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A 709 is for gift tax returns. Once the person is deceased, they can't make gifts- the property would transfer by inheritance. The basis would have been reported on the 706 the previous year, even if it did not transfer until this year. Not may area of expertise, so if someone knows different I am willing to learn something new.

I now live in TX, but I still have my CA phone number. I tried to call the IRS at 7AM local and it gave me the message that the IRS is closed and call between 7AM and 7PM. At 7PM local, I called again and got right through. So I think the computer looks at the area code of the phone and decides the time zone and hours for the messages. I think I am going to get another phone with an east coast area code so I can call in from 6AM -9PM local. Tom Longview TX

Depends on the clientele. If you're doing the books, then jumping right on those LLC returns can be a good use of January working hours. If you do more payroll, then the W2s and 941s will take your attention. If you have a bunch of Schedule C folks who send 1099s, that's another time sink. Even if you have lots of college-kid parents who need FAFSA info can grab a bunch of your January. We used to spend a gazillion hours on FAFSA forms in January, then for some years it was 1099s. Now it's more W2s (the kids grew up, the small businesses expanded to employees instead of temp workers). Examine your own client list and the snafus for the last year or so, and see what it makes most sense to jump on quickly - then warn the right client set that you want to jump!

I'm done with minimum required cpe but could use a few more to help with the 3-year required hours. Always too much to do!

I'll be more interested in fooling the "all our representatives are busy....."

Actually, 2019 can be used again in 2021. But 2020 cannot be used in 2021. So for 2021, you can use 2019 earned income to calculate EIC if it is higher than 2021 earned income and if doing so is beneficial (you don't have to use it).

So, I will file 706 . 1041. 1040 for 2020; future years (2021 and forward), will only 1041 till all assets transferred to beneficiaries by the exactor. Thank you all friends here. Really appreciated.

I believe he as a duty to pay off debt of decedent including back taxes regardless.

I question whether the 3rd part would have the competence or act in the best interest of the client. The last full blown audit I worked on involved a 1040X refund for a new client. The previous CPA had overstated his taxes due from a 1031 exchange and some overlooked deductions from his ranching operation. How far would $10 go on that?

That is optional but not necessary if form 706 is otherwise not required. You just need documentation of how fmv was arrived at. Correct, there is no need for a 709 either.

Since I do monthly write up/payroll for most of my clients, March 15th isn't a problem for me except for several PTS returns with disorganized record keeping. A bigger problem for me are my Schedule C clients with sloppy record keeping that I have to give deadlines, then remind them of the deadlines several times.

Mine are similar to Randall's. My problem isn't the 3/15 deadline but with the 1099 filings where I am given the entire year's activity to summarize and reconcile. If there is substantial activity that you summarize, you could try to convert these bookkeeping clients on a monthly or quarterly basis, depending on their other needs such as local, state, +/or payroll deposits and filings. In that way, you'd only have a small amount of work to wrap up the year end accounting.

I renewed last week. Now for classes this coming Tues and Wed; Nov 2 and 3. Thought everything would be smooth for a while. Yesterday, in walks a delinquent tax return. Alas. Never count your chickens!

Ditto, done with CPEs too, just waiting on NY’s release of classes. I try to make the last 2 months of the year as stress free as possible, like it’s a vacation

I just renewed. One less thing to do in December.

Catherine, I live in Canon City, CO which is about 45 miles southwest of Colorado Springs. This area is considered south central. Let me know if I can help.