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Showing content with the highest reputation on 01/21/2022 in all areas

  1. 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.
    3 points
  2. When my parents were alive, we burned the files in their wood stove. Now, i mostly shred in office with a small shredder but it does take considerable time and we do tend to go through shredders more frequently than I would like. There used to be a recycling operation in the large city we are closest to that would allow us to take shredding there and watch it actually go through the shredder. My husband did that sometimes for the bank he used to work for, but I have no idea how expensive it was or if they will still allow you on site to watch. My personal shredding we do take when the local news channel has a shredding day, but since they just load everything in a truck to take to the shredding plant, I am reluctant to do that with client files I am sure they would not have the time or inclination to look through the documents, but I would hate for something to blow off of the truck that contained my client information.
    2 points
  3. We're fortunate that our area provides free shredding days throughout the year. Various not for profit groups in our town and surrounding towns hold these events. In some cases, our state representatives and government entities also hold them. I look for when these events are offered and use them for my shredding needs. A local shredding vendor also has set hours where they offer shredding services for $10 a box.
    2 points
  4. We used to have our kids do it. Now my spouse does it every year. We go through a shredder about every 2 years. Tom Longview, TX
    2 points
  5. "As a reminder, once you become an Authorized IRS e-file Provider and receive your Electronic Filling Identification Number (EFIN), you must abide by the policies and procedures in Publication 3112, IRS e-file Application and Participation, and Publication 1345, Handbook for Authorized IRS e-file Providers of Individual Income Tax Returns. Providers must protect their EFINs and passwords from unauthorized use and never share them. This includes accepting payment for the use of an EFIN (e.g. renting/ leasing/purchasing) and/or transferring EFINs to another entity when transferring the business by sale, gift or other disposition. In addition, if you resell software you cannot include the EFIN. An Electronic Return Originator (ERO) must originate the electronic submission of only returns that the ERO either prepared or collected from a taxpayer."
    1 point
  6. I would only consider a shred on site service or a carry in site where I could observe the shredding. Currently I am on my third office shredder. Once I upgraded to a heavy duty 20 page shredder, it's lasted for years now.
    1 point
  7. I do it myself. I don't have as much these days with the scanning. I got all the back paper files shredded long ago. I have a small office and keep a box under my desk foot area. When the box fills up, I bag it and take home where I keep my shredder.
    1 point
  8. Spouse does it in December. When we moved I was still shredding a lot of back files, but he’s gotten caught up so it’s just the fourth year files that get done every year. He likes it because he gets a decent paycheck in December!
    1 point
  9. The bill was $8k for two valves and the building is fully depreciated, so it looks like depreciating is the only way.
    1 point
  10. Team up with an office that has the service, that is what I do. Find out with your city to see if they have free paper shredding days, or if you don't driving here is a link to our city's program: https://www.recyclebycity.com/chicago/brief/chicago-shredding-events
    1 point
  11. I'm going to try a local shredding truck for a bunch of old boxes of files from the days before I scanned almost everything. My current shredder that I use just for day to day shredding takes forever to shred old papers and files because it only shreds about 10 pages at a time without stopping. It is a micro shredder and then we compost or burn the shred when it's full.
    1 point
  12. I put one of my minions (kids) on that job. I too, used a call out service, once. I have seen where a local service has community locations from time to time and have heard of a bank or two offering a shredding day. UPS stores and mail drops may offer shredding.
    1 point
  13. Thanks -- that's what I thought. It's farm rental. By the way, the rental agreement is very detailed! Farming is serious business in IL.... Down here in Georgia, you're lucky if they scratch something out on the back of an envelope.
    1 point
  14. As of last week, the unprocessed personal tax returns included 2.3 Million Form 1040 X amended returns.
    1 point
  15. Wow, I never thought about so many issues! I'm glad I don't have to much deal with these things. Hurts my head to think of all these things.
    1 point
  16. If each valve cost less the 2,500, I would expense them.
    1 point
  17. It’s so bad, an IRS agent I know decided to retire late last year.
    0 points
  18. A client made an $8000 extension payment using Direct Pay on 5/17/21. The wife made the payment and used her social security number. The irs didn't credit the payment to their account. Return efiled 6/6/21. Irs sends letter 7/5 saying client owes $7120. We write back with Direct Pay confirmation & proof of bank transfer. Irs sends letter 8/9 stating client now owes $7160. Client is very nervous. Client gets more nervous when they can't get through to irs on phone. For some reason, when I tell client the irs is about a year behind in opening mail, they get more nervous. Client wants to pay amount to stop further notices. We write irs telling them if they opened and processed their mail, they wouldn't be sending us this 2nd notice; however, to end this futile process of receiving IRS notices and sending replies that go unprocessed until the IRS levies client's bank account for tax they don’t owe, here's a check. When you bother to get around to processing this and our previous correspondence and realize you screwed up, apply the $7200 overpayment to the taxpayer's 2021 account. On 1/3/22, a mere 4.5 months from our second letter to the irs, the irs sent a letter, account transcript, and refund check for $7240. Maybe they are catching up. Or maybe this was just a lucky fluke.
    0 points
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