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Showing content with the highest reputation since 09/19/2020 in all areas

  1. One of the *nastiest* tax seasons in recent memory, and we lived through it. Congratulations, all. Now we can start working on amended returns, non-filers, and get ready for the non-filers who outed themselves to the IRS with the EIP payment returns. Whimper.
    6 points
  2. Yes, the returns will just be filed late. IRS MeF will accept the current and prior 2 years (2019, 2018, 2017) up through the date of shutdown that occurs sometime in mid- to late-November. When e-file reopens in Jan 2021, you will be able to file returns for 2020, 2019, and 2018 at that point.
    6 points
  3. I've been turned off by the IRS for decades.
    6 points
  4. Maybe you know, maybe not - "site:irs.gov" in your search and google will search only the IRS. One of the few good things left about google.
    6 points
  5. I would recommend for them to go with a refurbished business laptop, that is what I always recommend to clients not wanting to spend much.
    5 points
  6. Don't give me too much credit, I don't remember it either. I have 2 google bookmarks, the second is a search result that includes site:, so I can remember how to do it!
    5 points
  7. Nice of the spouse to help, likely because of (now un)common sense instead of worrying about "no good deed goes unpunished". Keep in mind it is clear the new client does not keep records well, so make sure you have built in a fee to act as their "file cabinet".
    5 points
  8. An old friend brought his practice to ours a season before he retired. The preparer copies of returns were exactly like this, with other returns, P&Ls, etc printed on the backside. We finally realized that like many old timers, he didn't want to waste paper so printed his copy on the back of other returns that had a change after printing or statements he no longer needed. Chances are your clients were given his preparer copy with their file after he died. Do what the others suggest--copy the appropriate side and shred the whole thing. It is beyond your responsibility or ability to tra
    5 points
  9. And don't forget to tell mom she needs to report this on her taxes!
    4 points
  10. Controllers are allowed to compile a set of financial statements for management's internal purposes, and is typically part of the job requirement to do so. To be clear, the statements Tom asked about are not being issued directly by him to any third parties. Company management would be handing them over to the company's outside CPA that has been hired to audit them. The outside CPA firm is the party that is "issuing" the audit report as part of the complete set of financial statements by doing a lot of work that gives reasonable assurance that the monetary amount and other disclosures
    4 points
  11. Actually, the things they have on there are not included in Max. Normal Education Credits are in MAX, but the optimization of them is not. The 2 year comparison will show the net income from Sch C, E or F, but not the details of the forms. The other states tax credits do not automatically populate in MAX. To me, with my clients, there is not enough of these returns to justify the extra expense of the functionality. I only have 3 clients with other state tax credits. I can print out the prior year C, E or F if I really need to drill into it. I have 1 client with a child in college
    4 points
  12. I see what you mean, not a lot of difference from gray to black. But black plus larger is definitely helpful for these old eyes.
    4 points
  13. Hi Margaret, I know this has been an issue for you for years. As design trends change over time in an effort to be more mobile friendly, stacking elements instead of displaying them side-by-side becomes more common. More white space between elements is meant to make things easier on the eyes--same goes for increased font sizes. This is experimental, but we'll give it a shot to see how it works out. I have created a custom theme for the forum that removes some (hopefully not too important) elements and squeezed some things together for a more compressed layout. I'm not sure if tha
    4 points
  14. Wow! Thanks for that! Now I can see the first listed topic so at least I will now know if anything is new. Thanks again. I think you must be about the best moderator of any group. You are always so very helpful in so many ways. I genuinely appreciate you.
    4 points
  15. I have that problem with phantom unread posts after Judy has moved something to a more appropriate topic. Usually if I just go back to the menu and click the button beside the heading so that I mark all topics as read, I don't have the problem (until the next time I do.) YMMV.
    4 points
  16. I use FileShare that's included in my CCH SiteBuilder web site along with CCH's eSign that handles signatures as well as delivering a digital return copy. I had NO one come into my home office this year. Everyone, except for young kids with no digital footprint yet, was able to sign via eSign (now that NY finally accepts electronic signatures). For the kids who "failed" eSign, I uploaded signature pages to FileShare. Talk to your Drake rep about what they might offer &/or what they've found that works best with Drake. NAEA offers Verifyle free as a member benefit. Maybe NATP does
    4 points
  17. Oh, I know. Searching directly on IRS brings up pages upon pages. I just use Google and look for the ones that go to the IRS site b/c Google narrows the search more.
    4 points
  18. If you, or any other readers, want a better understanding of how to handle distributions, you might start with this article from The Tax Advisor entitled "Determining the Taxability of S Corporation Distributions: Part I": https://www.thetaxadviser.com/issues/2014/jan/nitti-jan2014.html and this follow-up article published the next month, Part II, that deals with S corps with accumulated E&P: https://www.thetaxadviser.com/issues/2014/feb/nitti-feb2014.html
    4 points
  19. Been busier than ever this year. No time for virus fatigue and depression. But there is sadness for those I know that have been affected physically and economically. We need to stay strong because so many depend on us. I’ve been checking in with clients on a regular basis, most doing well. It helps me being stuck inside other than very early bike rides and supermarket trips.
    3 points
  20. And, payroll reports. I need to read about CT's new myconneCT and set up an account and make it work with QBDT for my tiny payroll. Except for the tax types not yet open under myconneCT that still must be paid via Taxpayer Service Center. And, PPP forgiveness applications. And, laundry. And, my NY/CT-ATP on-demand courses for September and October. And, a few other on-demand courses I haven't completed. And, sleep. And, visit my grandkids before they forget who I am! And,...
    3 points
  21. And as long as she actually gets paid, and claims the income.
    3 points
  22. but we have to wait for the super secret PIN to come via snail mail. Why they can't just email it to you or give you a pop up screen to print when you get it - like when you get your EIN.
    3 points
  23. Tuesday 20 October: CCH Software News - October 15, 2020, Extension Filing Deadline Dear CCH Customer: The extended due date for 2019 Individual (1040) and Corporation (1120) returns is Thursday, October 15, 2020. Information for electronically filing returns through the deadline is as follows. Timely Filed To be timely filed, CCH must receive your returns before 11:59 PM CDT on Thursday, October 15, 2020. Note: To avoid processing issues with the taxing authorities, we validate all returns before submission to the taxing authorities. If we stop returns for sch
    3 points
  24. If you just need 5 more days, change one letter of the first four letters of the last name and transmit it tomorrow. It will reject and you'll have 5 days to correct and not be considered late. I've done this at least 3 times in the past and I think one of my coworkers is doing it this year.
    3 points
  25. We paid nothing for a long time until we paid a lot. Plus, didn't the EA renewal fee go down to balance out the PTIN fee going up? We're so lucky to pay the government to help tax payers comply with the government (sarcasm emoji).
    3 points
  26. Current estimates are that the IRS still has a backlog of 2.5 million unprocessed paper filed 2019 Form 1040s.
    3 points
  27. Remember, this was the result of the lawsuit saying that the fee constituted a tax not authorized by Congress. The U S District Court agreed and as a result the fee was zero while the ruling was appealed up to the U S Court of Appeals which said the IRS could only charge a fee to recoup the cost of administering the PTIN Program and sent the case back down to the U S District Court to decide the amount of the fee allowed. The current fee is the result of all of the legal wrangling.
    3 points
  28. Been there, done that, set the drop dead date earlier. They still come in like headless chickens on October 10th, but at least they come in knowing they may well go past the deadline. It actually makes more space for the super-lateys, when the others obeyed the earlier date. And I force myself, yet again, NOT to care more than they do.
    3 points
  29. I did this today as well. Thieving you-know-whats. It's so sad that we have to pay to work for the IRfrikkinS for free.
    3 points
  30. GAAP, partnership, audited financials. Knowing the specific industry may also be helpful if there are specific guides for it. Fwiw, I use only the guides from PPC (Practitioner Publishing Co) through Thomson Reuters. If looking at its products, I'd start with the guide called "Preparing Financial Statements" that goes through each major item on each statement and has a chapter on disclosures that includes summary and comprehensive checklists of required disclosures, either in the statements themselves or in the notes. The appendix to that chapter also has some illustrative notes. PPC al
    3 points
  31. Like not needing tax preparer?
    3 points
  32. In other words, the 80k was wrongfully included in sales, because it was deposited to the bank account but not properly recorded as a liability. That means the losses they reported on Sch C were off by 80k, and returns should be amended. Some of that 80k is probably penalties and interest. This is why I don't like to do Sch C's without a balanced set of books.
    3 points
  33. I've been using the CCH Portal with good success over the past two seasons. It's relatively easy to use and even some of my older clients have navigated it without any issues. Now that ATX will offer an electronic signature option as part of it's package (at least for max) the entire process should become much more efficient. Hope this helps a bit.
    3 points
  34. Oh, maybe this week it's because I moved a topic to the Drake forum, or because every new member seems to revive a topic many years old. I thought that issued had been resolved a while back. Guess not.
    3 points
  35. The search feature on irs.gov doesn't like ANYONE. For some (like me), it's actively hostile; for others it's simply unhelpful.
    3 points
  36. I know I won't remember it and took a screenshot of how to do it. Now I will have to remember to look for this helpful advice on my tablet. I stored something about converting an organizer to fillable fields using some pdf function or through Word, but I couldn't find that either and finally gave up. That's what happens when I need something once a year and think I'll remember how.
    3 points
  37. I did not remember that, and the real question will be can I remember this when I actually want to be able to use it.
    3 points
  38. I think you have to do that with Verifyle, also. And, I have clients without printers, and not just the elderly. The young do everything on their smart phones and don't print anything!
    3 points
  39. If using eSign for MFJ, each spouse need an separate email. Each spouse gets an email on my behalf via eSign and follows the instructions. eSign combines the signatures and sends me an 8879 with both signatures and dates on it. I had a couple this year where the husband doesn't have email. Wife had email and could have one also at her work, so she had me use one for her and one for hubby, and all worked fine.
    3 points
  40. I think you were going for 'ravaged.' And, sorry to hear about your area having a rough go of covid.
    3 points
  41. I use CCH's eSign. The license is free; you pay per signature. (And, if you want to use it for un-verified signatures, such as an engagement letter, there's a smaller fee. I haven't done that, though.) I've been happy with it. Even my older clients and those with few electronics have been able to use it. It's based on the AssureSign platform that a lot of my clients used for mortgages and other financial services.
    3 points
  42. Thank you, ALL. I pounded out a couple of less-complex returns over the weekend (going against my FIFO policy). It helped me feel motivated and productive! I'm down to five that are complex, at least 3-4 days each, which usually includes running the numbers for and explaining a option or two and discussing while they reach a decision and, maybe, digging up more information (me &/or them). So, that feels much more doable, now. And, a day for a long-time biz client in early October who would usually wait for bookkeeping until after 15 October but has been away on biz and is anxious. And, sti
    3 points
  43. What always strikes me is how the seemingly smallest thing can affect one's life. One of our kids had an inkling to go one way with his career, which said career is gone until at least the middle of 2021, and instead took a liking to an internship he was doing, and has become a medical researcher - at present working with COVID patients. He is considering the MD route if he can find someone or something which will pay his way (he refuses to be a freshly minted MD with 20 years of work to pay his med school debt). When I look back, I see a few key twists in my life choices as well. Hind
    2 points
  44. I consolidated the four pinned topics here in General Chat into links within one pinned post at the top that will allow more current posts to appear on your screen.
    2 points
  45. Thank you, Jim. I did not know that, and it will be very helpful. Most of the time I want broader searches, but if one does want to search within IRS, this would be better than using the search feature on the IRS site itself.
    2 points
  46. 2 points
  47. Your tax prep software or internet provider or...might have a simple website that includes a simple portal. I use CCH's SiteBuilder website that includes FileShare. If you're an NAEA member (or NATP?) you can use Verifyle as a free member benefit to communicate securely with your clients, including exchanging documents. No clients came to my home office this year! They uploaded to FileShare, mailed, faxed (I use eFax right into my computer), FedEx/UPSed, and even dropped through the large mail slot in my front door (I let those papers sit in my entryway for three days). I have clients from CA
    2 points
  48. Wow! We had a lot of wind and gusts, but nothing like what you had. As far as helping out.... you know where to find me. Anything I can do. I have four or five returns (total) left, a couple of amended returns, and ongoing work. At least three of my five will go past deadline, because I know these clients and they won't get me data in time (I'm not their mommy, can't make them, and refuse to worry about them).
    2 points
  49. I spoke with the clients and it appears Sara is correct. They couldn't find their originals and the previous preparer's wife did not know how to print out another copy, so she just pulled copies out of the file cabinet to give them.
    2 points
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