joanmcq Posted April 17, 2012 Report Share Posted April 17, 2012 might get a few more requests for extensions, but all on my list are filed except for two I'm waiting to hear back whether they want to send in payments. Tonight either I go to a concert or watch a movie. Yay!!!! :P Quote Link to comment Share on other sites More sharing options...
Ray in Ohio Posted April 17, 2012 Report Share Posted April 17, 2012 sigh!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 1 Quote Link to comment Share on other sites More sharing options...
jklcpa Posted April 17, 2012 Report Share Posted April 17, 2012 Me too! The last one going out was picked up yesterday. I have 7 extensions, 5 of which are complete but won't be out before the deadline, and the remaining 2 are 99.99% complete. One is waiting on a K-1 from an estate, the other needs basis from a mutual fund. 1 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted April 17, 2012 Report Share Posted April 17, 2012 I go from tax season to softball season. Both girls have games tonight. Let the running the begin! Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted April 17, 2012 Report Share Posted April 17, 2012 .125 returns left to do at home. At the firm where I work, we filed 300+ extensions. 1 Quote Link to comment Share on other sites More sharing options...
Kea Posted April 17, 2012 Report Share Posted April 17, 2012 New client in April last year. Had regular W2 job + self employment. Started going over what he needed for the Sch C. Knew he wouldn't have in time and I filed extension. Never heard back - figured the self-employment reporting requirements scared him off. He called yesterday (4/16) @ 5:00 PM: TP - May I make an appointment to file or extend for 2011? Also need to wrap to do 2010. Me - I'm not taking any more appointments right now, but if you give me income and expense totals, I'll do an extension for you. TP - OK, I'll get you something in the next couple of days. Me - Well the deadline is tomorrow. TP - I'll send you something tonight. Needless to say I didn't get anything last night. Maybe I'll send in a $0 extension (or maybe not) - depends on how I feel. I know I have no obligation to do it, but he was referred to me by his brother. His brother is very nice and had all his stuff done weeks ago. So I have no desire to cause any ill feelings. Quote Link to comment Share on other sites More sharing options...
Jim Oh Bkkr Posted April 17, 2012 Report Share Posted April 17, 2012 Maybe I'll send in a $0 extension (or maybe not) I'll always try for 10% above "worst case scenario". Years ago I had to defend a client whose extension was voided because 4868 (liability) was too low. It wasn't fun fight. Jim Quote Link to comment Share on other sites More sharing options...
Kea Posted April 17, 2012 Report Share Posted April 17, 2012 Wow! I always knew we were supposed to make a good estimate, but I never had heard of one actually being voided for a bad estimate! Can it also be voided if the estimate is OK, but they decided not to pay the balance with the extension? I know it adds interest, but can it also void the extension? I do try to always get as much info as I can to file an extension. Sometimes that means basing on the previous year. But sometimes you just don't have the info. In this case, I only have partial 2010 info. I guess I'll see if he sends anything later today. Quote Link to comment Share on other sites More sharing options...
Catherine Posted April 17, 2012 Report Share Posted April 17, 2012 Wow as well. I've filed zillions of $0 extensions and never had one voided. The vast majority of those are clients from whom I don't get even one piece of paper 'til mid-August (I haven't bothered to tell those folks about just ONE extension being good 'til October). Sometimes there's no way for me to make any guess -- a refund IF they paid the estimated taxes I gave them coupons for; owe if not; how much depends on wildly varying income -- in those situations $0 is the best you can give. Quote Link to comment Share on other sites More sharing options...
Bart Posted April 17, 2012 Report Share Posted April 17, 2012 You don't have to guess if they have a balance due or are due a refund. You just have to guess at what their total tax liability might be. Quote Link to comment Share on other sites More sharing options...
Kea Posted April 17, 2012 Report Share Posted April 17, 2012 But with self-employed people that figure can change dramatically from year to year. And if you don't have 2010 (or anything prior), it's a total WAG (not even scientific enough to get the SWAG label). 1 Quote Link to comment Share on other sites More sharing options...
ljwalters Posted April 17, 2012 Report Share Posted April 17, 2012 I should have my head examined. I allowed a client to make an appointment for 5:00 this evening. I can't complain to much he is the wonderfull person that moved my parents to the assisted living home on a moments notice. And he finished the move after midnight on Sunday the 19th of February. Maybe this is pay back. Other than that I just E-filed my Last 7 returns about 30 minutes ago ( still no AKS yet). Thanks every one for a great year of conversation, amusement, and of course education. Your all great. Quote Link to comment Share on other sites More sharing options...
Kea Posted April 17, 2012 Report Share Posted April 17, 2012 I had one friend (former co-worker) that used to always come in on the last day at around 8:00. Simple return 1 W2, interest, mortgage, RE tax. Could do it in my sleep (and I think I did). Then we would visit for a bit. And I knew I was done. It was a good wind-down. Now making an appointment for a new client and having to explain what's needed on a Sch C? Not gonna happen! Quote Link to comment Share on other sites More sharing options...
Bart Posted April 17, 2012 Report Share Posted April 17, 2012 "But with self-employed people that figure can change dramatically from year to year. And if you don't have 2010 (or anything prior), it's a total WAG (not even scientific enough to get the SWAG label)." It still only needs to be a SWAG on the liability not refund or balance due. Quote Link to comment Share on other sites More sharing options...
Kea Posted April 17, 2012 Report Share Posted April 17, 2012 True. But a SWAG is a SWAG is a SWAG. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted April 18, 2012 Author Report Share Posted April 18, 2012 That's why my extensions are such a bitch. And CA will take a federal extension, but if you have a balance due, can void on their whim. Therefore, parents picking up the vouchers for the $12 due on their kid's return. And a lot of state vouchers going out. Last minute screw up: I sent a PDF to a client with what I thought were the estimate payments and 4868. Luckily we talked a bit ago, and she said something about sending in $54. Huh? the extension payment was more like $4000. So I checked; I sent the 1040-V, not the 4868. Luckily too, the West Sacramento post office is open until midnight. Whew. She had to interrupt her dinner at a friends and run home. And I felt so good about getting her vouchers uploaded before I went to sleep so she could take care of them in the morning and not rush. Quote Link to comment Share on other sites More sharing options...
Kea Posted April 18, 2012 Report Share Posted April 18, 2012 My screw-up today was a bit bigger. Everything was done - just waiting on signature & payment method (US & NC returns / not extensions). Got e-mail around noon giving checking account and signed 8879. Went into file & fixed signature date & sent e-file. Right after US acked and I let them know, I noticed I hadn't entered the EFW info. GRRR. NC was still at filing center & I stopped it. Went into software and saw that EFW wasn't a choice - only direct deposit. Not sure if it's a NC thing or a software thing or what. Sent e-file and notified client that they had to mail 2 checks. By the time they got my e-mail and voice mail, they weren't sure if they could find an open post office (around 5:30 their time). I'll reduce my fee & pay any interest that US & NC decide to charge. Gotta just love the season-end problems. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 18, 2012 Report Share Posted April 18, 2012 I had lots of people give me nothing this year, and told me not like last year, and a few new clients still looking for last year's returns. So, I did more $0 extensions than ever before. CT site had troubles for a while (CT can't be filed via software). But, I efiled all that I could and extended the rest. Our own extensions are in to federal and CT electronically and IL via mail with a check. Filed NC on their website. CO doesn't seem to have an extension form, just a way to pay and that client retired without a pension, moved to CO and isn't likely to owe. I hope. Another one of those $0 that I'm not sure about with big change since 2010. Ended up sending hubby to the PO twice today: once with our own IL extension and then again with three CT trusts that I just couldn't work out extending on the CT website (think I need an account for each client as CT has been having trouble with the "bulk filer" numbers they assign me). I did efile the trust federal extensions that had me worried about name controls recently. I'm frazzled, but I had new clients, referrals, this year so a good year. Lots of extensions to keep the money coming in for months to come. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.