michaelmars

on our ambulance we carry a ring cutter. and as for the above video, thread works better since it is so much more thin.

i have used the partnership exemption many times for s corps and had success. a lot depends just on who you get that reads the letter. I have Never gotten a POA in a matter such as this. the irs will read and respond but the response will go to the taxpayer not to you without the poa. as for the late filing of refund 1040's, I agree that it is a bad practice not to get an extension for the reasons mentioned above, and I once had a penalty assessed which is based on the total tax, not the tax amount due. Even refund returns can get late filing penalties and underpayment of tax penalties. my practice is to send all -0- extensions from this office. I only send one envelope to each required address with a list of the taypayers that are enclosed. I request in the cover letter that a copy get stamped with a date received and sent back to me. I enclose a sase. I have never failed to receive the stamped letter back and it only cost me one postage fee for each address. if for some reason I am sending off extensions with checks, I do use a separate envelope for each.

I would suggest you do what I did with 2012. As soon as it came out and people were posting problems I demo's drake and proseries. since it was December and I had the time, I did a few returns on each. by Feb I knew I wasn't going to go with atx and since I already liked pro better than drake and since I already did my fee discussions and locked in my discounts, all it took was a phone call and 15 minutes later I was up and running. I already had my letters set the way I liked them and my letterhead installed, etc. I sent them atx files to convert which did take longer than they said but I could understand that being Feb they were swamped. my conversions all went well except for having to reselect asset types on all fixed assets.

I am in line with Margaret. don't charge or very nominally. Might bump up the parents return a bit to cover but these returns usually take 5 minutes and it builds good will and gets the kids used to seeing your name. I also give a discount on those I everyone I charge for "graduating, getting married, having a baby, etc" it really builds good will. and doesn't cost me anything but some time.

CAN'T BE A spouse in a psc unless you too hold a professional license. we got nailed on this for a couple of clients on S corps we inherited where the doctors put their spouses as shareholders

kc, thanks but I am looking for a stand alone program that only does these returns. the modules in our regular software programs is too basic, some of these program will do the stock valuations for you and calculate the executor commissions and do a lot of what if senarios on the exemption portability etc.

Anyone have a recommendation for stand alone software for 706's and 709's? Looking for something way more sophisticated than that of the normal modules on lacerate. pro, atx etc.

Not excellent but DDelicous.

this is such a titillating topic

omg.....bet he works for Obamacare now.

twice I avoided the penalty when the broker sent a letter that the missed withdrawal was a clerical error on the part of her office and not that of the taxpayer.

you see new software, scanners and other hardware, you see venders re: financial planning, insurance, payroll, get on lots of mailing lists and collect a lot of pens and chocolates and magnets.

You didn't just add parents, you had to possible, recalculate I&p, 2210, earned income credits, and estimate vouchers, You also had to reprint and collate, etc. I do a lot for free in special situations but never say "you just had to", its always more than "just"

I had one that I played with for years, gave him installments etc. at the time he defaulted with me he owed me around $12,000. By applying his payments to his recent invoices first, the interest really compounded. After interest and late charges it became over 20k. I got the judgment and the court added the statutory interest rate of 8 or 9%. Even though I already had interest in my total. the client had rental property so I was able to collect his rents until I got satisfied. in total I got wound up with close to $26k. My lawyer friend gave me good advice, even though I was mostly owed for business returns, I sued personally under the premise that I was hired to handle all of his tax issues regardless of which entity I billed as long as I billed as per my retainer agreement. So his 2 corp bills and his 1040 bills all got combined. As for the small clients, I agree that chasing someone for under $500 is counterproductive in time and costs and chance of collection. After a while I do send invoices to the clients home rather than business address and they are stamped "past due, final notice, etc" I find that once the wife sees that I usually get paid....I know its sexist but I think men tend to lie to their wifes over how well they are doing in business and don't want them to see things like that.

i wouldn't prepare the amended unless I got a retainer, you are not obligated to prepare returns for a client, you only have to notify them of the error. Also before I did the amended I would want verification of all other items on the return.

I am up in the air Ken, I might go but not if its storming out like they are predicting. if I go I will call you, I have your cell#

BET the client calms down in a couple of days. in 25 years I only lost 2 clients because of errors.

trust me, the learning curve from atx to proseries wasn't hard at all. by the 3rd day last year, it was as if I never used anything else. And when you have an operations question, you get a live, knowledgeable person in less than 5 minutes. At long as I have my5 year discount I will not go back to atx. Who knows what will be after that. In 2 seasons, no crashes, no hangups, no rejections that couldn't be fixed with a few clicks. much better diagnostics and much better federal, state linking. No rollover issues. Worse letters but with Efiling, the clients don't look at the letters anyway. only once this year did I have a reject due to not having the most up to date form.

an associate of mine charges extra for paper, not a discount for CD. I use NIcky's folders.

don't forget that self rental is not a passive activity.

I go up 3-5% every year, just because cost of living goes up then I adjust for complexity.

nice to enlarge a family.

by law you can't do that unless your original invoice included the terms. mine say due net 30, or a late charge of $25 plus interest at 18% per annum will apply. Doesn't mean you have to charge it if you don't want to but once I send out a statement with the late fee and interest, I usually receive a check dated 1-2 days before the statement for the original amount. othertimes i get the late fee and interest, a nice bonus since these are usually the under $500 clients, my late fees is a nice raise percentage wise.

If the sep resulted in a few thousand dollars of additional tax I would notify my E&O carrier of a potential problem.

great speech Catherine.