Janitor Bob Posted March 9, 2015 Report Share Posted March 9, 2015 client brings me a 1099-B...It is 236 pages of transactions. In the end, she only has a gain of $5,700. I plan on making just 4 entries on the 8949 (as opposed to the thousands detailed on the 1099-B. However, I do not have the time or ability to scan 236 pages. Can I just scan the summary page that shows the total gain for the 4 different categories (ST A, ST B, LT A, LT B ) and attach it to the electronically filed return and send a copy of the 1099-B later if requested? 2 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted March 9, 2015 Report Share Posted March 9, 2015 I have done just that in past and have not had any problems. 3 Quote Link to comment Share on other sites More sharing options...
mrichman333 Posted March 9, 2015 Report Share Posted March 9, 2015 That's what I would do. 1 Quote Link to comment Share on other sites More sharing options...
Kea Posted March 9, 2015 Report Share Posted March 9, 2015 You can enter the totals for ST A (covered) & LT D (covered) directly on the Schedule D. The detail is only for the non-covered transactions. (Oh, and, covered transactions that need adjustments such as wash sales). If they have only a few non-covered transactions, you can just enter those individually. If too many non-covered, then you may need to send the backup documentation. Good luck. 2 Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted March 9, 2015 Report Share Posted March 9, 2015 JB: How much did you charge just for this transaction? Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 9, 2015 Report Share Posted March 9, 2015 $5,600 sounds like a reasonable fee. 3 Quote Link to comment Share on other sites More sharing options...
rfassett Posted March 9, 2015 Report Share Posted March 9, 2015 $5,600 sounds like a reasonable fee.Yep - that would be may fee. And when the client showed up to get the return, I would have bandages on all my typing fingers and have very dark rings around my eyes and tell the client that the e-filed version had to have all of the detail typed in. I like to justify my fee. :) 6 Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted March 9, 2015 Author Report Share Posted March 9, 2015 I'm charging this elderly client $90 total for her 1040 and OH return. All she has is this 1099-B, one 1099-R, 1 W-2, and SSA-1099. 5 Quote Link to comment Share on other sites More sharing options...
Richcpaman Posted March 9, 2015 Report Share Posted March 9, 2015 I wouldn't attach anything to the return. The four entries are enough. The IRS already has the 1099-B info. And you are not charging enough. Rich 4 Quote Link to comment Share on other sites More sharing options...
Richcpaman Posted March 9, 2015 Report Share Posted March 9, 2015 JB: Also, I would wonder why someone would have 236 pages of trades? Is there "churning" going on in her account? If they netted her $5,700 in Capital gain, and the Int and Divs were $XXX.00 Then how much did the brokerage house earn in fees in doing all those trades? She may have paid a pretty penny for that. 15-20 trades on each page? 230 pages? That would be 4,100 trades. At $1, that would be $4,100. At $25 a trade its $102,500. And that is a much larger fee than what she "earned". And they probably charged her to manage the account as well. I would hope that the accounts had more than a million in assets. I have one client with 4 "managed" accounts and $2mil, and never had more than 30 pages of trades, and they "wanted" to be aggressive. Something is fishy. Rich 8 Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted March 9, 2015 Author Report Share Posted March 9, 2015 She is with Curian and, in my opinion, they are churning. She had 100+ pages of transactions last year and only had $3,000 in gains and they charged her over $1,000 in fees. I have not looked yet this year, but I assume fees are similar this year. I told her of my suspected churning last year and advised her to speak to them about it...I stopped short of providing investment advise...although I think she should dump them. 2 Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted March 9, 2015 Author Report Share Posted March 9, 2015 total account value is only $100,487.40. She did have $1000 dividends as well. I will state my "churning" concerns to her again this year...but its up to her to do something about it. 2 Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted March 9, 2015 Report Share Posted March 9, 2015 Interesting - I had 2 clients in the past couple of years with Curian with the same issues. I also mentioned churning. One client vigorously defended the advisor, the other changed quickly. I truly believe in both cases it was churning with great results for the advisor, not so great for the client. 3 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 9, 2015 Report Share Posted March 9, 2015 These accounts are usually managed accounts for a flat % quarterly fee. There is no per transaction fee, but they also rarely seem to make a lot of money. Sometimes the management fee exceeds the gains. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 9, 2015 Report Share Posted March 9, 2015 I'd be more concerned with 1% dividends and 5% (1% in 2013) gains than I would be with churning. S&P 500 was up about 10% last year & 25% in 2013. 2 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 9, 2015 Report Share Posted March 9, 2015 So, if her broker is charging $1,000 to trade, you can charge $500 to report the trades. I'd probably invoice $1,000 and Loyal Client Discount $500 Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted March 9, 2015 Author Report Share Posted March 9, 2015 $500? Not in my market. Not even H & R Schmuk would gouge...I mean charge that much around here 2 Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 9, 2015 Report Share Posted March 9, 2015 Bob, I have a client with a VERY actively managed account, almost all short term trades. 1099-B ran 5 pages. He earned her $63,000 in short term capital gains on about $475,000 of assets. You don't have to be giving investment advice to tell her she has a crap advisor, is overpaying fees. 3 Quote Link to comment Share on other sites More sharing options...
Randall Posted March 9, 2015 Report Share Posted March 9, 2015 If the broker can provide a csv file, you can import directly to ATX. Quote Link to comment Share on other sites More sharing options...
Kea Posted March 9, 2015 Report Share Posted March 9, 2015 I have several clients with a "big name" brokerage firm (not sure if I should mention the name on a public forum). The one I'm working on right now is 40 pages covering 2 accounts. All trades are in and out of mutual funds. But this is an improvement over 2012 that was 66 pages over 6 accounts. Why would one person have 6 (sub?) accounts in one brokerage - not counting the retirement accounts. Asked her & she didn't know. As far as she was concerned it was just the one personal account and one retirement account. Then, there was the client who had a different brokerage account, but huge number of trades - including several purchases & sales that occurred after she passed away (yes, even after the firm was notified that she passed away). 4 Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 9, 2015 Report Share Posted March 9, 2015 You don't have to be giving investment advice to tell her she has a crap advisor, is overpaying fees.I agree, Joan.Last year I went to Vanguard and Fidelity and printed Performance Details of the mutual funds one client owns but pays $19,000 to have managed by a firm in Nashville. I have never in all my life seen fees like that. He says, "But my portfolio has doubled in five years."Me: "The STOCK MARKET has doubled in five years. Everybody made what you made."He's a retired engineer. Tried to do his own very complicated return to save on tax prep. Some people don't want to be helped. 4 Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 9, 2015 Report Share Posted March 9, 2015 The guy my client uses is a genius. All stock trades. He follows certain segments of the market very closely, and although there were a few things he sold at a loss, there weren't many. I'm thinking of seeing if he'll take me on as a client with a small initial amount. 1 Quote Link to comment Share on other sites More sharing options...
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