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This is like watching soap opera. Where's the popcorn?

All of the off topic posts not related to tools deduction have been hidden.

And remember if there are capital losses, you can carry them forward each year. Give a them the worksheet and let them know to retain them for future years.

Yes, annoying. Can't remember the client now, so it may've been one of those brokerages that doesn't send consolidated 1099s until March and then sends corrected forms in April or later. I guess I can see how the CP letters go out before all the underlying forms are entered into the tax payer's account. But, still annoying. And, the client thinks we did something wrong!

They got a letter even with basis reported? Are you sure? That defeats the whole purpose of the reporting mandate.

I don't give them a choice. For the ones who whine, I tell them that most of those questions are ones we're required to ask, and that they don't have to fill out the wage/int/1099-R pages, just check to be sure they're giving me each of those forms. A few try the "but I have a spreadsheet" route, but I tell them that if II have to transfer that to the organizer I'll charge them.

Ah Abby such a treasure you are.

8606

I used to send an organizer to everyone. Over time, this has dwindled only to those requesting such. All clients receive a cover letter, yes/no questions and engagement letter.

I cut back years ago. I still send about 30 for people who fill them out and request them. All others just get the Eng Letter and the ATX questionnaire.

Organizers are just too long and most clients don't bother with them. Others start asking for them Jan 2 as it helps them figure out what they need to provide. We now use a 2-page questionnaire that addresses most of the issues we need to ask about, e.g., changes in bank accounts, dependents, foreign accounts, HSAs, insurance subsidies, gig economy jobs, use tax, etc. For most of the questions clients check a Yes or No box, and a few have lines for amounts or explanations. We insist that all clients fill it out, and most do without prompting. It's just easier than pages and pages of organizer and covers the same ground. We don't bother telling Sch C and E filers to give us their income and expenses; they already know that.

I gave up on organizers long ago. However, if they are a Sch C, I send them a work sheet. This works out well most of the time. I did have one client that entered their Gross Sales to include his UI ($27K) and his wife's W-2 ($50K). I questioned him o how he came up with his numbers and that's when it came out. No harm done.

I only give them to clients who request them. That equals about 3 to 4 clients. Otherwise they bring them back still in the envelope. These days, I email Organizers to those who want them and let them print them out on their paper.

I've never used organizers and never will. Some I've seen are more complex that completing a return. I mail 4 pages in January. One is my letter where I discuss recent legislation and other things I want to discuss. Second is basic info such as phone, email, cyrpto, foreign accounts, estimated payments and lines for them to enter any changes they want to make me aware of or discuss. Third is sheet for dependents with yes/no questions that I need to complete 8867 or know to ask more questions. Fourth is checklist of items in 4 parts; part 1 is income items which includes a line "any other items of income", part 2 is for adjustment items, part 3 is for itemized deductions and part 4 is for credits and state specific items. Just a one line description as a trigger of what forms or documents I'm looking for. At bottom is a place to sign that they reviewed the list and provided documents on it that pertain to their situation. When preparing the return I open the pdf of prior year documents to see if they may have missed something such as an investment statement, 1099R, etc. Also if code W on w-2 I specifically ask about 1099SA.

I stopped using organizers. I have a link on my website that tells them the documents that I may need to prepare the return. Organizers are just too frustrating. Tom Longview, TX

Going back to 2018, the employer would have been required to add to his W-2: the difference between FMV and the purchase price. His basis should therefore be the FMV as of the purchase date in 2018. This assumes there have been no subsequent activity for those shares between 2018 and the selling date of 2023.

The S Corp still can open and fund a SEP, which is an employer only plan.

What Judy says ^^^. Something doesn't pass the smell test....but I see conspiracies everywhere I look. Tom Longview, TX

I have heard of custodians accepting items into an IRA and then deciding they really don't want to deal with them (i.e. real estate). Maybe something along those lines occurred?