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When I was in college I worked for a CPA. The Audit report said what the client paid for it to say, the higher the fee, the more items were passed on. As a 3rd year accounting student I could see what was going on. That is when I found the EA designation and decided the CPA route was not for me. Old, Jaded & Cynical. Sounds like a 80s rock band on their 2023 world tour. Tom Longview, TX

The punishment for competence.

Lynn EA - only for S-Corps and LLCs in Virginia that want to adopt PTET rules. Virginia has a new pass-through entity form 502PTET with the 502PTET K-1 that has the pass-through credit. In order to calculate and pay the VA PTET Tax and assign a pro-rata credit to a shareholder/member, both Virginia forms need to be filed electronically. So--to your question--to assign the credit to a shareholder/member, the entity needs to file electronically. If a shareholder/member GETS a 505PTET K-1 for Virginia, ATX supports that function on the 1040 series.

I worked in audit for a big CPA right out of college. A lot of it was tracing numbers from one source/report to another. It was terrible work. I am so glad I am on my own now doing taxes and small business accounting and payroll.

"New York Attorney General Letitia James announced Thursday that taxpayers who were duped by TurboTax’s owner Intuit into paying for free tax services will soon be receiving checks from the $141 million settlement. More than four million taxpayers nationwide were affected and will receive a check sometime in May from the multi-state settlement." Yep, Intuit is certainly all about maximizing their profits!

Sounds like deja vu all over again. I remember Arthur Andersen auditing companies that went kaput. Gave them clean audit reports. When I was young, I thought auditing was the thing. I never worked in a big firm but did audit work with a small firm auditing local government entities (school boards, cities, etc.). On my own, I audited some small non-profit organizations. I began to feel uneasy about the whole auditing function. I haven't done audit work in years but I am very skeptical about the whole thing. Maybe I'm just old and jaded. If I sound cynical, that's because I am.

The only reason it came up was Spidell sent me an email with a 4 minute primer on the topic. It is not as in depth as it will be at their update seminars, but it was a good overview of what to expect coming down the pipeline. @cbsleeI am thinking about packing for our vacation more than I am thinking about this issue. Tom Longview, TX

After using ATX for 20+ years and waiting for Virginia Form 502PTET to appear (and it did not), ATX Tech Support has said that "the powers that be" decided that no PTET forms for any state would be supported by ATX and that an upgrade to one of their higher platforms would be necessary. And my salesperson is not returning calls. I have 15 Federal 1120s/1065s waiting to add Virginia Form 502PTET. What is the best outcome here ? What is everyone else doing? And what do the higher plaforms cost? Thank you.

"The trio of bank failures since March has cast a pall over KPMG’s lucrative business as the largest auditor of the US banking sector. Questions over the quality of its work and independence have mounted in recent days, following the release of a Federal Reserve report into the collapse of Silicon Valley Bank and the forced sale of First Republic. The Big Four accounting firm was auditor to both banks, as well as to Signature, which was seized by regulators in March. In all three cases, KPMG gave the banks’ financial statements a clean bill of health as recently as the end of February 2023." "KPMG alumni have also gone on to play significant roles in the banking sector, including at former clients. The chief executives of Signature and First Republic were both former KPMG partners." IMHO, it's been clear for many years that most large CPA Audit Firms are not truly independent from their clients. Remember Enron and Global Crossings

I worked with a CPA auditor when a company I worked for was having an audit. He most specifically did NOT want to look at any of the weird things I was seeing - refused point-blank. At that point I figured an audit was just a useless rubber-stamp paid for to put lipstick on a pig.

I presume this discussion centers around the entity filing PTET and not the individual partner/shareholder taking the PTET credit on their pertinent state return.

NY mandates you do it through there website. NO paper or efile allowed

No worries, Proseries has the same problem, I’m working on a multi state partnership and so far I have used ATX for some forms and some manual forms.

Tom, have a great vacation. This is my first day back to work after two weeks off.

I tried to get rid of one PITA client this year by suggesting VITA and local free-file services, telling them I had to increase my fees but they could get good service for free. Nope; they came back saying they'd rather pay me more, because they like and trust me. Ah, well.

I draw the line at anything outside the tax return that has large preparer penalties attached (even when filing is done correctly based on information given by client that turns out to be incorrect). So, no FinCen 114 (FBAR) forms - just the link to the online forms, and a suggestion to print the pdf first and fill it out where one can double-check all the info before submitting. I will include 8938s in a return. I would touch exactly none of these corporate filings.

I have been gradually downsizing and raising my fees hasn't resulted in any clients leaving. Every year I send out letters telling selected clients that I won't be able to prepare their tax returns, or payroll or etc.

Thank you. I finally got to someone in ATX sales and they are supposedly giving me a proposal to take me to a higher platform just so I can get my 10-15 Virginia S-Corps and LLCs done. One of their highter platforms would have a license fee plus a pay per return. I'd keep ATX but use the higher platform just for the PTET returns. Seems horrible to shake loyal ATX customers down.

Regretfully, Virginia mandates electronic filing for Virginia Form 502PTET and the manual forms shown on the internet are watermarked that they are only to be filed electronically. The Virginia Form 502PTET instructions state that no waivers will be granted.