RitaB

Livin' on a prayer.

None of my seven clients that I know received PPP funds experienced a hardship. All had increased sales 2020, increased again in 2021. They are not wealthy, and that means nothing to me; I am still aggravated when I think about it. One questioned me raising his monthly bookkeeping fee $25 recently, and a lot of words barely managed to stay in that thought bubble over my head.

I can relate to this so much! The pictures of documents are the absolute worst. It's awesome to keep people out of here for stupid things (hey, when can I bring my stuff in? ), but I am happy as a clam that most of my clients hand me a stack. Even unopened mail. Just wrapped up one who moved to another state, mailed her docs to me, along with some things I didn't need (I can live with that), emailed me probably 14 times, and was very slow about responding to my questions. This all started on Saturday, September 10. I hope she fires me. Very nice lady, and I hope to never hear from her again.

I can't help but think all the EIPs and ACTC caused much of the phone misery. And Congress deciding to exempt $10,200 of unemployment from tax DURING tax season, whoo boy. Not saying they will have more time without those happening, but they will have more time without those happening. Everything will be smooth sailing now. /s

Well, I heard that, too, and started looking to confirm your suspicions that presenter is wrong. Um. No, looks like the reporting is only on the 1099-K by the payment processor: Instructions for Forms 1099-MISC and 1099-NEC (Rev. January 2022) (irs.gov)

Add "Elections" form. Then the fourth tab over (tabs are at the bottom on mine) is "PPP Loan."

My own 2020 refund was held up until I called 20 times over a three-day period in May 2022. On the 20th call, I was given the opportunity for a call back from PPS, and it actually happened. The representative resolved the issue, which may have had something to do with me making a payment with the 2020 extension request, then applying part of the 2020 refund to 2021 estimated taxes. I don't know, but she did make that observation while I was on the line. I do that all the time. Another tax pro on Facebook talked about the same scenario with his 2020 return, which is why I finally stopped waiting and started calling. It was a frustrating process, and I'm just happy it was my return and not a client's. We can never charge enough for things like this.

Turnaround time by end of February is two weeks. Becomes three weeks from March 25 on. I'm the entire staff. I worked about 72 hours most weeks, about 84 hours the last two weeks before April 15. I'm just not capable of crushing it like you did! My one suggestion: When I sat there in the carnage on April whatever it was, I told myself, "Next time, start the season with laser focus and efficiency so you're not sitting in the carnage at the end." Ok, two suggestions. I tried the drop off without looking at what they brought, and that turned out to be less efficient for me. I am better off spending a few minutes looking thru the documents with the client there, seeing what's missing, telling them, "Your mortgage payoff is not their gain, your net check is not your gain, and here's what I need," right at drop off. I do try to explain very thoroughly so something clicks, and they learn something. I memorialize what I told them, place the note on top of their documents so I don't start on it before I have everything. I thought it'd be great and efficient to scurry them outta here at drop off. Not my clients.

Well, I don't who raised these people, but one way to guarantee I don't respond is to direct me to kindly familiarize myself with anything. Familiarize yourself with this: Not today, Satan.

I like the way you said that. Filing is goodwill. None of us are getting rich off this tax return. Nobody is taking advantage. Clients assume they should file. They are required to in this case, but even when not required, my clients want to file. Ok, ok, there's always that one who doesn't. You know the one - she was mad at you because she missed EIP2: "You told me I didn't have to file..."

One of my favorite clients brought in a German Pink tomato for me one year, cradling it like a baby. I thought I might have to wrench it out of his hands.

I would absolutely prepare and charge for this tax return.

Same here.

You can send the 5329 by itself.

No, the RMD would have to come from the IRA.

Another useful thing: A taxpayer can go to irs.gov and request a transcript be mailed to him. Very easy process, and I don't mind doing it for them while they read and approve entries, because let's be honest, they have trouble with everything, or we wouldn't need a transcript, and I need the correct document and year(s). They get the transcript by USPS in a few days. This is a good solution for me. Won't work well if they've moved, as one of the entries is mailing address on last filed return. irs.gov Get Your Tax Record Alternative to Requesting a Transcript Online

She made me the affectionate soul I am!

Yes, they can claim a child that did not provide more than 1/2 its own support. There's a support worksheet in Pub 501, p. 16, that I would ask them to complete for each child. Other preparers would just go forward without any due diligence beyond finding out if the kids are theirs (which is easy on this one).

No, I do not. Got a new client yesterday with three years to do. Lovely lady who had trouble communicating with previous preparer, but is getting back on track, with the help of her kids. Kids will be coming to me in February 2023. I won't miss Mr. Penny Wise and Pound Foolish.

I have a story where I lost one. New clients for 2020 return. Late 50s retirees. Realtor made $18,000 selling them an overpriced house here in 2019, and they are still renovating it to this day. Had an indirect rollover, Sch B, Sch D, two states. I charged 275 and had to pull all the information out of him for the short statement I do complete explaining dates and accounts for an indirect rollover. I think it took him three trips to drop off. No, they don't do e-mail. This year he comes in and tells me, "There is less this year; it shouldn't be as much." That offended me, but I said, "Yes, there is only one state." I charged him 225. I might have charged less if he hadn't said that, but I doubt it because 2020 was such a real headache. When he picked up, he was polite, but had to tell me they would go back to Illinois preparer next year because "it's a little too pricey here." Me: No problem, that's exactly what you should do. I often see people who retire before they really should, write big checks they shouldn't, and cry over little checks that don't matter. I think him setting me straight was his way of doing something. I mean, the Realtor is long gone, and he's gotta have those remodelers. Congratulations, Buddy, don't spend the 35 bucks you save next year (maybe) in one place.

Where else can you be in the city limits with one side four lane road, three sides Wild Kingdom? No, you're right, my friend - the woods on one side were a little sketchy. Happy to report that Farm Bureau has cleared it out, and it's for sale. Hope somebody puts a donut shop in there; I'll expand my travels.

I talk to you guys and text @Donnarae40 times a day. I do walk to the kitchen area about every hour. Mailbox a couple times a day. You're very welcome!

I am in a commercial building, alone, in TN, and I talked to a young lady who came in yesterday mad at the local CPA she thought prepared her return last year. I looked at it with her and told her who prepared it. "You mean I talked to the CPA, and the assistant did it?" She is clueless and in trouble with TN Dept of Revenue, sales tax division. She's a pet groomer, opened a business after working for another pet groomer for several years. Obviously, she knows everything there is to know now, why be an employee?? /s Her issues are not at all related to the income tax return, and I told her as much. Me: "If you're gonna do your own sales tax returns, then do them. I can cut my dog's hair, but it'll look a lot better if you do it. And I won't ask you to borrow your $1,710 clippers either. Hahaha. Ha." That said, the firm charged her 250 for the federal income tax return, no state. Single, no dependents, one W-2, and seven entries on Sch C. I see nothing wrong, but I would not use bonus depreciation with a business netting 11,000; I'd want the deductions in future years, when taxpayer thinks she'll make 72,000. I suspect the preparer just went with the software default. I'm an EA, and this is about what we'd all (in this town) charge her as a new client. There were twenty or so business receipts in the pocket of the folder, no sign that the taxpayer knew how to summarize data. I would teach her to do that. I know I talked a lot up there, but there is a feeling you all reading this have for this client. Some want her; she may shape right up. She might not.

I have always wondered if the folks answering pricing surveys are the ones who charge the most, or are exaggerating about their fees ("speaking evangelistically," as one pastor used to say). But if you're wanting to downsize, I don't see a negative as far as raising your rates.