BHoffman

I’ve also had to correct a loss carry forward and just kept a detailed note in the file. Never came up.

No, you aren't alone. If feels just like the day after the last final exam. Sort of a letdown after all that work. Where's the parade? Hubby and I go to a special vacation spot every year after tax season. Takes me about three days before I'm really in the vacationy, beachy, boozy, (dare I say sexy) swing of the whole thing. I think it's important to take a vacation after working so hard. If I just stay at home and try to relax, I feel the same dejection and emptiness you seem to be describing. Have an adventure!

This is only the beginning! The day after tax season ends feels like the start of a new year.

Another client's bookkeeper coded $36,000 of Sch C owner contributions as revenue in 2016 (I'm amending that one) and $42,000 in owner contributions as revenue in 2017 (I caught that one). I have never seen a bookkeeper do this before, and didn't look at the revenue details until preparing 2017 because my gut started screaming at me. I did check to make sure she didn't deduct his estimated tax payments. I questioned the additional revenue in 2016 since his payroll wages did not increase as would be expected. He told me he worked a lot in the field. Fine. So, I base his estimated payments on that amount and he dramatically overpays in 2017. Big fat refunds for 2016 and 2017.

Almost done. One client emailed me his documents today so I could rough out any amount to be paid with an extension. Yes sir, you are going to owe around $5k. The tears are flowing from my computer screen and puddling on my desk.

I get "optical migraines" that are painless except for this weird squirmy "fireball" thingy around whatever I'm trying to look at. They are harmless and go away in about 30 minutes. I get them from dehydration, not enough sleep, too much computer screen, and bright sunlight during the tax season when I'm a mole person. The sun! The sun! It burns!!

No good deed goes unpunished.

Lots of way high ups and way far downs this year. I don't like drama, and my life is now like some sort of cult classic. My dad unexpectedly died in January and taking care of all his stuff (I inherited all of it) has been a part time job in itself. I have had no time to fully process any of this - losing him or what to do with everything he left me. Our last pet died last summer, so for the first time ever we are now free to travel without the hassle of a pet sitter and worrying about whether the pets are being sufficiently coddled. I miss all of them so much and have been lonely, but there are perks to not having the responsibility. I sleep with a stuffed animal and am privately embarrassed at how much comfort it gives me. Hubby is wonderful. I went right off the rails, and he has been patient and supportive. I feel like we've never been closer and it's interesting how I'm learning to let go and let him just handle things in his own way - which is pretty contrary to the way I handle things. For instance, he is a procrastinator and that usually drives me nuts. But, getting it done at the very last minute is still getting it done... I feel like I've finally reached a level of experience and have more confidence with my work. Good thing, because I'm really slowing down as far as the number of hours I can realistically work. There's no use working when I'm so tired I'll spend most of the next day fixing errors from the night before. Being so tired makes me think I'm unhealthy and the anxiety starts taking over and then I'm searching WebMD in the middle of the night and just SURE I'm dying of something. My labwork and my doctor disagree with my diagnosis, but what do they know? The dentist informs me that I need a root canal. Pretty sure that's going to release bacteria that will go straight to my heart and will kill me. Film at eleven

I sort through the paperwork and separate out the crap from data entry work. Then, I arrange the work papers according to my input screens. Then, I enter it all. Then, it goes in a To Review pile. Then, I review it the next day. This has worked for all of the years I’ve done it this way. That one I made the big error on was because the client was waiting and had to rush out to catch a plane for their vacation. Never let that happen again.

I left a zero off an IRA distribution once. That cost me around $1,200 in penalties. Ew.

Today marks the 29th anniversary of the day I met my Hubby. Best day of my life!

Clients own an SCorp. SCorp gets a business line of credit. Clients immediately tap the entire thing and take it all as a distribution. Yep, and it's all in excess of basis. So, no debt basis and no stock basis and LTCG of more than $35,000. On loan proceeds. Debt financed distributions. They are so very upset. Explaining the whole thing is just so hard. I've always thought the old "make it a loan to the shareholder instead of an excess distribution" to be a cheap trick when you KNOW they will NEVER repay it. AND I've already filed the 1120S (dummy me). This is a miserable mess! GAH!!

I’ve always had better luck amending the prior return instead of using 1045.

Maybe the client needs to take the 1099 forms to the accounting firm that prepared the 1120S?

Is there a link to IRS regarding when we are required to attach the basis calculation?

Don't they need to file a 1065 anyway? I think there is a Rev. Proc. that works every time to abate the late filing penalty. I agree that QJV looks like it's only valid in community property states.

Unreimbursed Partnership Expense?

I finished a monster today - one client with a 1040, 3 S-corps and 2 partnerships. I'm mailing him about 18 pounds of paper.

So, my initial temptation to just lump the thing together against something like insurance expense wasn't exactly out of line?

Equipment was stolen and then recovered from an SCorp client. The equipment was originally purchased in 2006 for $50,000 and was fully depreciated. It was stolen in 2017 and insurance reimbursed for $30,000. The equipment was then recovered in 2017 and the SCorp client paid the insurance company $20,000 for its return. I'm confused on how to report this, but believe perhaps it is a casualty loss for the theft, and then a "new" purchase for the recovery. Any ideas?

https://www.irs.gov/faqs/capital-gains-losses-and-sale-of-home/mutual-funds-costs-distributions-etc/mutual-funds-costs-distributions-etc-4. Here is a helpful link

Why not Quickbooks? Just curious...

I can kill with a paper cut.

#notmetoosucka. NON-VOTING POST

I had a client expertly....I mean, accidentally...brush his hand across my breast after the unwelcome hug that I tried to cringe away from. Then again, maybe my breast accidentally brushed against his hand. In any event, I added $1700 to his accounting fee and my breast is fine with that as long as my foot accidentally finds his a$$ if anything like that ever happens again. Which it won’t because I insisted on mailing the documents to him and he is accidentally fired two minutes after the check clears. Quality of life, my friends.