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Everything posted by GLJEANNE

  1. Ok, glad I wasn't just being paranoid. I'll put it all on the back burner for now, and see how things look in the summer. I was really surprised no one would come out with the shredder truck, but some of that could be due to Covid and its labor shortages, so maybe I'll have better luck in the warmer weather. Thanks all.
  2. Do you have a service that shreds on-site, or do they haul away your boxes? Shredding days and doing it ourselves aren't an option for a variety reasons, so I guess the big question is, how do you feel about a service where they just take all the unshredded returns back to their plant to shred? The idea of putting that info in someone else's hands gives me nightmares, but that seems to be the only choice days. I like the idea of teaming up with another office, though that would be a post-Covid option, when I could hire someone to lift boxes into my car and then ride along to carry them into the other office.
  3. I know a lot of you are all -digital, but for those who still deal in lots of paper - how do you handle shredding? I used to use a service that would come out every couple years with the shredder truck, and do it onsite. Now they've sold out to a national firm, and for various reasons that service is no longer an option from anyone. What services do you use? Are you happy with it? I have a hard time picturing letting them drive away with boxes of returns and information, but maybe it's just because it's different from how I've done it forever.
  4. I'm hoping to end the accounting side of my business in another 2 years, and just keep doing individual tax returns. Taxes are still fun, I just can't stand the accounting any more. Used to love it..... And it's not the clients, the ones I still have I mostly love. But after a few closing their businesses in 2020, I decided to let it die out. So I'm thinking early taking early Social Security while doing tax returns, and taking the rest of the year off. Of course, that could be the pandemic talking, and I'll change my mind.... But I doubt it.
  5. Latest is ATX seems to work in 11, but isn't "officially" supporting it in 11. I need to figure out how to block windows from automatically upgrading until after the season, without blocking all the win 10 updates too.
  6. Jigsaw puzzles, watching the (hopefully) baby bunnies from our backward residents, lots of time at the pool. And starting to catch up on everything I let slide around the house in 2020.
  7. Congress has been under-funding the IRS for so long, I usually give them the benefit of the doubt when they screw up. I'm glad the administration wants to fund the audit department better, but I hope they also increase the general funding. Meanwhile, i have a printer I'm not using....
  8. Usually, for those that come in after March 31st in a normal season. But I've been so burnt out this month I forgot all about it, so I only charged a couple of PIA folks.
  9. OMG yes, I have 1 Ohio return and it drives me nuts every year. Between SD, RITA, and which ones do or don't allow Direct Debit. Usually I feel spoiled, being in MN. Not this year, since we're STILL waiting on the Legislature to pass a tax conformity bill for last year. Gave up, today I've been emailing all clients I held.
  10. It's deferred, but the issue is that thew partners have to pay interest on the deferral. MY issue is I'm not sure if it's interest on the deferred proceeds, the deferred gain, or if I actually need to do a 6252 to come up with it all, in which case I need a lot more info. I was really hoping someone here would have dealt with this situation, but I guess it must be uncommon.
  11. According to everything I've found in a few hours of researching, they have to be reported. That's why I was hoping one of us on here would have experience with this type of situation. It can't be that unusual, just not one I've seen.
  12. New situation for me. Client is a passive partner (less than 1%) in a venture capital firm that sold off a couple companies last year, in installment sales. K-1 Line 20 P shows only the name of the companies, date of sale, and "Your share of Deferred proceeds" and "Your share of Deferred gains." The amounts are big enough that I do want to defer them, but everything I've researched says I would need to file a 6252 for him (which seems a little crazy that every partner would have to do that), or maybe just report the endgame, Section 453a(c) interest of 3%. I feel like I need a lot more info, but I have a bad habit of overthinking these things and driving myself nuts. So is there actually a simple answer to this, like all I need to do is report the Gain times the interest rate on Sch B?
  13. And we have a property tax refund return here in MN. I wish they would rollover that info! But no, we have to re-enter address (the return only applies to your home, so they truly could use the same address from the 1040 and the state), Property ID number or landlord info, county, etc. Sure, there are always a handful of folks who have moved, but come on. Can't even count how many times I've asked for that......
  14. Sorry, just now getting back to the board, crazy week. Got the whole thing figured. No, Mom's alive and well, but after a lengthy phone convo, there were a lot more factors, and I think we're finally on the same page.
  15. NOT today, probably not even tomorrow (I think I'm collapsing for a long weekend) but next week I have to deal with a client whose mom quit claimed the house to her kids, who sold it. They think it's not taxable. "But it was an inheritance!" Um, no, it was a quit claim! I suspect the basis is going to be really low, unless there were a lot of improvements over the years. So.much.fun.
  16. Used to be at least 90% of them. But so many new people last year and this who I couldn't meet with, so at best I've seen them from a distance with a mask. I'm really hoping to be able to meet more of them next year! I'm lucky, by and large I adore my tax clients. Most have been here for years, I've seen their kids grow up, etc. Many of them don't come in after the first year or two, but the ones who do I enjoy chatting with. I had an accounting client who closed down last year. Lives about... 75 miles or so away. Referred by a mutual friend. Worked with this couple for 20+ years, never met them. Had another similar client, but there I had met the husband several times years earlier, by the time the wife came on board we were doing everything by mail, so never met her.
  17. So not alone! As soon as the IRS moves that deadline, clients relax. This year was better than last year, but still a lot of laggards who haven't come in. And such a scramble to get the estimated taxes for everyone! I think I got them all, but at this point it's on them if they haven't given me anything and I forgot that they estimateds. Had one client I just gave up on this morning. I've been nagging, he's been promising... emailed him vouchers this morning for the same amount as we paying last year. Told him it's only a guess. Meanwhile, everyone else thinks today's a fine day for questions. Spent most of the morning on emails.
  18. In the House bill, PPP up to $350k, and the UI exclusion. And expansion of the renters credit. Those are the 3 2020 items I heard, but there could be more. I listened to the House Tax Comm discussion 2 days this week. They've now passed it out of committee, and it has conformity for both those items in it. I have no idea if they've also conformed to the stupid $300 deduction, or the 3-year spread for distributions. BUT - this is only the start, they still have to duke it out with the Senate (though the GOP does strongly support the UI and PPP provisions). Because they rolled conformity into the Omnibus Bill, it's in peril as the GOP hates a lot of 2021 provisions. Maybe just a scare tactic, but the GOP members were saying it could take until July to agree on a bill. They're pissed that conformity isn't separate. So, I'm holding all mine with PPP and UI a little longer. Basing estimateds on current law. If we get close to 5/17 and the legislature hasn't made progress, I'll give clients a choice of how they want to deal with it. Might make sense to file without paying the tax on those 2 items, and hope that they pass.
  19. Bizarre! Worst case, put both premiums under the t/p's business, it doesn't really matter.
  20. And are both businesses listed at the top of the Line 16 worksheet - Business 1 and Business 2?
  21. I've been amazed also at the people who can't remember. But I nag them a few times to check their bank records, and if they still maintain they didn't get it, or didn't get the max, I put it on the return that way and just warn them that if they're wrong, it will hold up their refund while the IRS gets the correct amount. Now I see the IRS is planning to send out letters, so cue a wave of calls.....
  22. Same. It crashes randomly no matter what I'm doing, but often when I check the News. I suspect with all the federal changes, they just haven't had time to deal with non-tax technical glitches this year.
  23. Seems like it shouldn't have taken so long to come up with such a simplistic solution , but here we go: If someone owes APTC, just delete the form from the return. LOL "As part of the American Rescue Plan, it was determined that any excess advance health insurance premiums credits from Form 8962, Line 29 do not need to be repaid (Form 1040, Schedule 2, Line 2). On 4/1/21, IRS provided guidance for preparers and announced the following: Preparers should not send or e-file Form 8962 when Line 29 is greater than 0 IRS will suspend any correspondence that is generated if a taxpayer gets Premium Tax Credit (PTC) and does not send in the Form 8962 reconciliation Exception: Form 8962 will still be required to claim any credit on Line 26 We have not yet updated ATX to accommodate this change. What this means for you: For returns where Line 29 is greater than 0, you can: Discard Form 8962 from the return and e-file; OR Wait until the ATX change is made to accommodate this regulatory update."
  24. I would guess they're overwhelmed trying to keep up with the IRS and state changes, no time for technical fixes that don't change the numbers. I know there's a lot of crap that doesn't work quite right on MN's returns.
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