Jump to content
ATX Community

Terry D

  • Content Count

  • Joined

  • Last visited

  • Days Won


About Terry D

  • Rank
    ATX Guru

Profile Information

  • State
  • Gender

Recent Profile Visitors

8,925 profile views
  1. Max you are correct on the KBA requirement. I have used the faxed method, sending the 8879 securely, have them sign, take a picture an return. But, with signature flow, I am pretty sure that was a connection with DocuSign. I very well may end up going with DocuSign at the end of this season. I normally send out more that 50 8879's for e-signatures and for various entities. Signature flow also provided the ability for me to have an engagement letter signed as well. Signature Flow has spoiled me but all good things eventually come to an end.
  2. This is a different question along the same lines as the OP. A single member LLC that is taxed as an S-Corp, is required to calculate AAA, A&E as well as track capital and stock basis correct?
  3. Drake offers an online signature option if you are a secure file pro user. $5.00 per signature seems a bit high. That means $10.00 for a MFJ return and only works for 1040 returns. DocuSign at $15.99 per month sounds better. If anyone is using anything else that is reasonable, please post it here.
  4. Catherine, Thanks for alerting me/us. I just spoke with them the other day and they said nothing about this. I'm with you, I don't use nor like Outlook. I guess I'll have to search for something different.
  5. For signatures, I use Signature Flow thru CPaperless. I have used this for the last three years and it is seamless. Only charged when you use it. Through Drake, I use secure file pro, again no problems at all. Most of my clients really like it. However, there are a few who are challenged by technology and struggle with it.
  6. Sending prayers for you, you sister and family. I definitely understand what you're are going thru, and as Margaret said, a client who doesn't understand is not worth having. I took care of my mother for 2 1/2 years until she passed this last November. Being out of state didn't help either. I am blessed to say, not one client complained and I still have them all. Hang in there and I hope you find the right printer. I have an HP Laser Jet Pro M402dn. It has been a great printer and is only three years old. Does the duplexing and prints the first page within 6 seconds. I think they are still available on Amazon.
  7. I agree with Jack except for the last minute scramble. But... because I am a bit anal. I would create the 1096 form and file it just in case. I'm not using ATX so I can't help you there.
  8. I am using secure file pro that comes with Drake ,and signature flow for sending documents for signature. Both work seamlessly.
  9. This is ridiculous in my opinion. That's over 16 billion in handouts. Here I am working as a teacher, preparing taxes year round, and processing payroll every week. I'm going to be retiring from my teaching position next year, looking at my pension and SS and wondering if we will be ok financially to live close to the life style we have. The sad part is, once you retire and draw SS and want to finally live, the IRS has you on the downward slope. Start taking RMD's driving up the SS funds included in gross income, making you pay for Medicare that you have paid for all of your life at double the premium deducted from the SS. Yes, I keep my state benefits but they quickly become secondary, but got to pay for them too. All I got left is to hope my health doesn't go south for at least five more years. I know too many guys who have worked like I have, retire and then die. Sounds like a rant but its not. Its just fact. Just in case anyone is wondering, I will soon be 65 and will have worked 51 years of my life. Yes, I started working when I was 14 cleaning dirty dishes from tables for a grand .50 per hour. Again, don't take this the wrong way, I am not complaining just stating fact. I am proud to have what I have and that I earned every bit of it. #7: Taxpayers with refundable credits The big problem for the IRS: it is estimated that 24% of all earned income tax credit payments – over $16 billion a year – are erroneous. IRS compliance efforts: EITC and additional child tax credit refund hold audits continue to be the #1 IRS audit target. These are easy IRS audits as they are done by mail and taxpayers rarely contest the IRS’ findings. However, the IRS has been under some scrutiny for using their limited audit resources on lower-income taxpayers who claim EITC. But, the IRS is still focused on reducing the 24% error rate – and IRS mail audit resources will continue to flag and audit these returns in the future.
  10. Ok so, I have a client who has paid a couple of guys to build an office for his business. Each guy received somewhere around $800.00 to $1400.00 each. I talked with the client, told him to get the tax ID numbers and addresses. The guys won't give it up. I told my client no deduction. I think I have to stick to my guns here simply because I have knowledge, advised and it wasn't followed. My client would rather forego the deduction then tick these guys off and not use them again. Small town politics. Everyone knows everyone, all go to the same church; you get the picture.
  11. Crap I didn't see this was an older post. Sorry
  12. I have used the eFileMyForms as well. But... if you do any payroll at all, Drake Accounting for $100.00 with the bundle can't be beat. I've been using it since 2018. Sometimes it is a bit quirky and a little tough to understand the navigation. But once you get it. Then no problems. Yes, it can be used for other accounting/books as well. So, its only use is not just payroll. I put a post on the Drake forum of how to get to the file needed to upload to accuwage thru BSO. The creation was fairly easy from within the software. The data path is a bit much. So if anyone needs that go look at it. Now that I know, it is a breeze. Also, found the stupid e3nc .txt file.
  13. I purchased Drake Accounting with the tax prep bundle when it first became available and have ever since. I stated with very small clients using only maybe one or two employees. For various reasons, at the end of the year, the W-2/W3 filings were always completed on the BSO site using accuwage manual entry. Last year I took on larger clients so manual entry is not what I run to the desk to do. I discovered this morning that Drake is not able to transmit the created W2/W3 file. From support, I guess this is a feature they are working on. So, in the meantime, from within Drake the W-2/W3 file is created that you can browse to when on the BSO site. If anyone needs this, I am understanding the steps may be subject what computer you are using or where the Drake files reside. The steps are posted below. I'm saving this for next year as 2020 is still not operational either. I did put a note at the bottom for NC users. I also found Drake creates the .txt file for the ridiculous e3NC form. What a blessing to not have to waste time on NC DOR with creating a .txt file or manual entry. I hope this helps someone. I think the data path is the same in 2020. Drake Accounting End of Year W2 File Path 1. Report – W2REPORT txt file. a. Open the drive where Drake Accounting 2019 resides. b. Click on the Drake Accounting 2019 folder. c. Click on Clients folder d. Click on the specific client ID. Example: Client 015 is Someone & Sons Lawn Care. All you will see in this step is the client number. e. Open the Efile folder in the next window f. Click on the Federal folder g. The file W2REPORT_015txt is the folder that you want to upload to accuwage with BSO. The _015 again is the client ID To make browsing to the folder from the BSO site easier, you can open the txt file and save it to another location. Just to note: If you are in NC and have to upload the e3NC form. The W-2 file upload is created in Drake. Just use the same path as above through step f. Instep f, click on the NC state folder. I am not sure what other state filing requirements are but this works well for NC. Eliminates all the crap creating a .txt file to upload.
  14. I have two S-Corp clients that are definitely paying themselves appropriately. Maybe this is out of the norm. I have had some in the past that wanted to argue and gripe about being on the payroll and wanted to undercut the requirement. My business is small and I don't need clients who do not want to follow the regs. I never mind getting rid of a client who is not trust worthy. For everyone I set free it always works that two or three more new clients will take their place. I've never understood that but that is exactly how it works. I caught one guy hiding his wife for ten years and when I did, it was see you later. Yes, I did my due diligence and had all documentation. But...once you have knowledge what can I say. I did advise this guy to correct all returns and pay back the money who wrongly had taken. You can guess where that went. People don't want to hear the proper stuff some times. Showed a new client last year where the previous preparer failed to include interest income from an installment plan. I told them I had to tell them there are responsible to file an accurate return and it would cost them some money. Never heard back so I'm assuming they are riding it out. However, I filed an accurate return for 2018 with no objections from the client so I will take them back again this year.
  15. I am doing face to face with my clients and their employees to explain their current situation (withholdings) as well as entertain any changes they may want to make. The IRS has a fairly straight forward excel calculator. I agree with Medlin, it is not mandatory to use the new form unless you want to make a change. The federal tax tables for beginning Jan 2020 have gone down a small amount. In the big picture, I still think the employees need to check their withholdings to make sure enough or too much is being withheld.
  • Create New...