Jump to content
ATX Community

Leaderboard

Popular Content

Showing content with the highest reputation since 03/16/2024 in all areas

  1. Anyone looking for a couple of CPE hours in late April, I'm presenting online. https://www.bigmarker.com/tax-practice-pro-inc1/When-1040s-Go-Wrong-Navigating-a-Tax-Train-Wreck @Lion EA saw the first presentation of this, live, last September.
    11 points
  2. Thanks to Eric and to all of you. I am starting to double guess myself and waking up in panic mode. Not Good! Without you, I would be lost, even with all the research material that I have. Please donate to keep this board alive and always appreciate all of the knowledge and comradery found here. Happy Summer to everyone.
    11 points
  3. I don't know what I would do without all of you and a couple of groups that I belong to on FB. I am hesitant to ask questions of some groups, but this bunch of awesome people are willing to help and be kind. All of my cronies here are dead, retired or just said that they had had enough. I hope that it's OK if I hang around here for awhile after I retire. I am just letting my permit go inactive, in case I get desperate and have to work for somebody else in Colorado.
    11 points
  4. Almost over people !!! Take a couple weeks off then finish the stragglers we filed extensions for. Its been a trying year that has dragged on forever !!! Been saying for years we need to cut back, but this year solidifies we need to. Tired and wore out as I imagine we all are. Hope everyone has a fantastic summer !!
    10 points
  5. I will be working all day today and tomorrow. Then on to the extensions. This has been a whirlwind year. A client is bringing homemade soup for tomorrow. Then I can say that we have been given everything from soup to nuts. Friday it was two quarts of homemade maple syrup. You just have to love these clients who appreciate what you do for them and we really try to do the best job possible. Off to work I go.
    10 points
  6. Yes, a very heartfelt thank you to Eric, the moderators, and every colleague who reads and posts here. Without you, I would be bereft of what small dregs of sanity remain to me.
    10 points
  7. Once in awhile there is a client that no price is high enough!
    10 points
  8. For me, this site is a place to learn, get answers, vent or commiserate, or just take a break during the day. It continues to be an invaluable resource that's been a part of my daily routine for 17 years. Eric has taken care of us from the site's inception, mostly unseen, and his work is ongoing. Soon he will migrate the forum to a new host and is waiting for us to get through the 15th before doing so. I've made a donation today and hope others here will consider that as well.
    10 points
  9. Yes! I definitely agree. Especially for those of us who work solo. Thank you!!
    9 points
  10. Certain people do come to mind and then they turn to dust. Breaking things after an aggravating day can be very satisfying.
    9 points
  11. Cigarette smoke and couldn't wait to get them out of my office. The firm I worked for early in my career had a seafood market, and the stench from its papers was nauseating. The owners knew it too because they and the kids would shower and change clothes after work. AIr out as best you can, keep the docs sealed up and in a separate area until ready to work on them, and get the work done sooner than later. Maybe you could put a box of baking soda or some odor absorber/neutralizer in a bag with the papers.
    9 points
  12. Just received an email from "Karen" that says "I have uploaded my 2023 tax documents in the workdrive below secure link, please look through it, and let me know if you need any additional information. Also will it cost the same as the last." I'm small enough that I know all my clients and didn't fall for it. Those that deal in volume returns or have staff beware!
    9 points
  13. Almost every client I have, has "some" Social Security included in taxable income. When I started in this business, only the "pretty well-off" did.
    9 points
  14. I have the utmost respect for everyone here and I thank you for sharing your day to day and making me feel less alone. Sincerely. My plan was for this to be my last year but I looked at the numbers and I think I have to do at least one more. Here's hoping I'm just exhausted and maybe I can call it a day? Congratulations to those who are done. My best to those who will continue.
    8 points
  15. I'm in for a short time today but probably won't get much done. Got an email from a lost client. He's four years behind. Ha. Says he wants to catch up. Ok but he'll have to get his info to me. His son has been coming in regularly. We'll see. I jogged this morning. Feels good to get back to it after a few months off.
    8 points
  16. Yes, absolutely we want you to stay with us.
    8 points
  17. Amazingly 20 minutes after e-mail she shows up all apologetic. Didn't give her the return, only the original documents.
    8 points
  18. I'm fortunate enough to be at a point in my life where I don't need to be bringing in money from preparing returns. For the most part, I still enjoy it and the vast majority of my clients I look forward to seeing each year. Email sent and now I'm going to go dig in some dirt and plant some veggie seeds!
    8 points
  19. I've had a policy for years - and my annual tax letter states in bold - that any return not ready for signatures and e-filing as of April 1st *will* be put on extension. My cutoff is March 15th, but the poison pill in it is that I have to have all the documents and information in-house by that date. People rush to get me docs on March 14th & 15th - but it's never, ever, complete, so they have not made the cutoff. Manage your clients, or they'll manage you into premature gray hair and high blood pressure.
    8 points
  20. You probably need to ask a lawyer for a proper answer, but what is his recourse if you ignore him? If you need to respond to him, be short, be to the point, be stone cold, do not be emotional. I'd suggest something like: "You requested 5/18. I originally agreed to that. Your request to move that to April, and now March, is not feasible. I will let you know on 5/1 if 5/18 is still feasible for me or if I need more time." Do not go into detail. Do not state reasons for your decision. Reasons are something to be refuted; do not give him that option. When he responds, most likely angrily, do not answer his questions and again, do not go into detail or give reasons for your decisions. Remain stone cold and keep your reply short. Reply with something like: I have stated numerous times that your request is unattainable. I will update you on 5/1. If he responds, reply with: "I'm sorry, I cannot do that. As I do not have time for your temper tantrums, I will block your email and phone number until 5/1 and contact you with an update at that time." You have the right to walk away from an abusive situation. Exercise that right.
    8 points
  21. The incomparable thrill of meeting the deadline. Almost 2 a.m. and 4 coffee cups, that would have been about right in many past years for me.
    7 points
  22. I'm done. This morning I filed the extension for my ultimate procratinator, and other than the extended returns, I am waiting on one to pickup (SO unexpectedly hospitalized day she was scheduled to see me) and one couple that have had the returns for almost a week and must return the 8879 to me. Tomorow I am participating in a charity event in the early morning and then will be shooting at the clay pigeons. That's been ongoing as weather permitted and really helped keep my sanity this year. Plus, it's fun.
    7 points
  23. You are so right! I had about a dozen that I out right fired, about 10 more that I doubled the price and they went elsewhere and a couple more that paid the PIA fee. The stress these clients caused was not worth the money.
    7 points
  24. I'm essentially done other than one that is a total PITA. They dropped off info late March. I sent email of a couple basic items missing. Various emails over the last 2 weeks to get the info. Sent email that they were done Tues, and she replied she will pick up today. Did not answer my return email as to what time today. I sent another this morning saying they need to be picked up by 1 pm. At 1:05 I'll be sending another email with password protected file of their original documents telling them they need to go somewhere else. They have 1 dependent that graduated HS in 2023 and another in college. Guessing at least one of them filed their own returns without indicating they were being claimed by someone else. Same crap happened last year and needed to prepare a revised return for them on 4/18 because kid claimed herself. I can be very nice until I feel taken advantage of. When I reach that point, look out!
    7 points
  25. If I have nothing, I just use last year's tax as a guesstimate for this year. I automate that in ATX by linking the prior year tax from the comparison form to the 4868. It's better than zero.
    7 points
  26. That is against the unwritten rules. No one may ask for tax advice before doing something. The more idiotic the step, the more strictly this is enforced.
    7 points
  27. I am 84 years young, but I tell most people 78.
    7 points
  28. has worked fine with the few clients I've tried it. And as you mention, they have been older clients; younger ones I've pointed them towards Direct Pay. Just had another instance of client's check going missing--the 1040-ES arrived but not the 1040-V. Even though elderly, I think he is savvy enough with the computer to use direct pay going forward. We have a serious problem in my area with stolen checks, including those dropped off inside the Post Office.
    7 points
  29. Here we go again: Bubba: "Hey, bought a brand new pickup truck!! $100,000. All for business. I parked it outside so you can see it." Preparer (after glancing out the window and seeing two fishing rods sticking out the window). "That's great Bubba!! We'll see what we can do with your mileage log." Bubba: "Whaddya mean mileage log?? I want'chu to write off this whole thing." Preparer: "They won't let us do that. Only a limited amount of depreciation per year. Not only that, but if you take actual cost, you STILL need a mileage log." Bubba: "Only a limited amount of depreciation? I'll never get $100,000 depreciated out before the thing is ready for the junk yard. I don't need a mileage log either. It's 100% for business. I tole you that." Preparer: Mileage log?? Where do you drive? Bubba: "Everywhere in my business. Just got back from Myrtle Beach last week and my wife wants to see the Alamo in June." Preparer: "I'm sorry Bubba. I don't think I can help you." Bubba: "Well I'm sorry too. I can find someone to do what I want them to do. I'm gonna take my honkin' new truck to Slick Sam over in Yonder County and he'll fix me up." Ever happen to you??
    7 points
  30. At a seminar an IRS agent once told us that the only vehicle IRS believes is 100% business use is a cement mixer.
    7 points
  31. yes, just had a client with modest income who took $15k out of her IRA with 20% withholding--she still owed because of the additional Social Security income being taxed. It's been $25,000 and $32,000 since...the 90's?
    7 points
  32. $3,000 net capital loss allowable per year. I have clients who won't live long enough to use all their capital losses!
    7 points
  33. Yes, it's a godsend for all of us who are solo! And I too have had all but one other accountant I know retire.
    6 points
  34. I had a pretty good start to the season, but then lost a week to tech crap in March, and this past week to a bad back. So I'm trying to remind myself why I thought it was a good idea to keep doing taxes a few more years. But I just prepared a partial list of folks I'm going to fire, I'll go through and finish the list this week. Then I just have to write the letter to them. Then only 2 clients I still have payroll returns for, that's a relief to have that so low! Next year, none!!
    6 points
  35. @Catherine @Abby Normal @G2R The three of you should get together and put on a seminar. "What the hell happened, how the law tax law applies, and how to enter the damn thing in ATX". I would attend if it qualified for CPE. If you held it in my hometown I would put on a BBQ dinner for you at no charge. Tom Longview, TX
    6 points
  36. I had a (former) client who I hadn't heard from in 4 years text me at 6:00 pm Friday asking me to do a trust and individual return. This was the normal pattern when they were my clients. I told them I was "pretty much" retired and to call Block Advisors. Just remembered--one summer I sent them a warning they were about to hit the 60 day mark (minimum penalties kick in). They contacted me on day 61.
    6 points
  37. I did see that happen one time (over 20 years ago). I hadn’t prepared the extension or the return, but was asked to look over an audit report. The original extension request showed zeros on all lines. The actual tax liability was significant - $15 k or so. The taxpayer was self-employed and clearly should have know there would be tax due. The audit only turned up a nominal amount of additional tax - maybe $1k or so. But the auditor added full FTF penalties, stating that a reasonable estimate of the tax liability was absent from the 4868 and thus it was invalid. That’s the only time I’ve ever seen that happen, so I conclude there’s no attention paid to the numbers in the 4868 unless there’s an audit. But then they have a slam-dunk case for invalidating the extension retroactively if the extension shows all zeros. That’s why I agree with the approach to estimate the projected tax liability high, even if there’s only a token payment (or no payment) submitted with the 4868. It’s perfectly fine to lowball the payment (or even not submit a payment), but don’t lowball the expected liability.
    6 points
  38. just enter the amount that was rolled over at the bottom of the 1099-R worksheet, will show zero taxable on the 1040. Didn't need to be issued if it was institution to institution--but it could be correct if taxpayer moved the money themselves.
    6 points
  39. You shouldn't need to paper file either if you get on it. I just efiled one where the taxpayer died in December.
    6 points
  40. All you can do is file a zero-information federal extension. Gives him 6 months on the SOL to claim any refund, if he finally gets his docs to you next year. We are not their mommies and can't make them do anything. Nor can we allow ourselves to care more about their own taxes than they do. If he has late penalties and interest it's not your fault and there's nothing you could have done to fix it.
    6 points
  41. I tell them they can lower the amount if they want, but to write it down on the list I gave them &/or make a copy. I push DirectPay and the state equivalent, because they get instant confirmation. I tell them to save the confirmation AND to send it to me each time they pay an estimate. That way I have amounts and dates. If I haven't gotten 3 confirmations from a client by December, I remind them and adjust their 4Q amount if needed. I also strongly suggest the 4Q be paid by 15 December (instead of 15 January the next year) so when they look for all their 2024 expenses, that 4Q shows up as 2024.
    6 points
  42. Years ago, I used direct debit, and the IRS took the money twice. One phone call and they immediately acknowledged, but it took them 10 weeks to refund the 'double dip'. LONG ago, and I'm certain it's fixed, but I've never used it since. I have an instruction sheet with instructions for direct pay for Fed and State, and I pay a client who is retired to come in 4 times a year and phone all my clients who have estimated payments reminding them of the same. Clients love it, and it's a 'touch' in the off season time. I print vouchers when I do the tax return for folks who want to send checks, and we keep a spreadsheet of 'estimated payment' clients. My son is getting ready to go to college, and he says he's going to take over my business someday. When that happens (or when he changes his mind and I sell my business), he can move the estimated payment system into this century ... my retired client might be tired of making the phone calls by then ;).
    6 points
  43. I haven't heard of this either. If there is excess sehi, it is usually because it exceeds the income from s.e. income, and then that excess goes into medical expenses on schedule A.
    6 points
  44. This type of client doesn’t bother me. It’s those who was to bring it in an expect to have it completed bly Apr 15! who would irritate me. That’s why I set a cutoff date (usually somewhere around March 15-20). Anything coming in after that date automatically get an extension. Some of those returns still get finished, but there are no guarantees. Strict adherence to that type of policy turns April 15 into just another ordinary day.
    6 points
  45. I always liked the ones who said they’re too busy to keep a log and “if I’m audited I’ll just give the auditor my box full of gas & repair receipts and let them figure it out.” I’d always tell them “The auditor will just hand the box right back to you and inform you that you don’t have a deduction.”
    6 points
  46. Had one lady years ago who would bring her docs in one of those Dutch butter cookie tins. Everything smelled of cookies. Finally told her that if she was going to do that, to leave me a couple of cookies. The next year she brought an envelope, doggone it all.
    6 points
  47. I'm as confused as everyone else by this. This sounds more like a partnership with one partner selling to the other, and that this was incorrectly handled as two proprietorships. If not, how does your client explain the shared checking account?
    6 points
  48. Simply viewing an email will not infect your computer. However, clicking on links or opening attachments can. Even when I get an email from a a company I do business with, I don't click on the links. I go to their website and login.
    6 points
  49. Prior year returns get my current-year rates, adjusted as always for complexity of the return in question. Won't even look until after 4/15 or they can go elsewhere. Have a new one this year, two amended returns, sent by his brother who is handling their now just-passed mother's final return. He's fine with waiting until May, after discovering an error for 2021 & 2022 (thanks, TTx - the gift that keeps on giving).
    6 points
  50. I feel the same as Bulldog, but I do not take any new clients that are behind in tax returns until after April 15th, they have to go on extension. If they are not willing to do that then they are not the client for me. I feel like the clients that keep up on their returns in a timely manner deserve to be taken care during the regular tax season. For the most part that has worked out well for me, however there is ALWAYS exceptions.
    6 points
×
×
  • Create New...