Leaderboard

IRC sec 170(f)(8)(C): scroll down linked page to 8C where it says:

"Contemporaneous" was taught to me as meaning: by the time the taxpayer files their return. So you are supposed to have it in hand when you file.

Thanks, Lee B, for the reply. That's pretty much my position, too. I may get flak but then I'll just retire Or retire from her. Yes, I do seem to get them, don't I? And I haven't touched on the new client with 7 rentals in 5 states with a 1031 exchange in 2022 that took me for a loop when I saw no depreciation in 2023. Now I know why. Then there is the Air BnB he bought in 2023 with $7000 in 'consumables' and sold in 2024. Why, oh why, did I say yes to this guy? Sigh, partner of recently deceased neighbor's son, so a sympathy gesture, I guess. At least the data entry in my 2023 program results in the same bottom line so that's good. And he is very well organized...unlike some others. And according to his 2022 and 2023 invoices, he is accustomed to paying a fair amount of money. So there's that!

Just finished installing the full release. Everything went smoothly!

I feel your pain. It just hit me this morning that we are back to real life today. I am not finished resting.

It's January 2. The year is going by fast.

I used to keep paper copies but now just pdf's - and a pdf of all client original documents and another of signature pages (paper kept for the requisite years). Electrons stack much more tightly than pages. Clients get paper and pdfs including EF Acks (I also keep acks). I want to have everything needed to research a return without having to open the program if at all possible.

I keep a pdf copy and the client always has a pdf copy in their Verifyle account. I gave up paper copies several years ago. On rare occasion, I may have a copy of a more complicated return with all the statements and worksheets but can't think of any at the moment. I also have an internal backup drive, an external hard drive (both used weekly or more) and a constant online Backblaze backup.

I am totally paperless, and I always keep pdfs that serves as the archive copy. The reason to do this is because program updates, law clarifications, and retroactive law changes subsequent to filing can change any return that is generated by the program when it is reopened. I use the document manager and print everything to pdf that I then print the client paper copy for them. The client copy pdf is usually an abbreviated copy where I've decided what is necessary and also those backup worksheets ("keep for your records") that I deem useful to provide, and that pdf contains exactly what is given to them. The preparer copy pdf has much more: the entire return plus all of the computer-generated notes, preparer notes, due diligence, backup worksheets not actually e-filed, and transmission reports.