Leaderboard

Ok, I didn't, but I've seen that statement out of pros, and I just want to say: I cannot do 16 returns on a Saturday with the door locked if I manage to pick up the info for my only 16 clients who brought all their $%^&. I hope those people mean "my assistant and I," because even with a wine per diem, I can only make eight returns look like ten.

Three CPA's eating..... ? . ...

Maybe it's just the tax season giggles kicking in, but I laughed out loud at some of these: Period of Limitations that apply to income tax returns Keep records for 3 years if situations (4), (5), and (6) below do not apply to you. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

CPA on too much coffee. This is how fast Rita's friend works to get all those returns done in one day.

This is what is called BS, I don’t have a large client base like others, but if I get to finalize 4 or 5 days, it was a good day. FYI I dont don’t prepare returns in front of clients and have no help at all, word.

* yer

I could do 15 of those. Not 16.

Ouch...I sad now for Rita...She need time off....Hugs just for her..... I haven't done that many returns, in one day since I did em wit pencils....

I have completed 13 once - on a Saturday with nobody present - but it was an awfully long day. (We do not have office hours on Saturday.) I have heard of guys doing nearly 1,000 returns in a season. The other day I figured out how they do it. I had the opportunity to do a return for a Florida resident. It took me one-third the time that it would take me to do the same return for a PA resident. That would explain why I can not put out more than 500 in a season and whey they can do over a 1,000 in a season. Everything is relative to its perspective.

I was texting my very good friend, who is a pastor and is also farming now. too. I have read him the riot act about hobby losses (turns out he made money, I knew something was fishy with my other farmers). Anyway I asked him what the excavation was for. He replied, "Barn construction." Then, "Legit."

Other day. did 30.. from about 7:45 am to about 11 pm.. maybe two hours off for dinner and breaks

I think you mean you could do 61 of those But I prefer to work on those when I'm on a break from the ones mentioned by Lion EA.

From all my clients, I would say about 5-8% are 1 W-2 only, it's mostly my clients kids.

In TN #6 reads, "Keep records for six years if you're lower than a snake's belly, you cheater."

Even when I was at a Block Premium office, only four a day was usual. Maybe eight near deadline, but that would be finishing up returns begun earlier and awaiting info. I think I completed ten one day. Just got the partnerships and S-corps and a couple extensions completed the 15th. Those businesses break my stride, slow me down. Now I have to pick up speed. Working on two TN siblings with kiddie tax, so waiting on parents' info. Seems like everyone sold a house this year, or their teenager was a ref for sports for cash or had multiple part-time jobs, or they sold some of their PTP units, or changed jobs to a new state (the college student dependent on CT parents, working at school in MA, and summer job in NYC), or moved to a new state.

I've seen places with express lane (like in grocery stores!), you can sit/stand next to the preparer if you only have few W-2s and maybe some 1099-INT.

The one I'm thinking of is in NY and can lap me in the mile run. And I'm no slacker. I'm also very happy with how I run my business, so there's that.

https://www.irs.gov/faqs/capital-gains-losses-and-sale-of-home/mutual-funds-costs-distributions-etc/mutual-funds-costs-distributions-etc-4. Here is a helpful link

I was going for clever street talk savvy there.

Being an early riser I amaze myself what I can get done before 9am, then it slows the rest of the day. But some clients (and all my friends) know I'm in the office very early and think it's time to call and talk about the snow and their latest boyfriend/girlfriend, husband/wife and kids' problems and oh, some tax/financial issues. Cutting them off feels really good. And the smart ones don't call back until after April. In my next life I plan to be a therapist so I can talk to them and charge by the minute.

Upon further thought (I know this is dangerous) I would think those capital gains are calculated with the basis within the fund of each individual stock that the fund sells. But then why do you never see capital losses reported on 1099Div when fund is doing poorly? The fund must sell its losers like any other investor. Something to think about this weekend in your spare time.

Despite only claiming 30k of his total income, he's still a grate righter and grammartician. Speler. All that.

I can't agree with this. If you are too busy send them walking, but if you accept the client then you have to do right by them and if you lose them a 2014 refund they could have a claim against you. I had one of these and we got the returned filed 1 day before statute ran out and it was a 90k NY refund.

I really have no interest in doing more than 5-6 returns in a day. Today I did two 1041s and two 1040s and will likely do another 2 1040's before leaving. If I'm doing the return in front of a client - double the expected amount of time required.

For those of us committed to details, this response might not fly. The price of cryptocurrencies changes by the second, and people buy/sell/use fractions of a coin down to many decimal points, so there is no easy way to trace every single buy and sell, and the fees vary just as wildly. The limited regs the IRS has provided says they really don't care how you do it, just be consistent. If you want to use the midnight price, or the 6AM price, do it for all transactions, and use the same exchange for the quotes. They can't keep up with this stuff either, and I doubt they'll drill down into nanosecond prices to raise or lower someone's reported gains or losses. As long as there is some kind of reasonable record, I doubt an auditor would disallow it. My client who mines bitcoins tells me we are among the "elite" 833 people or so who reported their crypto transactions a couple of years ago. I just use his records, which seem to be okay because keeping track is some kind of odd hobby of his.

Not everybody knows the words to both Ring of Fire and Amazing Grace, but I bet you do, buddy.

Just checked the other board and someone said it was this morning's update so watch out for this if you have any. ZEE ROW...I said it again, I must have some southern in me.

No dates are need if you use totals and code M. Pretty much all we do here. No attachments. No mailing in. No word from the IRS in many years. They only check totals.

If you do 2014, and then have a carryforward into that year, you amend and get another fee from the client. This isn't the preparer's mess, it is the client's. But, if you take them on, you need to preserve any potential refunds from an expiring year. Tom Modesto, CA

Abby: You have to stay off of Reddit... Rich

Others have been mentioning that support installed this for them and it helped with crashing on big returns and printing. https://www.techpowerup.com/forums/threads/large-address-aware.112556/ I just downloaded and installed.

I sent this to ATX, just wondering if any of you have any insight. I'm showing an addition to federal taxable income on page 2 of SC 1040 coming from Additions to Income list #19: Deduction for out of pocket medical expenses that exceed 7.5% of AGI. Client has no medical expense deduction. Program is calculating 10% of AGI and making it an add back to taxable income. Now that can't be right, shouldn't it be zero and needs to be overridden? Thanks for any help. First time I said ZEE ROW in my life, thanks Rita, I feel better.

In ASP we sang an Amazing Grace/Fill My Cup mashup...

Did the employer plan later in the year include an HSA/HDHP? Otherwise, IRA. Final try, MFS.

Yes, exactly so. Also, don't worry about the cussing because there are plenty of aspects about this that I don't like either.

Yep, it's fixed.

I agree with the others to see if the IRA will help. The other suggestion that is in a similar vein is to contribute to an HSA, and that requires that the plan be eligible. If eligible and if the TP has existing medical expenses they are planning to spend out-of-pocket, it shifts the deduction from Sch A to an above-the-line deduction for AGI, and they can access the funds right away for bills they'd be paying anyway.

It is also possible that they would save by filing separately. I know the law says you can't get PTC if you're MFS, but what happens is they don't qualify for any PTC, correct, but the payback is limited. It seems so wrong because it really is incredibly unfair for someone whose income was too high to qualify for the credit to somehow get away with not paying it all back, but there are the two loopholes. They are legal and I'm with Tom on this law from h e double hockey sticks.

Yes Try an IRA. I had one who had to pay ALL back because of the 401% but they put in 1500 IRA and it went below the 401% and only small pay back. They can use any refund to fund the IRA also as in my case.

Wondering if some contemporary worship leader has produced a mashup...

Actually, there have been very aggressive for years. Back in the late 70's, I was an Accounting Supervisor for a Oregon Wood Products Company with 3 mills in California. They would send 2 tax auditors to our headquarters in Oregon, every year, who would spend a full week going thru everything, making sure that we had documentation for everything.

The rules are only for full year income as far as I know. Judy gave me some great advice a couple years ago about getting them under the 400% level by making an IRA contribution. Is that a possibility here? The dollars contributed to the IRA may be partially or completely recovered. Other than that, I have nothing but political commentary to share with you, which will get @jklcpa on my case, so I won't do it. Except to say that this frikkin' law is stupid as $h1t. Sorry Judy, I could not help myself, you can whip on me now. Tom Modesto, CA

Amen and amen. When we've been there ten thousand years...

With a little help from my friends, like you (and a karaoke machine) I'm good to go with Ring of Fire. Amazing Grace always chokes me up.

Start with 2014. The statute on refunds runs on that one April 17th. If they can get you all the info for that return, and there is a refund, you might be a hero. Then call the IRS and ask them what years they want. They may not have you file all the years, or they may want more years than the client is telling you about. Regardless, you won't know until you call. And if there is collection activity, you can probably get it put on hold while you start working on the other years. I have found the PPL is pretty good about working with you when you are trying to bring a long-time non-filer into compliance. I have done a couple of these. Tom Modesto, CA

Now I understand what’s behind the gold star

well let's try this one - so boyfriend brings in girlfriend - who is mfs! yep - still married but has a child so I say how long have you been separated - you could be H/H - so she gets big $$$ back now. But on $5400 does not need child for dependent. So why not give to non-custodial parent? I mean he has visitation rights - albeit supervised.. Oh no boyfriend!! says!! No way! and now her family wants to know why child's name is not on her taxes as dependent! why are you showing them or even telling them?! stay out of this.. so I am getting nasty emails and I finally say - come in on Sat and I will talk with her. Well the boyfriend can Bring her in after work at 2 - we are open to 12 - fine. In the meantime, I can amend the last 2 years! as my dad has been doing them!! so I go to amend and she has dependent credit on $1,200 of income one year- how did that get thru!! I can't even override.. and H/H on both and gets $1200 on one year and $100 on other. But again no dependent credit - so let the non-custodial parent have... So they come in with this cute baby girl, 4 months old - did I mention she is still married and in the paperwork - is the boyfriends paternity - 99% his... hhmmm and they are going to court soon to get child support and they are engaged and getting married... - not divorced yet! So I suggested they let non-custodial parent have 8332 and get the $1,000 and it can go against child support and she will get some $$ from him - otherwise he is always paying in - (do not ask how I know that ) - good idea! I mail in the amends, ready to e-file - would have already but I needed to put in banking info and she emails today - mind you this was Sat and it is now Tues - STOP! add dependent ,. LAWYER says no, I get to claim child, bad idea to let him have a chance to get $$$ to pay off child support - WTH!! ok, done and the non-custodial dad will always owe in and be in arrears - who won here? And Sat as my hubby was listening as I was afraid of a hostile session - hubby had said no marriage counseling but they were going off on him - I had to say, remember you did like him at one time and he is the dad... makes me wonder who was the issue... I am getting too old for this! You have issues - go elsewhere

The point is: the child is no longer a dependent. At age 24, she is no longer a qualifying child. As a qualifying relative, she cannot have income over $4,050. The credit or deduction goes with the exemption. The parent cannot claim the daughter, thus they cannot take the credit. She claims herself and take the credit or deduction that she qualifies and saves her the most.