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LIBERATING, isn't it? I know @RitaB would be terrified! LOL I started doing that about 5 years ago, and wrapped it up 2 years ago. I have a very small office and no room for all the paper. It was so free-ing.

Just filled up three 94 gallon trash bins that are going off to the shredder. Each January 1st for the next 3 years I have about 50 lbs of paper that will need to be shredded and then I'm all done. Everything will be online or on a travel drive. Such a wonderful feeling.

None of this was tax information for our tax prep business. I did all that last summer when we had some time on our hands. I'm almost completely digital on that side of the business - even signature authorization. I scan them all when tax season is over to keep just a digital copy. I scanned every client file and destroyed it as I went. This was 100% securities / investment sales. Everything on that side of the business is now digital going forward (pretty much) but we have to wait for holding periods to expire on the old stuff before destroying it.

Before....... During................................ After....................................................... ..............................What a Relief.....................

I'm not feeling particularly whiny about it, but the only downside is that I don't feel that 'post tax season' relief/freedom that I usually feel. Because I have work in the office, I still feel like I need to spend weekends/evenings preparing returns. On another note, did anyone else get behind on returns that would usually be out of your office by 15 April as a result of providing countless hours of support/assistance to people applying for PPP/EIDL loans, self-employed unemployment, or just trying to run various cashflow scenarios, or am I the only slacker? I hope everyone is doing well.

The only paper we keep is signed efile signature forms and POAs. Any misprints or copies of documents the client doesn't want, get shredded every other month. We use a mobile shredder service and you can watch it being dumped into the shredder. The shred size is nowhere near the required tiny size, but most documents, including the copy of returns that we print, have masked ID #s anyway.

Weird feeling, isn't it? I did that about 10 years or so ago when I spun off my business clients. I don't think I had anywhere near your total but it was probably 150-200 pounds. I took it to a licensed shredding business to get the document certifying it. Then about 5 years ago I did it again when my biggest paper producing client group (7 trusts) finally were over with assets all distributed. That was probably about 200 pounds. I'm down to maybe 25 pounds total now. It is such a good feeling to not have all that paper.

This AM, I locked in for the waiver of a $49 deferral. I had to pay the tax and handling today. Will pay the balance on Dec 1. I just like to get it over with and they have been bombarding me with emails. This AM, I got a call. I'm with Margaret; maybe 2 more years, cutting back gradually. I had zero issues with the program this year. I am just so far behind with the lockdown and the money isn't flowing like it normally would be. Also, am unable to have any help in the office. Stay healthy, everyone

From IRS Pub 559- Publication 559 - Survivors, Executors and Administrators - Income Tax Return of an Estate— Form 1041 Funeral and Medical Expenses. No deduction can be taken for funeral expenses or medical and dental expenses...

I already deleted one comment and don't want Randall to think it was only his that prompted my reply. I rant and rage at some of this as like everyone else but not here. There are other forums that allow political commentary if anyone feels the need, and then there's Facebook or Twitter where arguing and alienating of friends and friends of friends are always possible.

BINGO!!!

It is really hard to do right now Judy. But we promise we will try to be good going forward. Thanks for the reminder. Tom Modesto, CA

edit: 96 gallons. Guy from the shredder said we had roughly 1/2 a ton of paper.

As noted in an earlier post I got my renewal by mail. In checking the price I find it is what it was last year. I renewed in May last year and may have locked the price in. I am usually so pooped by then I likely signed on and do not remember it but not paying more suits me just fine. This area is not flush with upper income folks to say the least and each year presents a problem in replacing old clients who go to the happy hunting ground. I am not too far from hanging it up but I so enjoy the work and interacting with most of those I serve. Although as cb noted I have some "interesting" clients.

Understand your concern, but active participation will not be disallowed solely on the fact that a fee was paid to find a renter if the owner was otherwise involved in the day to day management of the property. In regards to the finders fee, the property owner could still be active in the process of selecting tenant, negotiating terms of lease....etc.

Plus the Fed has committed to do "whatever it takes", none of which shows up in the federal budget numbers. We're already way beyond "Quantitative Easing" !

I got the same result Gail did hence my forum entry. I'm going with the IRS instructions for Form 1041 wich clearly state no deduction.

Hard to grasp. One thing for certain, we all will pay in many forms. Thus, we all have a duty to ask for, accept, and use all possible aid we have access to, business and personal. The philosophical aspect in interesting to discuss. There is no free money. It all has to come from us. If we have access to funds we do not partake in, we pay at least twice.

Me, too. When the postponement was announced, I started getting an extra hour of sleep and not working on Sundays. (Can't sprint long distances.) But, then the calls started coming in for information, advice, financials, and help finding things I didn't prepare, such as their payroll reports. That led to me taking a LOT of webinars to get up to speed on these non-tax credits/loans/etc. And, that information continues to change, be clarified, get reinterpreted, revised, as well as we just don't know yet. I'm not quite where I usually am 15 April. Still a small stack that were in-house when I started taking webinars and answering non-tax questions, questions and education that I would've postponed until after tax season. But, in our current upside-down world, those non-tax issues became more time-sensitive than tax returns. Longer tax season, but thank goodness a later deadline, because I'm not caught up yet.

^^ All of this!

If you are already deducting the expenses then it might be immaterial to make a minor allocation.

The way I look it is, it saves from having to do a lot of extensions. I wish the due date was changed to 10/15 (no need for extensions) and balances due had to be paid by 4/15 (or 5/15). This really wouldn't change my workload. The people who come in before 4/15 will still be the same people, especially if they normally get a refund. And the ones who show up in August or September will still show up in August or September. But we won't have to spend time doing extensions, and we'll have until 10/15 + 3 years to amend for refunds.

If it's your own business, you set your own hours, closing date, criteria for accepting clients, etc. Why would it matter to you if a different preparer works until 15 July or 15 October or year-round or only until 15 April or doesn't open up until February each year or takes Fridays off or golfs every morning or anything else? You don't have to do any of those things. Or, you can do bookkeeping or sell insurance or sell securities or paint houses or vacation or babysit the grandkids or read or anything else to earn money &/or enjoy life. Even if you work for someone else, you can negotiate your needs or quit or find a different employer or go out on your own or retire. Keep Calm & Carry On in your own way!

It's one thing if they put off payments until then. But lets get the tax returns done. I have enough people dragging their feet, and I have vacation scheduled in September......

Copied from Accounting Today: "A declared disaster Under Code Section 165(i), if a taxpayer has a loss in a disaster area attributable to a federally declared disaster, the taxpayer may elect to treat the loss as occurring in the immediately preceding taxable year. For the first time in U.S. history, the entire nation was declared a disaster zone on March 13, 2020. “The coronavirus pandemic is nationwide and not geographically specific,” indicated Bill Smith, managing director in the national tax office of Top 100 Firm CBIZ MHM. “For both individuals and businesses, this is an opportunity to reduce their 2019 amount due.” “For example, a taxpayer owns 20 restaurant franchises, and gets a shut-down order on March 20. The taxpayer might suffer several hundred thousand dollars in loss due to food spoilage,” he explained. “Or a taxpayer owned stock in an industry hit by the pandemic, and decides to sell and take a loss. It shouldn’t matter whether the sale is before the declared date of the disaster — a disaster is always declared after the damage is done." Has anyone ever used this before. How would you use this to reduce 2019 taxes?

It is usually just 10% and I think the extra is for the virus issue. I suspect they want to lock in as many users as possible and may need more money sooner to keep staff paid. It is worth it to me. I suspect the lock in may be for MAX which I used for many years until I transitioned out all the business clients. When the other CPA who worked for me retired, I decided I didn't want to continue payroll or monthly statements or bookkeeping. My life is much simpler now and 1040's only is nice. The last 1065 left this year. It does rankle that I have to pay $30 for each extra state, though, after 3. I have clients in many states and am on the border with two already. Oh well, just 3 more years, maybe...