ed_accountant Posted December 31, 2008 Report Share Posted December 31, 2008 Enough about tax forms... Im working half day and then off to the mountains.. Have good new years !! Quote Link to comment Share on other sites More sharing options...
Lion EA Posted December 31, 2008 Report Share Posted December 31, 2008 I should be working but am reading my mail and tax boards and stuff. Guess I'll finally get in a couple hours work before our usual New Year's Eve of good Chinese food and good champagne at home with my hubby. Happy New Year, everyone! And, a prosperous Tax Season, too. Quote Link to comment Share on other sites More sharing options...
B. Jani Posted December 31, 2008 Report Share Posted December 31, 2008 I am having day off as snowing here in Westchester NY. Talking about 3-4 inches. Love white stuff. B Jani Quote Link to comment Share on other sites More sharing options...
RitaB Posted December 31, 2008 Report Share Posted December 31, 2008 I was having fun till I read the post about the paid preparer having to sign the dang 941's. Now I'm flipping out wondering how many I've sent out unsigned cause I was all over it and gonna get a jump on it all... (Go me!) Who needs to read directions? I don't need no stinking directions. Will IRS even know there was a paid preparer? Or will they send "Your idiot preparer didn't sign this" letters round about mid-February when we're all like hummingbirds on twelve cups of coffee and people are coming in and out asking stupid questions (how's my return coming along?) and/or chit-chatting while we sit there behind our mountain of papers thinking, "Please leave. Please leave. Please leave."? Quote Link to comment Share on other sites More sharing options...
Booger Posted December 31, 2008 Report Share Posted December 31, 2008 I'm here at my Steel Service Center Company (my REAL JOB) paying end of the year bills. Will start working on 1099's. W2's tomorrow. Have a Happy New Year (and a good tax season). Booger Quote Link to comment Share on other sites More sharing options...
JohnH Posted December 31, 2008 Report Share Posted December 31, 2008 It's a full work day for me, but I'm enjoying it because Dec 31 is the last day of the year I actually get to keep what I've earned for the year, as is the case with every taxpaying American. Beginning Jan 1, we all again become slaves to the US government since 100% of what we earn each and every day goes to pay our tax burden for the year, at least until late April or early May. In 2008, Tax Freedom Day was around April 23 (a day or two later or earlier, depending upon your state tax situation), so it wasn't until the next day that we began working for our own benefit. I hate to contemplate when Tax Freedom Day will fall in the upcoming years - hopefully it won't extend past June 30. So let's celebrate the last day we can enjoy actually receiving the fruits of our labor a while. Tomorrow we begin feeding the beast as it confiscates what we earn and redistributes it to others it considers more worthy recipients of our property. Or, to use a more recent phrase, it goes about what many regard as its task of "spreading it around a little." Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted December 31, 2008 Report Share Posted December 31, 2008 Amen! taxbilly Quote Link to comment Share on other sites More sharing options...
jainen Posted December 31, 2008 Report Share Posted December 31, 2008 >>feeding the beast as it confiscates what we earn and redistributes it to others<< The way it does that is through the tax system. Don't you feel awkward using such language when you personally profit from the system? As for me, sometime between last night and this morning I finished my CPE. Man, that Spidell stuff is harder than I expected! It's great, though--I learned some very interesting things about LLCs in California. (www.caltax.com) Now I've got more roses to prune. It's 2:00 and I don't think it's going to get above the current mid-50's. Quote Link to comment Share on other sites More sharing options...
bstaxes Posted December 31, 2008 Report Share Posted December 31, 2008 I'm home catching up on misc (nickle and dime) stuff. Trying to enter everybodys check book info for 2008. Tomorrow I will be with my family. Friday it is back to misc stuff. Have a Happy New Year. See you in 2009. Quote Link to comment Share on other sites More sharing options...
ACS41 Posted January 1, 2009 Report Share Posted January 1, 2009 I was having fun till I read the post about the paid preparer having to sign the dang 941's. Now I'm flipping out wondering how many I've sent out unsigned cause I was all over it and gonna get a jump on it all... (Go me!) Who needs to read directions? I don't need no stinking directions. Will IRS even know there was a paid preparer? Or will they send "Your idiot preparer didn't sign this" letters round about mid-February when we're all like hummingbirds on twelve cups of coffee and people are coming in and out asking stupid questions (how's my return coming along?) and/or chit-chatting while we sit there behind our mountain of papers thinking, "Please leave. Please leave. Please leave."? Sorry to ruin you day! I took the last few days off. Went to see the Canes hoop game this afternoon with my only son who turned 18 today. Friday it's time to get going. Happy New Year!! Quote Link to comment Share on other sites More sharing options...
JRS Posted January 1, 2009 Report Share Posted January 1, 2009 >>Now I've got more roses to prune.<< Don't tell my wife, she always prunes her's on New Years Day. Which means uninterrupted football. (Actually I only watch the bowl games and the Super Bowl, I am out fishing until the season ends or it gets too cold. Not as cold as elsewhere but cold enough.) Happy New Year to all and an uneventful tax season - ha!! Quote Link to comment Share on other sites More sharing options...
jklcpa Posted January 1, 2009 Report Share Posted January 1, 2009 I planned on working a bit today, but had a forced vacation thanks to Mother Nature. Wind gusts of 55+ mph took out the electric. Power was not restored for over 5 hours. Finally tried to get my desktop computer to bootup & now I find the hard drive is damaged. I wasted about an hour going through the reformat only to find the drive is really damaged. So Dell will be shipping a new one with an onsite tech to install. Thanks to Dell's support, protection package with on-site service, diligent data backup and this laptop, this shouldn't be much more than a slight headache. Oh well, at least it didn't happen mid-tax season. Happy New Years to the ATX Community! Quote Link to comment Share on other sites More sharing options...
Catherine Posted January 1, 2009 Report Share Posted January 1, 2009 I worked all day helping my daughter with a dress she is making. It's turning out just gorgeous, but we've been fighting tension problems in the sewing machine. All that's left is the hem, which we will finish tomorrow. Happy New Year to all, and may the year to come bring us all lots of business but not more than we can comfortably handle! I know I'll be looking for help from my wonderful, talented, knowledgeable colleagues here at this forum and the others I read. Catherine Quote Link to comment Share on other sites More sharing options...
RitaB Posted January 1, 2009 Report Share Posted January 1, 2009 Sorry to ruin you day! I took the last few days off. Went to see the Canes hoop game this afternoon with my only son who turned 18 today. Friday it's time to get going. Happy New Year!! I'm just glad you posted cause I would have done 'em all wrong if you hadn't! Thank you, and a very happy and prosperous New Year to you! My brother-in-law and his wife had their first baby late last night, so he shares your son's birthday! My kids got home from Christmas tournaments out of state, so I can tell you, my day wasn't ruined for long! Quote Link to comment Share on other sites More sharing options...
mcb39 Posted January 1, 2009 Report Share Posted January 1, 2009 Dec 31 would have been my Mother's 95th Bday. She has been gone for 4 years. I purchased a diamond anniversary band that my hubby has promised me for Christmas. Thought this was a good day to do it. I know this is not the right time for extravagant purchases, but it's just a channel-set band and, hopefully, will give me some incentive to get going on taxes. (Lost one of my best clients and friends last week at the age of 57. I still have all of his 2008 bookkeeping to do and it's hard.) Then, we headed to the cottage for a few days of R and R. Lots and Lots of snow here...records being broken, etc. Wishing each and every one of you a very happy and prosperous New Year. At least our work doesn't go away and we don't get laid off. I am afraid, though, with all of the businesses going down, more and more people will try to prepare their own returns......unfortunately! Quote Link to comment Share on other sites More sharing options...
JohnH Posted January 1, 2009 Report Share Posted January 1, 2009 Yes, more people may try and prepare their own returns, but think of all that business we'll get 3-4 years down the road handling their audits and/or straightening out the messes some of them made. Of course, we all have to eat between now and that point, so I'm notifying my clients that I'm raising my rates again this year. It may be risky in the current environment, but I'm not sure it's wise to let the financial panic inhibit good business practices. What's the opinion of the rest of you regarding fees? Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted January 1, 2009 Report Share Posted January 1, 2009 For me it's a little work, and a little play! Deb! Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted January 1, 2009 Report Share Posted January 1, 2009 My fee goes up every year to keep pace with my expenses and to increase my profit. When someone points it out I remind them that their salary went up and I should also be entitled to an increase. I rarely get opposition to my fee. After all they can go to someone else (and probably pay more). taxbilly Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted January 1, 2009 Report Share Posted January 1, 2009 Yes, more people may try and prepare their own returns, but think of all that business we'll get 3-4 years down the road handling their audits and/or straightening out the messes some of them made. Of course, we all have to eat between now and that point, so I'm notifying my clients that I'm raising my rates again this year. It may be risky in the current environment, but I'm not sure it's wise to let the financial panic inhibit good business practices. What's the opinion of the rest of you regarding fees? Raising rates is tricky no matter when it is done. I decided to hold the line this year as I increased rates in 2006. However, I am informing clients about the more stringent requirements for preparers and included a summary again of the substantiation requirements for charitable contributions. About mid-year, I will send out another letter and include the fact that my liability insurance has increased by 14%. That, the increasing complexity of tax laws, and the fact that I have maintained rates for 3 years will be the basis for raising rates for 2010. I do expect to then lose a handful of clients but those will likely be the ones I wouldn't mind losing anyway for financial reasons but always hate to lose those clients who are considered friends, too. Hopefully I can maintain enough clients to make up for the losses. It would be great to get a couple new ones, too! Quote Link to comment Share on other sites More sharing options...
samingeorgia Posted January 1, 2009 Report Share Posted January 1, 2009 All of us accountants need to realize that the good clients are not price-sensitive. We need to repeat this several time a day! Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted January 1, 2009 Report Share Posted January 1, 2009 Excellent reminder and so true! I do have one PITA who doesn't seem to be price-sensitive but I am getting really sensitive to the pains he is causing. I will be "firing" him after this tax season. Life is too short to continue dealing with those sorts! Quote Link to comment Share on other sites More sharing options...
mcb39 Posted January 2, 2009 Report Share Posted January 2, 2009 Excellent reminder and so true! I do have one PITA who doesn't seem to be price-sensitive but I am getting really sensitive to the pains he is causing. I will be "firing" him after this tax season. Life is too short to continue dealing with those sorts! I am going to make it a goal to get rid of all of my PITAs this year. But, be careful what you say. I was so happy last year that one had not returned and mentioned it to a mutual friend. She said, "Didn't you know that he shot himself in November?" And, guess what, his sole heir, daughter brought his final return in for me to do. Because he was a trucker and we had no documentation as to days on the road, motels, etc; she got a very small refund......and I never did get paid. As to price-sensitivity, there are so many people out of work around here and more each day. I stick to my original post that it will be possible to lose several clients for financial reasons. I also agree with John that we will be cleaning up the mess down the road. I will not raise rates this year. I already know of at least five clients who have passed away in the past year, which will create its own problems. Am not looking forward to this year for several reasons., among them the stimulus from last year, the first-time home buyer credit (LOAN) and the faltering economy. Quote Link to comment Share on other sites More sharing options...
jainen Posted January 2, 2009 Report Share Posted January 2, 2009 >>looking forward to this year << I am anxious about the stock losses. A lot of people are going to be disappointed to learn their losses aren't deductible, either because they are in an IRA, or exceed $3000 net, or are tied up in some ISO details, or the stock is not totally worthless yet, or something else. I also expect a lot of job changes--401(k) withdrawals, flakey new Schedule C's, Section 179 recapture. I've got some very uncomfortable interviews coming up. Quote Link to comment Share on other sites More sharing options...
Bart Posted January 2, 2009 Report Share Posted January 2, 2009 My fee goes up every year to keep pace with my expenses and to increase my profit. When someone points it out I remind them that their salary went up and I should also be entitled to an increase. I rarely get opposition to my fee. After all they can go to someone else (and probably pay more). taxbilly I have always thought that if I dont have a few complaints about my bill I am not billing enough. Quote Link to comment Share on other sites More sharing options...
JohnH Posted January 2, 2009 Report Share Posted January 2, 2009 Yes, there will be lots of clients who think they have some sort of tax deduction for the huge losses in their IRA or 401(k). And they won't understand when we point out that they never paid tax on the gains when they saw it going up (or the initial investment for that matter). People understand losses when it comes to taxes, but they somehow can't apply that logic to gains. I'm also dreading the situation where the client has seen the value of their mutual funds decrease while at the same time having huge capital gain distributions showing on the 1099-Div. I'm sure that numerous mutual fund managers found themselves in the position of selling stocks they'd rather hold when they were overwhelmed with redemption requests during the panic days in the 4th quarter, so the end result of all that forced selling wil now be showing up as a result of unwanted capital gain recognitions. I remember the last time this happened several years ago and I had some clients calling back several times asking me to "explain one more time" how this was correct. Finally, there will be the situations where one spouse has been managing the investments and is now trying to explain to the non-involved spouse why they lost so much money so they're fighting over who's responsible. I expect to have to be the bad guy who finally tells the non-involved spouse that they can't hold the other person entirely responsible for the losses, since they also made the biggest investment decision by choosing to put the responsibility entirely in the other spouse's hands either by decision or by default. Quote Link to comment Share on other sites More sharing options...
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