Donnarae

The irs doesn’t always recognize the basis unless reported on the 1040. I always file if the sales exceed the threshold. 

So, it’s not taxable to fed or state? 
I have 2 in my office coming up. Can you post a link? 
gaaaaah

In the case of Virginia state taxes, governor Youngkin found a pocket of money and decided it was better in the taxpayers pockets. So, all taxpayers, who had any state tax liability in 2021 received free money in 2022. We were instructed to include this as income if the tax payer had itemized the year before, but that doesn’t make any sense to me because the distribution had nothing to do with itemizing or not itemizing. It seems to me like it’s simply free money. Taxes we paid in the past came back to go back in our pockets.

I keep a copy on file and have them sign as POA. 
“Taxpayer name, by so and so, POA”

So sickening. 

It’s amazing how quickly they catch up when the shredders are properly functioning. 

I think EVERYONE should respond by mail. This is ridiculous and has caused my office a lot of time and trouble. 

Looks good on paper, but I wish they would tighten up on fraud by eliminating refundable tax credits before opening the floodgates to welcome even more. 
 

…and there’s your run-on-sentence for the day…

And now they will be handling millions of responses to letters they sent for non-payment of taxes owed. I’m having every  client print the proof of payment from the IRS website and respond by mail. 
Bwaaaaa 

Nailed it!

On 5/18/2022 at 3:35 PM, Yardley CPA said:

Ultimately, do you really need clients like that?  Considering the amount of work you did for them, if they have the nerve to say "it's a little too pricey here", they're ignorant.  I don't want to minimize how important it is to establish relationships and maintain those relationships moving forward.  With that said, there needs to be a level of respect both given AND received.  If the client does not respect what I do, the service I provide, or the time I spend...good riddance. 

When clients shop for prices, I tell them “I don’t strive to be the cheapest, I strive to be the best!” 
If they are still on the phone after that, 99% of the time, I’ll get a great client. They are ALL referrals. So, I’m also quick to say that I’m sure they spoke to “so-and-so” and already know the value in my work. 
 

On 5/17/2022 at 1:41 PM, RitaB said:

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!

Yes, you might say we share the building!

It looks great! Man, that’s alotta work!

26 minutes ago, cbslee said:

If the IRS says your client owes more money don't wait too long.

I’ll check back with them when I get home next week. Thanks! 

I’ve had 3 of those notices. I checked all of them and the IRS is wrong on every one. I told my clients to wait for the IRS to straighten it out and if it’s still unsettled in a few months, we will contact them. I’ll  check back with them. 
 

Yes, it makes us look bad. It also wastes our time, and time is money. 

I can usually find the tax ID number on their website, but most camps give it to me. 
It’s ridiculous that they won’t supply it. 

When this happened to my client, I filed a paper state and claimed the child.

If the state questions the dependent, respond at that time with documentation. 

The state (VA) has never questioned it in any of my cases. 

Send that client’s family to @RitaB for a big hug! Remind them to bring their own shovels. 

Yes. I have a lot of those. 

11 hours ago, M7047 said:

Has anyone had a client get a letter from the IRS that asked for proof of withholding.? The only income they have is a pension and social security. Both have federal taxes withheld, but wouldn't the IRS already have the amount on their end?

Yes, our office had one today. 
 

possi

I can’t believe the IRS is not paperless. 
Who oversees the IRS? Who allows them to remain so archaic? We tax pros are held to higher standards than THEY are. 
It’s infuriating, really. 
BTW, this is Possi. While traveling and off my desktop, the app won’t take my other identity. 

Oh Darlene, I am so sorry to hear this. 
As far as “should I go?” 
You will never regret going. You might regret not going, though. 
Her heart rate might go up before it slows down, yes. 
Just know that she can hear you. She can sense your presence. Tell her what a great job she’s done here and that you will be OK. Just keep reassuring her that God is waiting for her on the other side and that one day you will be together again.
know that I am praying for you and for your mom, and of course the rest of your Tax family on this board.

And may the peace that passes all understanding shower over you and your mother, and may she have a peaceful transition to Eternity. 
 

blessings,

donna aka Possi

The answer is no! In order to get your refund, it must be filed by tomorrow. I called Richmond.

If you don’t have an answer by morning, I’ll call the VA PPL and find out for you. 
Donna aka Possi