Lion EA

I use CCH's eSign. The license is free; you pay per signature. (And, if you want to use it for un-verified signatures, such as an engagement letter, there's a smaller fee. I haven't done that, though.) I've been happy with it. Even my older clients and those with few electronics have been able to use it. It's based on the AssureSign platform that a lot of my clients used for mortgages and other financial services.

Thank you, ALL. I pounded out a couple of less-complex returns over the weekend (going against my FIFO policy). It helped me feel motivated and productive! I'm down to five that are complex, at least 3-4 days each, which usually includes running the numbers for and explaining a option or two and discussing while they reach a decision and, maybe, digging up more information (me &/or them). So, that feels much more doable, now. And, a day for a long-time biz client in early October who would usually wait for bookkeeping until after 15 October but has been away on biz and is anxious. And, still going up the learning curve on ClassMarker software to ready tests and corresponding CE certificates before 15 October for NY/CT-ATP's FIVE courses (pre-pandemic it was an all-day seminar). So, it will be tight. If I can keep hubby out of my office, it'll work! And, two long-time clients who haven't dropped off, who are always late, sometimes November, so they know what happens. One is a retired teacher, so I can squeeze her in if she drops off her information. Thank you all for being my safety net.

There are a lot of Drake users here, so I'm sure you'll get some help. Also, check out the Drake forum hosted here.

Thanx, Catherine. Yeah, ProSystem fx. The October seminar will be FIVE classes; glad we had only a 2 CE class for September, 10 questions, certificate, figure out how the ClassMarker software works for the first time, and deal with all the emails re I can't find my certificate (it's in the email in your junk folder). Course will get posted 19 October, but they want to have a few members test it sooner. I said I will NOT start on the tests until 16 October. I filed only one tax return between 24 August and 15 September while I was learning the ClassMarker software. Really set my schedule back! Well, that and no internet/phone/TV for eleven days when Isaias' winds ripped all the wires out of our house.

I know, Gail. This is a great board. Catherine helped me out one year when my son got married 1 October with little warning. And, Jack has helped me with those pesky OH local returns. I thought I was on-track this year. But I'm on the education committee for the NY/CT Association of Tax Professionals that decided in August to have self-study courses from September through January, so I had to learn new testing/grading/certificates software this month. It's always something.

Thanks for that, Lynn. I'll see where I stand after this weekend. I have a couple missing information; if they delay until 1 October, they are going to be late, and I don't care. I'm most worried about a couple stragglers who are long-time clients who might drop-off 2 October and expect to file on time. I'm not sure I have space in my queue. [And, I really need to train hubby to leave me alone when I'm in my home office. A broadcaster client offered to order me an On Air sign!]

Contact your E&O insurance carrier for legal advice, OPR for advice, etc.

You set them up on your QBDT, right? And, they now want to run their own payroll on QBO. Unless you can transfer from your QBDT to their QBO in less than a few minutes (I might consider up to 30 minutes FOR AN ONGOING CLIENT) charge them for it. At the very least, I would charge a new client and MAYBE offer them a discount on their 2020 tax preparation in 2021. Or, do what large companies do and give them free setup, but NOT NOW, deducted from their 3rd invoice or 12th invoice or something like that. You could be spending your time on another new client who's not so needy. Or preparing tax returns for me through 15 October, and I'll pay!

Is it possible that your new client and his girlfriend have their 2019 returns duplicated on the flip sides of random strangers' returns, also? I realize you can't deal with the previous preparer who passed away, but should you warn your clients? Report to your IRS liaison?

Of course, I'd charge. It's your time. If you're going to work for free, take a vacation instead! Charge them your top hourly rate, plus a PITA fee (I tend to label it The CARES Act or something appropriate on the invoice). And, when they run payroll themselves in QB and call you with questions, charge them your top hourly rate, minimum one hour (or, if you're feeling generous, 15-minute increments) billed monthly. Don't forget to charge them for all the clean-up (bookkeeping on your invoice) you'll be doing for them before you can prepare their tax returns next year. Stop work when an invoice is unpaid. They are going to suck up your time, so start by charging them now. If they don't complain, raise your rates.

My first thought was a sale of an asset and a purchase of an asset. But, I see the step-transaction that Danrvan's explaining.

A vehicle trade-in is a like-kind exchange, but like-kind exchanges are limited to real property only -- with thanks to cbslee for confirming my memory of that TCJA change. You're probably talking about 2019 or 2020, so definitely under the TCJA change.

If you're talking about a like-kind exchange, isn't that for real estate only? TCJA?

TimberTax.org

Welcome to the club!

Did you read the Instructions for Recipient on Form 1099-Q? Look at the first paragraph: https://www.irs.gov/pub/irs-pdf/f1099q.pdf

Is capitalizing expenses an election?

If the house went into the partnership 10 years ago @ $200,000 and the partnership paid $100,000 of expenses over the years, then the adjusted basis is $100,000 and the gain is $190,000.

I think you have to show partners' basis when a sale, and as Bee says, the capital accounts will make your BS balance. No expenses to deduct over the years? Only capital improvements?

Frog, if you're looking at it for an employer, the IRS does have the 15-series of Pubs and offers a spreadsheet that's not bad for small employers. Employers could have a combination of old and new W-4s from their employees. If you're looking at it for an employee. He doesn't have to redo his old W-4 if it's accurate for him. For a new job or to change his withholding with his employer, he does need to use the new W-4 now. The IRS's online withholding calculator is improving. And, your software may have a good W-4 planning worksheet.

Yes, I meant the W-4. Where the old W-4 relied on exemptions, unless a taxpayer filled out all the worksheets re second job, itemizing, etc., the new W-4 doesn't make use of exemptions, unless the taxpayer goes into the middle sections to give more detail about income and credits and such. So, taking the W-4 info to look up on the tax tables will rely on different information and need different tables.

Form W-2 was redone.

Ha!

Oh, yes, both my lawyer client and I agree that ticking boxes does NOT equal understanding what documentation is needed to qualify for a mortgage. And, I do have a blank Form 9325 at the ready in case his lender asks for it, but we don't expect a box-ticker to ask for it as it's not listed by name on his list of boxes. The lender's still asking for an IRS transcript. So, we created a package of printed forms to overwhelm the lender with paper. The lender has been quiet for a couple days, so maybe he ticked in frustration. Or, he left early for the holiday weekend. This is almost as frustrating as the lenders that demand a comfort letter.

I'm a cross & check gal myself. But, I don't want to have to tick someone else's boxes!