RitaB

21 minutes ago, BTS said:

After looking over the NSA report, it seems we need to charge more !!!  May loose a few clients but, we need to downsize anyway.  Getting too busy, which is a good and bad thing.  But thanks for posting about the NSA report.

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.  

I made over a dozen calls between 4/29/22 and 5/04/22.  Mostly mornings.  Finally, I had the opportunity to get a call back.  Everything until then was the "due to high call volume [you can't even hold and wait for us to answer]." 

I don't know what changed, but my call that got awarded a call back was at 11:05 am on Wednesday, May 4.  The call back was at 11:35 a.m.  

On 5/9/2022 at 5:12 PM, TexTaxToo said:

The rule that there is no PTC for incomes above 400% of FPL was removed for 2021 and 2022.

Yes, that is correct.  I just did an 8962 where Line 3 is 182,683.  They're getting to keep 2,563 of the APTC.   No, I cannot explain it.

Of course, they don't know they have to repay any of this.  Like every client the first year they have Marketplace insurance.  Didn't even give me the 1095-A.  (Also like every client the first year they have Marketplace insurance.)  

On 5/6/2022 at 2:16 PM, ILLMAS said:

TP that no longer qualified (income went up in 2020 and 2021) for PTC, but kept the insurance for a couple months in 2021 since they were turning 65 and would be applying for Medicare.  Proseries; form 8962 is giving a error that columns B and C cannot be zero, form 1095-A has info only on column A, anyone know a workaround?

Thanks

 

In ATX, when the income exceeds 400%, I believe you are only allowed to enter numbers in Column F.  But, yes, the payback is probably limited, as others have said.  I had a couple, both well over the limit, get to keep most of the subsidy.  So much for pinning down the rules.  

Well, it was rejected.

But, wait!  Because I needed to attach PDF file of Form 1116 Sch B.  Which was of course soooooooo large (two whole pages) everything might melt in cyberspace blah, blah, blah.

Got that done, and it was accepted.  Five minute party!     

I have a huge return for a taxpayer deceased March 2021.  The extension request e-file was accepted.  Would that necessarily mean that his SSN has NOT been locked?  I really don't want spouse to paper file this return, but I also don't want her to have to come back to the office to pick up a paper copy.  Just too much.  I'll probably just print another copy and tell her not to mail it unless I tell her to do so.  

Thank you all.  I'm sure this guy didn't tell me everything.  I'll press him on who got the car. 

He lied about what he had when he called March 10 to see if I could do his return.  I saw the 1099 to "My Deceased Third Wife Hyphenated Last Name Estate" when he came in on March 14.  

Record scratch sound.  Umm....  I start asking him questions and whoo boy.  The 1099 was not all.  Imagine that.

I say "lied," not was "mistaken" about what he had, because he came to me from another preparer here, and the 2020 Form 1040 was fine.

1 hour ago, BulldogTom said:

Why would you be reporting it?   Is it an asset used in a business?   Is it a really valuable car?  Is the recipient a beneficiary?  A charity?

If I gave a car to someone, I would not report it on my tax return - unless it was given to a charity or it was a business asset or over the value was over the gifting limit.  

Are you overthinking it?  It is April.   

Tom
Longview, TX

Bahahaha, well the guy gave me a list of assets in the estate, most sold at FMV, one 1099 with more than 600 in income, so I wanted to do the most, Tom.  Gave it to a youngster that needed a $7,000 car.  Not a beneficiary.

It's April.    

I wish I had a child to claim I mean love.

If an estate gave a car of the decedent to an individual, is the disposal entered on Form 8949 as cost = FMV, and proceeds = zero?

It's April, and this seems correct.  But it's April.  But it seems correct.

But it's April.

I would prepare a Sch C.  

"People are dumbernsh*t."  - @Donnarae

“Ignorance more frequently begets confidence than does knowledge.” 

—Charles Darwin

Sometimes a client says something so ignorant I am so stunned that I can't even reply.  This thread reminded me of the Dunning-Kruger Effect.

1 hour ago, Margaret CPA in OH said:

An easyish fix for you.  Just have the client increase their withholding to some exorbitant amount - you will look like a genius, right?  Ugh...some clients are simply not worth having.  No fee is high enough for this kind of abuse.

 

A woman was whining about the size of their refund a few years ago, and I told her I knew how to increase it $10,000.  Here's a Form 1040-ES.  Send in $10,000.

"Yeah, but who can afford that?"

You can't make this stuff up.

I had a person for whom I prepare payroll and payroll reports open a partnership in 2019 and not tell me.  All my payroll reports had the sole proprietor's EIN.  I don't remember how it came about, but I saw the 1065, probably when I completed requirements for workers comp audit.  The top notch preparer (not sarcasm, he's very good) who did the 1065 put my payroll data on that return.  Initial and final.  Gave him a hella big bill, and a lecture, I'm sure.  I guess in anticipation of problems.  None so far.

That's the person who needs to do her own return.  Yep.  Have at it.

Oh, wow!  Great ideas.  Since I have two kids getting married in 2022, I'll let someone else host if they want.  So exciting. 

Hey, I've been hugging people this whole time.  If you know what I mean.  

10 hours ago, grandmabee said:

I can't get the form to work this year.  I filled out the information from the 1098-T  Only one box,  box 1 with the tuition.

answered the questions and still says I don't qualify for lifetime credit.  Is there another place to fill out?

The other day I caught that ATX was allowing AOTC for a kid who was not pursing a degree or credential.  I realized I had to tell ATX twice that he wasn't.  I hope this helps, I know it's not exactly what you asked for - it's a post I made on the Facebook ATX Tax Software Group:

"You don't check the box on the "Education Expense Input Sheet," and you then also answer Question 2 on the "Education Expenses Detail." That may be how it's been all along, and I just don't remember them needing to be for sure for sure."

1 minute ago, Gail in Virginia said:

I love guessing games!

8962?  

5329 for missed RMD?

22 minutes ago, FDNY said:

I just had 2 8915-Fers that don’t understand how they could owe so much since no tax withheld attributed to this year’s 1/3.  They forgot what I told them last year, or just refused to hear it.  What a fun season this is turning out to be.

Yes.  We have a manufacturer here where some fool must have gone around telling everybody to rob their retirement accounts.  Ok, yeah, that's reasonable since your hours were cut to 32 rather than 40 for six weeks.  Great move, barely escaped with your life there.  Missed all that growth and have zero understanding.  I begged one lady to not report the whole 93,000 in 2020.  Wish the others had now.

9 hours ago, Randall said:

The whole covid tax stuff was a mess.  I thought this tax season might be better.  But now I'm having to file some MFS and look for them more EIP3 and CTC.

And all the 8915-Fers:  "Did you count the 3,000 you told me to let them keep?"

The two who dropped off weeks ago I had already rolled over and entered the other items.  I had to dink with them a good bit, but you fine folks saved me.  The one who dropped off recently I had NOT rolled over.  That one filled in automatically. 

Attaching that PDF makes me curse, but otherwise everything ok.  Not really - that whole deal is a mess.

On 2/17/2022 at 8:31 PM, TAXMAN said:

On page 23 of the 1040 inst it says attach a statement if your loan was forgiven. I have had several preparers tell me they didn't do it last year and was not doing this year. I feel like it is required. What is your take?

See this thread:  No reporting of PPP loan forgiveness on 1040/Sch C - General Chat - ATX Community 

All I know is it's covered on page 23 of 2021 Instructions for Form 1040, but I don't see it in the 2020 Instructions.  Admittedly, the only place I looked in the 2020 Instructions was the same general place I found it in 2021.   All mine who took these funds got them in 2020 and as far as I know they were forgiven in 2020.  My clients didn't talk about it much after busting my chops to get their Sch Cs done.  It was astonishing how habitual October filers were suddenly on the ball. 

Anyway, I feel like we're supposed to report the forgiveness that occurred in either 2020 or 2021 on the 2021 return.  One more thing.   Hugs.  

I've not heard, but I am hoping for another month.  Cuts down on the first timers "you're getting an extension, I get one for myself, here is a paper sack to breathe into..." talk.  Which takes time.  Bags are cost of business.  But time is gold.

I have a stack waiting on either 8606 or 8915-F.  Two partnerships that probably don't need K-2 or K-3 (and I know there's some relief or other coming so I'm probably good). 

I know some hate for the season to be extended, and if I felt that way, I'd just carry on as usual like the due date is April 15.  It would still be a PITA because nobody has time to notify dozens of stragglers, so I understand both views here. 

My view is more important to me because, you know, me.