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Showing content with the highest reputation since 01/17/2019 in all areas

  1. 10 points
    Some of us will try to bait you into saying something inappropriate, just so you can join us in the doghouse. But if we don't succeed, we have confidence in the ability of our government to do the job.
  2. 6 points
    Given that there may be more non-clients than usual calling with questions this year, what's your plan? Here's a possible script: Caller: "I just need a little bit of info about the new tax law so I can finish my return. Do you answer questions?" Preparer: "Yes, I answer one question for free and then there's a charge for each additional question." Caller: "How much do you charge for each question?" Preparer: "My fee is $200 per question. What's your next question?"
  3. 6 points
    Caller: I have a question.... Me: Let’s setup an appointment and I charge $XX, and if you become a client I will credit the payment towards your next invoice. Caller: Let me check my schedule and I will call you back. You know the rest.
  4. 6 points
    Slacker. Anyone worth their salt should have a few warning points. We have to keep @jklcpa on her toes. If @kcjenkins was still moderating, we would see a boatload of warnings hitting the members. I think we should have a very nasty political fight on the board to get some points flowing. Just kidding Judy. Please don't shut me out from the board. I need you all this year. Tom Modesto, CA
  5. 5 points
    The proposed regs have knocked out all of my rental clients except one whose qualification is questionable since he is always juggling multiple business issues and the probability of him maintaining a contemporaneous activity log is pretty low. For those of you with clients who might qualify, here is a step by step in depth analysis : https://www.forbes.com/sites/anthonynitti/2019/01/19/irs-publishes-final-guidance-on-the-20-pass-through-deduction-putting-it-all-together/?ss=taxes#55344e92d9f0
  6. 5 points
    No problem. We all need help with this new software. I spent 30 minutes screwing around with the form trying to figure out how to make it work. There are no silly questions related to QBI. Tom Modesto, CA
  7. 4 points
    BullDog Tom, thanks for clarifying! I felt silly asking, but I do appreciate you taking time to answer.
  8. 4 points
    I was setting up my seasonal office last weekend. No client appointments, just making sure the new computer connected to the old printer, setting up the internet, that kind of stuff. One of the other tenants in the building stopped in for a quick question. Was sure that his CPA was working for the IRS and not for him. 20 minutes later, he was convinced we all work for the IRS, but he got his answer confirmed. The next tenant who dropped in to say hi was a general contractor. 20 minutes later I had the answer I was looking for from him about some work I want done on my home. What goes around comes around. I try to be generous with my free time. I know that if that first tenant ever decides to move his tax work, I will be on the short list. He may never do so, but I have planted the seeds of my knowledge and experience. Who knows if it will ever blossom into an invoice. And the guy I took 20 minutes from may be able to invoice me for some work I want done on my home. No guarantees, but he gave me some good information and for that I will give him a shot at the work I want done. Tom Modesto, CA
  9. 4 points
    In simple terms a Qualified Business is a pass through entity that qualifies for the deduction. A service business is a Specified Service Trade or Business as defined in the TJCA. The first box means you can take the deduction, the second means that if you exceed the income limits, the deduction may be phased out or eliminated. Hope this helps. Tom Modesto, CA
  10. 4 points
  11. 4 points
    With taxes, I wonder if one has 20-30 years experience or one year experience 20-30 times.
  12. 3 points
    Drake software provides an engagement letter. Attached please find a redacted copy of 2018 letter.
  13. 3 points
    I do answer tax questions for people I know, with qualifiers sprinkled liberally through the answers. As an example, that would be for someone at church who asks me during coffee hour about "this new pass-through deduction" he heard about. I do NOT answer tax questions for random callers. I recommend they engage a preparer who can work with their entire financial situation or that they call their tax prep software company for advice.
  14. 3 points
    As a practical matter and aside from the attempt at humor in this post, I often answer simple questions for people who are not my clients. If the question is uncomplicated, the person is known to me, and we have a cordial relationship, I will often provide an answer with the proper qualifiers.
  15. 3 points
    I don't think "interesting" is the word you're looking for. Yeah, they're people too, but their circumstances are quite different from you and me. People here would kill for a government job, but you can't get one unless you "know" somebody or are related to them (it's pretty much closed to applicants without a connection). They have pay, benefits, insurance, and retirement that private sector people can only dream about. One low-level government worker's wages would hire three clerks in private business. Plus, as Catherine notes, about the only way to get fired is to pull a gun on somebody. I also have been laid off a few times and there was no pot of gold waiting at the end of my unemployment rainbow. As for the tear-jerking paycheck to paycheck angle; give me a break - many responsible private sector people (with notable exceptions) making much less than the fed group can weather the storm; why can't they?
  16. 3 points
    That is EXACTLY my point. They have jobs that pay better than what most of us make. Those jobs come with benefits most of us can only dream of from afar. They can NOT be fired, under usual circumstances, even if they goof off all day surfing kiddie porn, very much UNlike you and me. But people are bemoaning their fate as if they are being made to walk the plank into shark-infested waters - when what they are facing is far LESS than a regular garden-variety lay-off. With NO guarantee of call-back, NO guarantee of back pay eventually, and no one publicly mourning their dire fate. Sorry; they got nothing from me. NOTHING. I've faced nasty lay-offs too many times, where I quite literally had NO idea where my next job was going to come from, or how I was going to survive until then, with no savings (used up in the last lay-off and just barely caught up to zero with no reserves yet) to help at all. In desperation taking crap jobs doing what I did to put myself through school, running a cash register at nights at a gas station ALONE (young and female), substitute teaching knowing I was working that day because of a phone call at 4AM, day-work bookkeeping via an agency running a paper-tape calculator. Quite a come-down from the supposedly well-paid engineering jobs I had spent years qualifying for. Work a high-school dropout could do. All for minimum wage but nowhere near 40 hrs/week - not just for lack of work, but also because I had to keep up the job search. Yeah, it sucks being out of work. It sucks worse when you don't have a call-back with pay waiting for you in a month or two. I got NOTHING.
  17. 3 points
    I am pleased to announce that I am member in good standing. No Warning Points so far. This tax season may significantly change that.
  18. 3 points
    The trouble with a nine-page letter is that the judge will sympathize with the guy who says "Nobody could read that amount of legal mumbo-jumbo." That's the reason the life insurance companies no longer get only a signature on your four-page life insurance policy app; they make you go through the list of illnesses and initial each one - thereby nailing it down that you don't have each dread disease listed. I agree with Roberts that mine is a blatant attempt to avoid liability, but even if the judge doesn't like it he can't hardly go along with a client's claim that my paragraph was too much to read. I think he'd have to ask "Did you read this? It's fairly straightforward." Still, it's a horse race either way. A lawyer once told me "A million-dollar insurance policy is best. Litigants will sue you, your wife, kids, and anyone possibly or remotely involved." Ha! A couple used to come in every year-hubby never said a word (no hello-no nothin'-stared at the floor). Wife handled all talk-everything. One year they itemized and I got the med records; he'd been a diagnosed schizophrenic for years. Then (comes the dawn) I remembered that every year she slid the engagement letter across the desk for him to sign.
  19. 3 points
    Mine is very simple and short.. Thank you for choosing our firm! This letter contains the terms of our agreement. We will prepare your federal 1040 and Maryland 502 for [Federal - Year of return] based on information you provide. Our work will not include procedures to discover irregularities or inaccuracies in the information you provide, but we may ask for clarification or additional information, to prepare as accurate and complete returns, as possible. It is your responsibility to provide all necessary information related to income and deductions, and to respond to our inquiries in a timely manner, so we are able to complete your returns by the due dates. You are responsible for maintaining appropriate records, such as official tax documents, receipts, substantiation for income and deductions, and purchase and sales information for assets. This letter also confirms that all the information you have given us pertaining to your income, deductions and other information regarding your tax returns is true, correct and complete. It is your responsibility to review your returns before they are filed to determine that all income and deductions have been correctly reported. Filing your returns by the due dates is your responsibility. If your returns are later selected for review or audit by taxing authorities, we will be glad to assist or represent you if you desire. Our fees for preparing your returns do not include time that might be necessary to assist you during a taxing authority review or audit. Our fees for preparation of your returns are based upon our standard billing rates plus out-of-pocket expenses. Our invoices are due and payable upon presentation. If this letter accurately summarizes your understanding of our agreement, please sign and date in below and return it to us. Thank you again! We truly appreciate your business.
  20. 3 points
    Ha! To everyone...Keep up the good work!
  21. 2 points
    Here is a link to the actual notice: https://www.irs.gov/pub/irs-drop/n-19-07.pdf One section says that residential and commercial rentals cannot be commingled in the same entity and qualify. If true, this will knock out one my larger clients out because while I am reasonably confident that they could meet the 250 hours for all rentals combined, its doubtful that they will be able to meet 250 hours if commercial and residential rentals have to segregated.
  22. 2 points
    Wasn't this tax bill intended to SIMPLIFY the tax code ?
  23. 2 points
    Hi Jack - thanks for responding. I can't file 1099 forms via Drake and found an older thread that suggested efilemyforms.com Tried that, and it works great! I only have about 5 or 6 forms to file.
  24. 2 points
    I prefer FUBAR....
  25. 2 points
    Really....anyone who watched the process of this bill getting butchered by the Washington political process knew it was going to be a cluster fudge. SNAFU is a very appropriate acronym for the tax laws of the US. Tom Modesto, CA