasn't using my SEP when my very part-time employee became eligible but did NOT want a SEP. I no longer have employees, so I can again contribute to my SEP. I agree with Kathy, too many choices that are similar but each with different requirements. I have a partnership client with a SEP and a partnership client with a SIMPLE and an S-corp client with a SEP and an S-corp client with a SIMPLE, and they all have differences on how the employer reports them depending on both the type of plan and the type of entity. We need more uniformity on something as basic as retirement savings. (But we all know how "helpful" the uniform definition of a child is.)

My office is a spare bedroom converted to an office. So, like you, not only do I never leave my office, I never leave my house. I tend to think of myself as the age I was when I dated and then married my current husband, so nor more than 47. I'm pretty sure there were no reruns with I was young. We didn't have a TV until I was in school. It was black & white, and we got about three channels in the Chicago area.

Clients are beginning to call for appointments in mid February. This is a good thing. Clients are asking, "Can I send my daughter, neighbor, friend?" It is beginning to sound as though taxpayers are totally confused by all the things that they are hearing. Well, we are here to help. Unfortunately, we don't know all of the answers yet; but nobody knows that except us.

Maybe now that we can use FAQs as a source, the ITA will be a source and we can just ask it our questions instead of doing any research. Easy-peasy, right??

May your hearts and your holidays be light!