jasdlm

44 minutes ago, Abby Normal said:

And 8283 isn't bad if you customize it extensively.

I need to make better use of this.  You should do a webinar after the season!

45 minutes ago, Abby Normal said:

I used to have one with 3 kids. I believe I developed a spreadsheet to get the numbers I needed. I could usually have two or maybe even all 3 kids returns open at once, since they have very few forms in them.

ATX won't let me open two returns at a time; even simple ones.  I clearly have something amiss in my setup.

All my clients who needs this form have multiple hatchlings, and I can't believe the inefficiency in going between 4 different returns to tally all of the information for the 8615 and the Family Schedule D worksheet.  What am I missing?  I feel like I have to be taking the long way around this field.  Is there a path through the center that I'm not seeing?

As an aside, I don't hate 8615 as much as I hate 8283, which I hate with the power of 1000 suns.

4 hours ago, Lion EA said:

Decades ago when I worked at a Block Premium office, our training told us that if the adults share the master bedroom, it's one household !! Now one could still pay the bills for her kids and the other for his kids...

I think this is a pretty good rule of thumb!

https://www.unclefed.com/ForTaxProfs/irs-wd/1998/1998-041.pdf

Just now, Lion EA said:

I am always behind, because basically ALL my clients drop off the same February week each year, giving me a huge backlog through 15 October. (I was thinking it was always around 22 February, but hubby says it's MLK weekend and following week; or, it might be dumping it all in my lap before they go on spring break to warm, sunny, fun places with their families, leaving me jealous and overworked.) That means that by the time I could file any 12 February, it was almost time to switch to preparing partnerships and S-corporations. Then switch to Trusts and calculating ES. Finally, tomorrow I will switch to preparing almost ALL (except for less than a dozen in February) my personal returns. That 12 February date really ruined my flow this year, prevented me from getting to know my software by preparing a whole bunch of the easier returns that come in early, feeling somewhat productive before slowing down to slog through biz returns. With the late date and many forms not ready, states not ready, constantly changing tax laws and "clarifications" of laws, I'm more behind, or at least feel more behind, than ever. I usually do my kids' returns (freebies) early, again it helps me learn and pick up speed and feel productive; but this year with forms running late, my kids all will be on extension (one kid's partnership is already on extension). Clients keep "checking in" with me, so I'm spending time on replying. Even on gal who always files late called me yesterday. My stack is growing instead of shrinking. I'm not sleeping well and have knots in my stomach. I spent hours last Friday rescheduling all the doctor appointments I'd made for after today to after 17 May. Which just postpones when I can visit grandkids, which makes me even sadder. And, I'm getting really cranky, which is more of an October thing for me. Rant over.

This really sums up my world and how I'm feeling.  Hugs to you.  (NOT the Rita kind!)

Anyone else behind where they usually are this year?  I still have 150 returns to process; returns are in the office longer than usual.  I have worked solidly (until at least 11 each night and sometimes as late as 1 a.m.) and all day on weekends.  4 hours off on Easter, 3 hours last Sunday because my son was confirmed, and 9 hours for my son's track meets).

I had a few grouchy clients call about estimates today.  (Both had enough carry forward in my first draft of the return to cover 1st quarter).  I'm feeling down.  Am I just super slow this year?  I'm really trying to figure it out.

Did you go through every return and calculate estimates, or only those whose 1st quarter estimate would be sizeable?

Misery loves company ... looking to see if I'm alone ;).

20 minutes ago, Randall said:

I don't know why this person is having so many problems.  There must be something unique going on.  Like others, I haven't had this problem.  Only once in a while with large print jobs.  But nothing like previous years.  The software is a little slow but I think that's because it is a spreadsheet based program or that's what I've heard.

I'm trying to figure out if I have some sort of configuration error or what could be going on.  I've used ATX since 2002.  I had problems in 2013 (we all did) and now this year.  I have a brand new Windows machine (set up by my tech people last fall), and I'm running ATX on my local server.  I have 8 licenses (I'm the only preparer, but I have people who do data entry, checking, etc.).  I'm restarting multiple times/day, closing the software often, and trying to minimize other uses of the computer (let's face it, sometimes one has to be in QB and ATX at the same time), and I'm struggling with the time suck.  When I restart, for example, it takes several minutes to open and then to populate the Return Manager and Rollover Manager screens.  SEVERAL minutes.  Grrr.  I have special tech talents.

I am doing this right now (on the buyer side) in much the manner Catherine states.  Are you selling anything other than your client list?  (Building, equipment, software, etc.?)

58 minutes ago, FDNY said:

I assume you did the restart of services for all years on your computer 

Thanks so much to each of you for the help and levity!  I'm not certain I know what 'restart of services for all years' means.  Does that just mean restarting ATX for the years I'm using?

Anyone else having problems?  It's becoming almost unusable.  Constantly 'could not connect to the server' - 'try again' - the software freezes up or has a HUGE delay moving between fields.

I have restarted the software, restarted the machine, prayed to the tax software Gods, and done a 'connectivity ceremonial dance'.

Any other suggestions?  My software is up to date, but is there a separate patch or something I'm missing?

Yikes.  Best guess:  Lots of work.  Invalid joint election and lots of extra steps when amending.  IRM 21.6.1.5.7  

I have never had this occur, so I am NOT speaking from experience.  Eager to hear what others have to say.

I'm also interested in whether past invalid filings actually triggered the start of the Statute of Limitations.  I'm thinking the answer to this question would help determine how far to go back?

This could be an interesting discussion.

I feel really stupid, but I can't figure this out.

Does anyone know what happened to OldJack?  He hasn't been on since October of 2019.  I hope I didn't miss a post.  

I am highly entertained by people who label things for me.  One client actual prints out a full sheet of paper "Husband's W-2"; new sheet of paper "Wife's W-2".  Thank goodness; I might not know what these were, otherwise.  It entertains me when they drop documents off in this fashion, but if they set a meeting and take 30 minutes of my time just to tell me 'this is my 'W-2', they move to the front of the line for a good ole fashion 'Rita Hug'.

I did have one client who had a big orange smear across her 1099-ssa.  She drew an arrow to a conversation bubble and wrote 'This is Squash'.  That's one of my favorite all-time labels, and I was awfully glad to have it identified.

I had clients who melted down one time because I threw away all of the envelopes (from the unopened pile of mail they brought me) and she needed them for her 'filing system'.

I still recycle envelopes.  Don't bring me that junk.  If they are precious to you, keep them at home!

Just now, Abby Normal said:

It's looking like I'm going to either fire you, or hurt you badly!

Here's a hug.

New client with carry forward on 8582 from 20 years of time-share losses.  Is there a good reason to continue to carry this forward?  Basis calculation?  I'm trying to wrap my head around carrying forward a nondeductible loss.  Seems like a recipe for an error down the road.  (It's been on Schedule E, because he occasionally rents the unit and the preparer would show the income with offsetting expenses on Schedule E.)

Thanks much!

I have a new client (1120 S); over $1,000,000 in accumulated depreciation, but no depreciation schedule, and the prior accountant won't respond to requests for the depreciation schedule.  I think there are some health issues surrounding the previous accountant on top of spotty organization to start with.

Has anyone experienced a situation like this before?  What are the options?

Thanks!

I hope I'm wrong, but I think you're going to have to call with a 2848 and permission to move the payment.  I've had numerous examples of clients getting dunning notices while there's a payment 'out there' hanging in the incorrect spot.  I've tried moving them before with simply the preparer authorization on the return - total no go.

I'd be interested to know if anyone has had better luck than I have in this arena.  I was encouraged by the thread indicating that many of you had been able to move estimated payments erroneously made to the correct year.

This is from the IRS website (payment option choices):  The purple bit is what makes me think they'll leave it hanging out there waiting and dun your client for the balance due.  Eager to hear other thoughts.

*********************************************

Proposed tax assessment
(e.g. CP 2000 or a Notice of Deficiency)

1040, 1040A, 1040EZ

Health care (Form 1040)

Current calendar year or prior years going back up to 20 years

Make a full or initial payment for a proposed amount.

Payments of this type may post in advance of the actual tax assessment.

If you have an installment agreement, select Installment Agreement as the reason for payment.

On 3/27/2021 at 7:22 PM, jklcpa said:

A Drake support person told me an interesting story related to getting POAs.  She said that a firm allowed individual preparers within the firm to get the POAs in their names rather than in the name of the firm, and the firm did not have these individual preparers sign a non-compete agreement. When these preparers left the firm they were able to take those clients as their own because the clients had signed the POAs that granted those individuals the authority rather than at the firm level.

Has anyone heard of this happening?  

Wow.  I'm going back to review my confidentiality/proprietary agreement with employees right now!

Thank you very much!

6 hours ago, TexTaxToo said:

To answer your original question, yes, you can take the AOTC, reduce the amount of qualified expenses, and potentially pay the additional tax on the distribution, as described here:

https://www.irs.gov/publications/p970#en_US_2020_publink1000178546

But as Randall said, it's best to try to find expenses that aren't qualified for the AOTC that are allowed for 529 plans to "use up" the distribution.

To confirm, if there is tax to be paid on the distribution, can it be paid on the student's return with parents taking the AOTC on Parent return?  (1099Q is in SSN of Student)

How is your daughter?  I've been thinking about her and keeping her in my prayers.  My son has Celiac, so I understand the autoimmune concerns!

Interested to hear what folks on this board think about the potential liability to preparers under a 2848 vs 8821 (receiving notices and not responding, for example, because you no longer represent the taxpayer).

I haven't thought much about it, but I have read a couple articles discussing the issue.

How many of you go through the step of terminating your 2848 after you resolve the issue you requested the same for?  I might have a summer project.

Thanks!

Dependent has a 529 distribution from an account in his name.  I want to add back the earnings and take the AOTC on the parent return.  Is this like scholarships, where I can add the 1099Q earnings back to the dependent's return since it's in his SSN?  Then take the AOTC on the parent return?  Doesn't pass the sniff test, but seems to line up with the treatment of scholarship income.  I can't seem to find anything on point in trying to research this.  Thanks much!