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About Roberts

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    ATXaholics Anonymous

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  1. It's rather shocking to me that sending in a return doesn't produce a letter from the IRS requesting those missed years.
  2. My wife and I send texts routinely to each other that never get received or will show up a few days later. She had one from a co-worker show up 6 months later. Unrelated- I had a UPS envelope that I put in the box - there is a chance I put it in the fed-ex box because they were literally right next to each other. It showed up at its destination exactly 365 days from the date I put it in the box.
  3. Oh well, woops.
  4. A few years ago when I renewed by EFIN the IRS gave me a new one. Or at least that's what I thought at the time. Yesterday I receive a letter declaring they are inactivating my old one within their system for inactivity. Is that normal or do you think I set up a new EFIN that year instead of renewing?
  5. So they can take the money when they correct the return but they can't take the money when the taxpayer amends the return? That sounds like an amazingly well thought out system essentially designed to generate interest for the government.
  6. I've had demands from Colorado, Washington and Oregon to pay taxes in those states for offices and employees that don't exist. As an investment broker, we had a single client in Vermont and their regulator wanted us to pay $500 per year to be licensed in the state. I told him that the client moved there, we didn't solicit business in their state and every other state offers an exemption for a number of clients that do that to avoid paying the fee (we generated maybe $150 in commissions from her in a year). They said they would look into it. Oddly the exact same day we received a fax from the regulator wanting a campaign donation for the new position he was campaigning. We didn't make a donation and their determination was that we needed to be licensed.
  7. When I took a representation course one of their piece of business management advice was to buy a cordless headset. That way you can move around your office building and do work while on hold with the IRS. I make the calls from my cell phone and a headphone jack. If worried about the "minutes", use an app to make VOIP calls only via your office wifi. Another of their suggestions - always charge clients while on hold. ALWAYS. You often times can do double the work.
  8. We may be wrong but that's how I'd do it also. Any value in that 10 year old water heater is less than the cost of an appraisal.
  9. When I first got into taxes back in 2005 I was on a board like this. Any time a question like this would come up, the same poster would declare something to the impact of "If the client refused to get a full appraisal on every item and didn't deliver it to me in a timely manner, I would immediately fire them." There was usually a part added on about legal liability he had surmised if his demands weren't met. Always wondered if he was trolling or had 2 clients left. Same guy always declared every small business tax return he did had to have a full audit of their accounting by him or he wouldn't sign the return. Somewhere he'd determined that by signing the return we were guaranteeing to the IRS the validity of everything the client provided us.
  10. If you haven't done so already, now might be a good time to consider locking your credit reports. It takes maybe 30 minutes to lock them up but be sure to keep a copy of those PIN numbers they give you to unlock later. It's sort of a pain to unlock without them.
  11. This is my major issue and I devote a lot of time to it. I have a ton of clients who routinely give me bad information on their estimated tax payments and then blame me when the IRS sends them a letter or refund check later. My current issue is with a client who owes $25k to the IRS with penalties and interest - she didn't tell me the $25k refund in 2017 that was applied to 2018 was paid to her my mistake. She had a meltdown in my office. Writing a $25k check for her is nothing but getting the bill was huge!
  12. I didn't know you could do future years! I always do the checkbox but that's almost always worthless by the time something comes to my attention. I like the "every other year" idea. My software will generate the 2848 so it would be easy to essentially auto generate.
  13. Would it be wrong to just automatically fill one out every year for each client and submit it to the IRS for the current year? Does anyone do that? While the client is in the office, just have them sign the form and fax it in right away in case the IRS sends out a letter later. Would it be a wrong thing to do?
  14. In my experience, that fee you are seeing is possibly also covering other expenses you aren't considering or don't know about. There may be other accounts like IRAs where they roll some of the fees into the taxable account. Trustee fees aren't cheap. They may have 90+% of their assets inside biotech or tech stocks that don't pay dividends at all to defer taxation costs. Maybe they are using some concierge services you don't know about? It's readily acceptable on this board that taxes are hard and people should be willing to pay for a professional. Oddly when it comes to managing their entire financial future and possibly that of their children and spouse those same people should go as cheap as possible because it's so easy. Would you tell someone to go to WebMD instead of their doctor to determine if they are healthy? It's dumb to get tax advice from someone who has never done or studied taxes but it's perfectly reasonable to get financial or estate planning advice from a journalism major.
  15. Do you pay hard cash for everything? Your credit card / debit card number is being used to monitor and record your purchase history for future advertising by the bank itself and at many retailers. Ever sign up for the discount card at Walgreens or the grocery store - yep. Which operating system are you using on your computers? Hope it's not MS or Apple. Do you have a cell phone? Apple and Android (Google) are monitoring all of your activity and unless you take action could even be monitoring your location at all times. Microsoft and Apple always know when you are at your desk because they monitor when you log in and log out or time out of their software.
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