ILLMAS Posted February 8, 2017 Report Share Posted February 8, 2017 A handful of returns I have received so far cannot be prepared because of the new due diligence (TP needs to bring supporting documents), makes me wonder what other prepares are doing to get them done while you wait? Anyone Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted February 8, 2017 Report Share Posted February 8, 2017 I don't do any returns while the clients are here. I rarely have anyone that brings me everything the first time. Especially with the new due diligence. 8 Quote Link to comment Share on other sites More sharing options...
Lee B Posted February 8, 2017 Report Share Posted February 8, 2017 My preference is to not start the return until I have everything. Sometimes, I am in the middle of the return, before I realize I am missing something, which is a timewaster. I prepare only a few returns while my client is in the office, too easy to make a mistake. At my age, multitasking doesn't seem to work any more. 9 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 8, 2017 Report Share Posted February 8, 2017 I just move on to the next client and put the client with missing items at the bottom of my stack. When he gives me the last item, I'll pull out his folder and complete his returns, as soon as I complete what I'm working on at that time. IF, and only if, he had an honest omission, such as the new DD requirements. If it was someone who was missing items he well knows from prior years are necessary, then the date on his folder becomes the new date the last item is received; therefore, he sits at the bottom of the stack. I had to wait on him; he won't make me fell guilty now that he has to wait. 7 Quote Link to comment Share on other sites More sharing options...
jasdlm Posted February 8, 2017 Report Share Posted February 8, 2017 I make clients drop off information. I try to only meet with client where it is absolutely necessary. I just don't think I could prepare a return with a client sitting there. It would inhibit my ability to get on this site and post comments regarding said clients :). 11 Quote Link to comment Share on other sites More sharing options...
JohnH Posted February 8, 2017 Report Share Posted February 8, 2017 43 minutes ago, Lion EA said: I just move on to the next client and put the client with missing items at the bottom of my stack. When he gives me the last item, I'll pull out his folder and complete his returns, as soon as I complete what I'm working on at that time. IF, and only if, he had an honest omission, such as the new DD requirements. If it was someone who was missing items he well knows from prior years are necessary, then the date on his folder becomes the new date the last item is received; therefore, he sits at the bottom of the stack. I had to wait on him; he won't make me fell guilty now that he has to wait. And if they call a few days latedr asking "How's it going?", here's the procedure. 1) Pull their file from wherever it is in the stack; 2) Check to verify you've received everything else you asked for; 3) Answer their question; THEN.... 4) Put their folder at the bottom of the stack. Usually only takes a couple of calls like this to get them to leave you alone so you can get some work done. 6 Quote Link to comment Share on other sites More sharing options...
Roberts Posted February 8, 2017 Report Share Posted February 8, 2017 With tax software the way it is, why do you require 100% of the information before starting a return? It would take me longer to try and determine if I had everything prior to starting than if I just worked through what's available. 3 Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted February 8, 2017 Author Report Share Posted February 8, 2017 Why wonder why? Breaking News: IRS Announces Major Drop in Filed Tax Returns As of January 27th, total returns received by IRS were down 32.9%. Early season refund numbers and dollar amounts are affected by the new law requiring refunds involving the Earned Income Tax Credit and Additional Child Tax Credit to be held until the later part of February. Many taxpayers claiming these credits traditionally file during the opening weeks of tax season. See the chart below: Is your business down this year? Knowing the national trends can be helpful in planning for this year and years to come. Be sure to sign up for our March 30 webinar with more up to date information. If numbers are still down in March, that could mean a big rush of customers in April! Timur Taluy, CEO, CERCA Board Member has a message about the dramatic drop in filed tax returns. 2 Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted February 8, 2017 Report Share Posted February 8, 2017 99% of my clients are returning clients so I know their situations and the due diligence is a little easier, but I NEVER prepare returns while clients wait...that just invites technology Karma...printer will jam, PC will lock up, etc....not t mention, I don't like the stress of clients waiting on me. 9 Quote Link to comment Share on other sites More sharing options...
Elrod Posted February 8, 2017 Report Share Posted February 8, 2017 I used to just pass these around and tell them to shut up until I was finished......WoW!... after an hour... they loved the results.... 7 Quote Link to comment Share on other sites More sharing options...
SaraEA Posted February 9, 2017 Report Share Posted February 9, 2017 IRS numbers being down can be due to a number of reasons. For one, efile didn't start until Jan 23 this year, so 2017 stats only show 3-4 days of filings. (Many tax pros do not file on the first day even if they have completed returns in order to give the system time to work out the kinks.) Efile was earlier last year, so the 2016 stats likely cover a full week or nearly so. Also, it was well-publicized that certain refunds would be delayed this year, so maybe some of the early-season filers weren't in such a hurry. Call this wishful thinking, but the refund identity thieves file very early in order to get their fake returns in before the real taxpayer files. With all the new security measures and filters in place this year, just maybe they couldn't pad the first week's numbers with a zillion fraudulent returns. I am convinced that was the case in the past, and I am relieved that this year they were out of luck. In our CPA office, we filed a mere handful of returns by Jan 27, about the same as last year. We have noticed that we have more clients' info this year than we did last by this time in Feb. I assume this is due to more payers having to get tax docs out earlier. (Except the laggard broker statements.) With the number of new clients calling, I predict a banner year. We take few new clients each year, but if they call early enough before we get insanely busy we'll consider them. Now that we've accepted some new people we find our regular clients are ready early. Guess working 7 days starts early this season. 2 Quote Link to comment Share on other sites More sharing options...
RitaB Posted February 9, 2017 Report Share Posted February 9, 2017 18 hours ago, Roberts said: With tax software the way it is, why do you require 100% of the information before starting a return? It would take me longer to try and determine if I had everything prior to starting than if I just worked through what's available. I think we mean we need all the W-2s and 1099s, summary of college payments by date and payer, daycare provider's EIN, numbers for the new bank account they want to use for DD. Stuff like that. Which reminds me of a good one from yesterday: Client: Wife got this in the box yesterday, not sure you need it. Me: Yes, actually, wife will go to jail if this is not on your return. Client: Can I have that back? It was only a 1099-R with 80K taxable. 9 Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted February 9, 2017 Author Report Share Posted February 9, 2017 4 hours ago, RitaB said: I think we mean we need all the W-2s and 1099s, summary of college payments by date and payer, daycare provider's EIN, numbers for the new bank account they want to use for DD. Stuff like that. Which reminds me of a good one from yesterday: Client: Wife got this in the box yesterday, not sure you need it. Me: Yes, actually, wife will go to jail if this is not on your return. Client: Can I have that back? It was only a 1099-R with 80K taxable. I like your clients honesty. 5 Quote Link to comment Share on other sites More sharing options...
RitaB Posted February 9, 2017 Report Share Posted February 9, 2017 44 minutes ago, ILLMAS said: I like your clients honesty. Yeah, but the tax savvy leaves something to be desired. Can't have everything I guess. Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted February 9, 2017 Author Report Share Posted February 9, 2017 He probably prefers the wife in jail then paying taxes. 1 Quote Link to comment Share on other sites More sharing options...
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