BTS

We use WebCe for all of our schooling. Great pricing.

We use "The Hartford" e&o They offer cyber too. A well established company.

Absolutely Nothing !!

You forgot the "U" in Fubar

Still have a few PC's with Win 7 on them. Runs everything we throw at them, even new software and or drivers for new hardware. Microsoft has been throwing the ole, "end of service" date at consumers for years. If it isn't broke !!!

Back in 2021, I did some research on mining and did an cost profit analysis. Below is part of the post we had posted. Granted in todays video card and electric costs profit will shrink. Our electric doubled this past year. Current electric delivery rates in our area are around .10 to .11 cents per kilowatt hour. Again the post below is from 2021 when bitcoin was "In the News" and electric was around .048 per kilowatt. At current values (hash rates, difficulty rate and bitcoin price) a single Radeon 570 pc rig would earn around $3.00 - $3.50 per day (after operating costs). Thats $1,095 profit a year. Now build a PC rig with 6 Radeons would earn you $6,570 profit a year (at current values). A 6 card pc rig would cost roughly $1750 to $2,000 to build. After 4 months the rig is paid for. Now the latest ASIC Miners can earn you up to $250 a week or $13,000 per year. At current levels. But they cost around $6,000 to buy. An ASIC would pay for itself in 6 months. So in the long run ASIC's are the way to go. I predict bitcoin will be around $5,000 per coin in about a month (if not sooner). And with the governments around the world on the fence about cryptocurrencies, that alone is making shit volatile. Now if the governments come to a consensus and acknowledge cryptocurrencies, well one could see bitcoin shoot up to $100,000 in a few years. But then again, they could all go belly up !! Very interesting and unpredictable investment.

Look at all the Crypto companies currently in bankruptcy. Safest way to invest in crypto is as a "Miner". Buy or build a couple dedicated miner PC's or Asic Miner and let it go to work. Helps if you own your own Nuclear Power Plant to runs these energy hogging miners too !!!

ProSeries doesn't handle Rita 37 very well either. Rita 37 one of the most asinine forms I have ever seen. CCA is so much better. Unfortunately most towns, and cities in our area use Rita.

Columbus return is not necessary if proper city taxes were withheld. You can file one if you want, but we never file them. Unless they reside there of course

Lovely Rita !!!!

She has the right to file MFS.

Target practice is great fun. Teaching my Gkids to shoot bb guns to start with. We set up two armies with the old green army men. Then we take turns picking each ones guys off. Last man standing wins. I still call them clay pigeons !! Been a trying year here too. We will probably have 30 extensions by next Tuesday. But last year we had over 50, so thats progress. We did away with sit down appointments when covid hit and never looked back. We have our lobby open for clients to drop off and pick up, but zero sit downs. That alone has made things more efficient. A 20 minute tax return would take 1 1/2 hours because clients would want to visit and talk about everything under the sun. And by going to no appointments we only lost 2 clients. One was a really pain in the arse client, the other older and set in their ways. But its works for us.

Portal and e-sign is done within their site. But you do not have to use the portal. We have clients who drop off and then e-sign via encyro. But they still charge the yearly access fee then .16 per signature.

Encyro. Cost $.16 per signature. Thats 16 cents !!! Pretty simple to use. Plus its a great document portal that costs around $100 per year for the portal.

Kind of. I surely do not want them to jump from current preparer to us, friends or not. We are trying to downsize and get away from these type of returns. And they know that we wouldn't take them on. Been a mentally and physically tiresome year and we are not getting younger. Need my Dr. to prescribe some Valium !!

Everything else on the 1065 and 1040 returns are correct. Depreciation recapture, etc.. Its just the issue of claiming the 150k in non compete all the first year. When clearly they didn't receive it all in year one. But their CPA says its all taxable in year one. Emailed them questions to ask, will see how CPA responds.

Contacted the taxpayers and they are going to ask what code the preparer relied on for the decision to claim it all. But I agree from my reading the non compete should be spread over the life of the promissory note.

I agree. I will have them ask. And see if they can get me a copy of any legal documents related to the sale. Thanks for the input

Unfortunately all I was given is a copy of the 2022 1065 & 1040 to look at. And a copy of the "Promissory Note" signed by the buyers. Pretty simple note. Lists equipment value (150k), inventory value (50k), goodwill value (150k), and non compete value (150k). That total was $500,000. And the 5 year payment structure of $100k plus 3% interest per year. Taxpayers questioned the preparer as to why all the $100k in "Non Compete" had to be claimed in year one ? The preparer is showing a $200k payment for 2022 when all that was received is $100k. Preparer told them it was the law ? These are friends (that are not clients) and I said I would ask around tax forums. We do not do many 1065's and those we do are pretty cut and dry. Never came across this scenario before with "Non Compete" monies. Seems strange the preparer is claiming it all the "non compete" when they only got a 1/5th.

Read through that and other articles earlier. None answer what I am asking. Does the seller claim all the "non compete" the year it sells , or spread it out over the 5 years the buyers are paying it to the seller ? The current preparer is listing all the "non compete" monies on form 4797 Pt II Ordinary Gains and Losses ? The taxpayers only received a fifth (5 year installment sale) of it.

Taxpayers sold a 1065 business in 2022 and part of the monies was a "covenant not to compete". Total business purchase price (including non compete money) is on an installment sale for 5 years. The taxpayers "current preparer" says all of the "non compete" monies has to be claimed in 2022. Even though the non compete monies is being paid over 5 years ? I've searched and found nothing that says it all has to be all claimed the year of the sale. Thats taxing monies they have not received yet. I say spread it over 5 years as Cap. Gains. Am I wrong ?

We have a landline with the same number since 1980, while a Google number seems like a viable option for offices with no landline, I do not relish the idea of Google storing client texts and such. 15 more days people !!!!! Who am I kidding, damn extensions !!!

RitaB !!! Dont give clients your cell number !!! We have clients always asking for our cell numbers. But lordy, if we did we would get bombarded with texts and calls. Especially the pain in the arse ones. We just kindly tell them, "sorry our cell numbers are for friends and family only", please use the office phone or email any questions.

Been saying for years we need to slow down and scale back. Getting older !!! So maybe the strategy of raising rates and getting rid of problem clients is a good path to travel. Less stress !!!! Send our problem clients to Margaret and other Ohio preparers.

Thats the main goal. To be happy and sleep at night. Sure Id love more money !!! But peace of mind is priceless. Plus we dont want to end up in the accounting department in hell !!!