michaelmars

i hope they got good advise on doing this. sort of defeats the purpose and cost of getting an llc in the first place.

I am on grandchildren, talk about old

HAVE it in your office, they can be a snap or a pia audit, depends on the auditor. In either case you don't want the auditor overhearing your client at work and you want to be in your office so you can work on something else. We practically have a UI or Work Comp auditor in our office daily, we leave the records in the conference room and let them do their thing. The agents have an area so if in your office you will get to know your local auditor. our local guy even asked if we could stock some splenda since he doesn't like sweet n low, that's how often they are here. They switch areas every 2-3 years because the supervisors don't want them that comfortable anywhere. They will look at payroll and general ledger and 1099's. In the ledger they will look for payments to individuals and question you on them. Recently they are also questioning 1099's saying they should be employees. On the state website there is info on what makes this distinction, mostly its control, who controls the work of the Independents, schedules it etc. As stated above the periods don't always match the pr tax quarters but most agents will fudge this, ie as stated above the period was 2/20 to 2/20, some agents will use march to march. The audit can be 15 minutes to 2 hours tops. If they pick up on some people that they want to make employees and you don't agree, having it in your office gives you a stall to talk with your client. Also, you don't have to agree, and you can have an unagreed to audit. then a supervisor gets involved. But remember its only a few points on the first $8500 someone earns so all the adjustments might be too small to fight over.

I have no problem with clients paying me a bit late but my invoices call for $25 late fee plus 18%interest., that's a real motivator.

funny in that my clients get sick after meeting with me, not before

if all of you don't pay me $1 then I will have a big loss this year, Yah, no taxes to pay.

WHY would you have them come back when you can mail them the paper returns? I avoid clients in my office as much as possible to save time "chatting" with them

now we know where one named people like Madonna got their names, stolen from your tax returns.

this talk it titillating, its good to see everyone is keeping abreast of the a,b,c,d,& dd's of taxes

You mean you burst her boobie

i read somewhere that the ss lock is a glitch in the system and the irs is trying to get it fixed before the end of this season.

head off the letter and do an amendment, proactive and a fee! it will also lessen penalties if any

don't need ein's to efile. you only need them for atx to add them to the payer manager

i would take it

so a once a year client that usually goes on extension that you bill $5000 for each of the past 3 years, you wouldn't try and call him if its march 8th and you haven't heard from him yet.

now of course they will need to deal with quarterly payroll filings, monthly deposits of taxes etc. And you have to watch the local stuff like here an S corp has to pay NYC corp taxes on top of fed and state.

yes file, my post wasn't stated clearly, its gross income not net that the fee is based on.

yeah but theoretically, the non alimony payer has higher income now and may not qualify for benefits on his end, thus an offset.

I don't, that way I know in advance if they are leaving instead of tracking them down right before any deadline to see if an extension is needed.

its a flat fee based on last years income.[2012] 0 to 100k is $25; 100k-250k is $50 250-500 is $175 500-1000000 is 500 then goes up from there.

remember LLC fees are due tomorrow 3/3/14.

NICE INFO, THANKS

when I get asked "is this a fair fee?" my stock answer is "no because I wanted to give you a break, based on time and value it should have been $XXX" I usually get a laugh and a check.. I have never had a client leave over fees. You need to let your clients know that its not the tax prep they are only paying for, its the knowledge, experience, your review of their lives, and suggestions that are worth your fee.

i think you use that as additional sales price, not sure how to get it off of the wage line.

sounds way too cheap but as with every other post in this thread, we have no way of knowing the whole story. for example were you given adjusted QB files on each building or just a check book?, did you have conversations with the client re what to capitalize that took extra time? etc etc etc. Sometimes a rental property can take 10 minutes to get a p&l on and sometimes it can take 2 days. As for the original post, perhaps the previous cpa had many meetings with the client to discuss entity selection, financial planning, maybe an hour spend on the pros and cons of a cost seg? It hard to second guess fees and even harder to give an informed opinion from the little that gets posted here. I might charge one client $750 for a building and $2000 for another building that appears to be the same work but one fee includes his kids returns that are only needed because they are partners, also includes payroll for all his entities. there are a thousand variables.