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Showing content with the highest reputation on 05/22/2023 in Posts
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Here is an article in PC Magazine that explains your options: https://www.pcmag.com/how-to/how-to-delay-windows-10-updates#:~:text=You can pause updates for,weeks) updates should be paused.2 points
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We just attended the Alfred University graduation ceremony last week. My younger daughter sitting with me could not believe how few accountants were on the list of business students. And we also noticed they were all guys. In fact, the entire business school there is mostly guys. Which is the way it was when I was there. I think we squeaked out at least 12 accountants. In 1990. But I am telling kids all the time not to go into the tax business. I don't want them to have this stress.2 points
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"BDO USA is planning to double the size of its offshore workforce after a slide in the numbers of young graduates becoming accountants in the US. The accounting firm would add thousands of jobs overseas, largely in India, according to chief executive Wayne Berson, amid a worsening talent shortage affecting the US audit and tax businesses. BDO USA, which employs about 12,000 people, is aiming to have 5,000 people at its offshore joint venture “BDO Rise” within five years, Berson told the Financial Times. BDO Rise already has 2,000 people in India and recently added about 100 jobs in South Africa, Berson said, with plans to grow in both countries." I read another article earlier this week about how the Philippines now has a serious shortage of accountants because too many Accounting Graduates are taking accounting jobs outsourced from the US and Europe, who will be paid less than half of what US graduates get paid. Apparently the BDO partners aren't making enough money?1 point
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I am just about ready to go ahead and install Windows 11. Insofar as I know ATX users can now update their systems and ATX supposedly will run just fine using it. If any of you experienced problems using Windows 11 with ATX please note it in our blog although to date I don't recall seeing any. Many thanks.1 point
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I do a handful of nonprofits, some are charities. Of course, this year the NYS Annual Filing CHAR500 is to be filed thru the online system. Sounds simple enough. My first go around with this is still in limbo because the signatures are sent to officers via docusign, and in this case the 70-something year old officer got totally confused with docusign and we can't seem to get her straightened out. The second one to set up had not set up their online account yet - cause like most NPs they have no clue. So we went to set it up and the program said that the status had been cancelled. I know for a fact that they have filed every year and they should be good. Did a look-up in the system. Turns out that the 6-digit NY registration number that they have used for the last several years is assigned to another organization. I have records back to 2014 and we have done this return for longer than that. Nobody in NYS has ever noticed. SNAFU1 point
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The last time that Windows forced an update on my computer (after I had told it not to update), it really screwed it up. I prefer to buy a new computer with 11 on it. I hate that I will probably need to buy a new one before I retire next year, but I probably won't have a choice. If I can keep my desktop running and updated until the end of 2024, then I will get a laptop as a desktop replacement that is more convenient for travel and smaller for when we move. I know that I am dragging my feet about upgrading, but I hate to break something that is working so well.1 point
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This article refers to problems that certain users have. https://www.techradar.com/news/windows-11-is-so-broken-that-even-microsoft-cant-fix-it1 point
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I agree with delaying the upgrade to Win 11, since upgrading a current system is a bit more risky with respect to your current installed programs If you do an online search, you will find instructions about how to do this.1 point
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Since prepared tax returns list the address of the firm preparing it, going after out of state tax preparers is low hanging fruit. I always celebrate whenever one of my clients moves out of CA.1 point
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I just got a notice today about something missing from a Ty20 paper return. Maybe they are catching up a little? Of course it is a return with a refund, since a balance owed would likely have been processed a bit more timely. Or maybe I should have filed it one day late as it would likely have been opened sooner.1 point
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Treasury requires you to file past six years to get back into compliance--I believe if they do not have a current issue with overseas accounts, then statute of limitation (5 years) applies? [not a lawyer]1 point
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"896 Debit (NPJ) I/B Overpayment Credit Offset Generated Transaction or 29 TC896 is used to reflect an offset to IRAF (MFT 29) and Shared Responsibility Payment (MFT 35) accounts and from IMF to BMF." I am sure this will answer your question1 point
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The business is the LLC. That didn't change. Part of the year it was taxed as a partnership and part of the year as SP. Nothing was dissolved. The business can continue on with the same bank account. Unless they actually took all the money out of the bank account, BS should show the balance of the account. I would probably show his ending ownership at 0% and hers at 100%, but I don't know that it really matters. 1065 return is a final since one owner no longer allows LLC to be taxed as partnership. Since it's the final 1065 return, K-1's are also final.1 point
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It depends on if it is a true partnership or a LLC taxed as a partnership. If it's a true partnership, then everything should be closed out. If a LLC then nothing on the company books changes other than combining the equity section combining the partner accounts to an owner equity account.1 point
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Actually it was an article in The Financial Times which is a British Daily Business Newspaper. First, part of the problem is that wages for US staff accountants and auditors for the last 20 years haven't kept up with inflation. Second, the number of US Accounting graduates are less than the number of retiring baby boomer accountants. The articles I have read didn't say anything about outsourcing tax return preparation. Personally, I have been receiving weekly solicitations both by email and by phone about outsourcing my own tax return preparation.1 point
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We knew what you maetn or meant. Or whatever! Best way to find errors and typos is to hit "Send" (or "Enter"). Works every bleeping time!1 point
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They still can find a payment from a spouse with a flashlight and both hands.1 point
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I am thinking that their percentage went up because people have decided that it is a waste of time to try to contact them so they got fewer calls.1 point
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My first program was a pencil and paper; second was a typewriter and a copy machine; third was Parsons and on to ATX. And away I went.1 point
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Having been a Parsons Tax Edge user and losing them to Intuit is the reason that I will never use an Intuit product. They purchased and trashed a beautifully operating program and almost put a lot of us out of business. Fortunately, I found Saber and have been with them through their entire evolution to what ATX is today. I have never had a serious issue with either Saber or ATX and due to my age, will probably stay with them until the end. The assistant that I am training is learning and loves the program as well. I, personally, am too old to make a drastic change at this point.1 point
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I've only ever used Pro, starting in 1997. Because it's rather pricey I've downloaded various others over the years, but have always decided that for me the extra price is worth it over having to learn how to use other software. The older I get, the less I like dealing with change.1 point
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ATX's price is what attracts most people, but if you do multistate, you'll want to buy the Advantage version. ATX handles multistate corporations and partnerships very well. Like most here, I've used 7 different programs over the years (including Drake and Intuit), but I'm the fastest with ATX. I can really fly around a return. Until the only return is I need to do is my own, I'm sticking with ATX.1 point
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I did ATX/Saber for quite a few years. After the 2012 debacle I tested half a dozen options including ProSeries. Like Catherine, I found it a bit clunky. Ended up with something else for one year, then went to Drake. I found that I was doing returns in about 75% of the time. I had some big issues with Drake last year resulting from the change in ownership. I called support more in that one year than I had in the previous 8 or 9 combined. I switched to TaxWise this year. That lasted less than a week. Support was horrid. "We expect CPAs to know how to do that" I know how, I just can't find where to make the entry. They couldn't find it either! Another time they suggested I call the IRS to ask for guidance. It was not a tax question--it was another software use question! I bit the bullet and came back to Drake. All the issues I had last year were resolved over the off-season and I'm once again a happy camper. Given I can count on one hand the number of years I expect to continue doing this, I suspect I'll be with Drake from here on out. IF I'm forced to change, based on your experience I might give ProSeries another look.1 point
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I guess they must have because I am completing returns much more quickly than with ATX. Don't get me wrong, that's not bashing ATX in any way. I enjoyed my time with ATX but their price point made me look elsewhere. I've found the transition from ATX to ProSeries to be relatively smooth. The biggest advantage for me is the way it handle multistate returns compared to ATX.1 point
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This is my second year using ProSeries after 25 years using ATX / Saber. I've found that ProSeries allows me to complete returns more quickly and offers a user-friendly interface. The other significant upgrade are the enhanced calculations that ProSeries offers. When dealing with multi-state returns, ProSeries handles the calculations without having to subscribe or pay for any additional "enhanced calculations" programs. In addition, the use of their portal is included in the program price. On ATX, I had to pay an additional fee for the portal.1 point