Richcpaman

Naveen: I hope that your Wife's illness passes quickly. Rich

I check the box. Does not make any difference. In 13 years, when I call, they want a 2848. "I checked the box!" doesn't that count? No. Reality. I Bill them for waiting on hold. Rich

Maryland has a lot more Debits... Rich

I just went to a TaxSpeaker seminar and Bob Jennings stated that he did not believe that a 3115 was required for all the entities. If you never made an election before, and as Frazzled stated, we Sec179 everything, so we are just going to add the election each year going forward. And that is what Jennings recommended. Rich

Pacun: You stated this: "If I recall correctly, the guy that organized HRB later sold his idea to someone and later he also built Hewitt Jackson or so. What a business concept that will stay for a long time... even after we are gone and our families have nothing to do with Tax Prep." HRB is named after the brothers H & R Blok. Who started HRB in Kansas City in 1955. One was a CPA, and they hit the big time then because of withholding and other changes in the tax code that made many more folks having to file. Notwithstanding, a lot of advertising. Hewitt, who may have worked for HRB, developed Jackson Hewitt into the second largest, and got kicked out because JH wasn't cheating enough, so he left and started Liberty Tax. The garbage rolls downhill. IF, as someone stated, you would not have anymore clients if you charged the WSJ rates? Not very likely. Unless you only have 3 clients. If you have more than 100, its time to start making adjustments to your rates, and in no way shape or form should you go DOWN. IF you are doing a lot of easy returns, then maybe you are constrained in your ability to increase fess, and that is a volume issue at that point. High Volume can equal big $, however, in many cases, we end up a particular price points when we start out and find it difficult to increase fees above that.... But you can. Rich

I really like the "I don't grade paper's" answer. Checking a return is the same as preparing it for me. Same fee. None of my clients spend $35-55 buying TurboTax and checking up on me. Yet, these folks have spent that, and then want to save *money* because they have *done all the work*. No, they haven't. Nor have they done the training. Rich

*I* save the return after the fact when I leave it. It does not matter to me that the ATX file does not match the info that was sent to the IRS/State. I have a PDF copy of that information, created at the time of printing and efiling. Some have stated that they have an administrative policy that employee's can not look at old ATX files or change them, that is fine. But WHY? The OP Notes that his firm has filed on paper in the past, so there is no PDF copies. In that case maybe *I* would restrict the ability of employee's to go into old ATX Client files. But if I have a paper copy of what was done, then it doesn't matter, really. Forensics issues? That your entire database gets subpoenaed? Not very likely. That there may be a problem with the original input and someone went in and changed it to cover their tracks? Well. Pretty easy to figure that out. And you are firing them anyway, so it doesn't matter... I am interested in WHY the administrative policies or forensic reasons for not allowing a return to be saved after the fact. Policing it is PITA, but why? I do not like having multiple copies of the same clients info in my ATX Database. The only exception would be for amended returns. If I do a tax estimate and use the planner, I save the file. No big deal to me. Explain to me why it would be. Rich

Wow. This is a weird conversation. I make PDF of completed returns. I also go into the prior years program, to review input, and will "save" the return again when I leave. The OP mentions something about Forensic and administrative policies. I would like to know more about why they have those policies... Rich

Which IRS form Number does the client sign for you to file them Electronically?

And by rolling over the returns, only when they have arrived, you have a way in ATX Return Manager to track your progress thru tax season. Plus, since many forms are not available, the lack of forms *now* slows down rollover. Later on the forms are available and rollover is quicker. And then I rollover the business returns to be extended on March 14th. Prep them for extension, and wait for those returns to come in. Same thing at April 14th. Rich

DEO: Who are you representing, the Foundation, or the donor? For the donor, if you get the 1099-B at the end of the year reporting the sale of the stocks with a gain, you would report that on the Sch D without a gain or loss, and then on the Sch A report the entire donation of the appreciated shares. For the Foundation, The FMV is the date of donation, and the Gain/Loss to the date of sale of the stocks. Do not worry about the basis that the broker of the donor may have sent over. Hope this helps. Rich

Sorry, That was OIC.. Offer in Compromise. Rich

You have a multiple step process here. If you want to borrow money from GP's to pay the 2007 and 2013 liabilities, do as KC recommends and make the payments very plain as to what they are for. Then, if you wanted to get into a payment agreement for the 2008 liability, it extends the statute. I would recommend the OIS route, it resolves it. Rich

Cool! Rich

I send out Organizers. I am like Jack, I use it internally to make my process easier. I tell clients, you don't have to fill it in, but you have to bring it back Usually, I print all of them (400+) and them assemble them as I watch the NFL playoffs. However, in my case, my clients have a lot more going on then just a 1040/state/schA. If you have a lot of "simple" returns, then printing all the organizers may not make sense... The ATX Comprehensive Organizer is "fine". I would make it more complete/interactive if I was in charge, it is one of the area's that has not seen much, if any improvement over the 12 years I have been using ATX. The Mini-Organizer can have some utility. Rich

Mir: The form number is 8832, Entity Classification form. If the entity has existed for more than 5 years, it may be able to become a disregarded entity... Read the directions, and make your decision. If you float a new LLC, if there is no debt on the property, then the move from Inc. to LLC may not cost much. The transfer costs at the courthouse, mainly. But if there is debt, then you need a whole new loan. There is reasons that we do not put real estate in S-Corps. This is one of them. Not easy to move. Rich

Mir: File the "Check the box" and move down to a Disregarded entity filing Schedule E on the taxpayers 1040. Then no SE tax nor "officers Compensation" Rich

The interesting thing? I renewed LAST month for 2014 year. Efiles were not a problem, and everything was fine. I will wait til September next year for 2015. To each his own. Rich

Scan everything that is important. Not the Stockbroker booklets explaining the 1099, but the 1099 and all the others, and anything else they have written information on. Where to put this info? On a harddrive in your office with internal and cloud backup. I set up a directory with my clients in alpha order, and then save the tax returns and the info backup to their file folder. ATX kicks the returns out in PDF, and then I attach the backup to that PDF for only one file. Rich

CB: Revenue opportunity. Prepare the 1098's on behalf of the folks getting the interest. Rich

WITAXLADY: I don't send checks to clients. I would send a check to the IRS or WI, but I would not send one to your client. Write the letter to get the penalty abated and prepare the amended return. The client already has the CP-2000 so the IRS already knows, so no amended return is required, but you can check the totals to make sure the IRS is right. Then you know how much WI is owed as well. If the abatement does not work, which it probably will, you are left with the interest, and that is on them... Review all the backup that you have. In 22 years, I have had only one instance that I had the info and did not report it. This person gave me a receipt for the US Savings bond interest (Calculator ribbon receipt, and no 1099) which we ignored, so I took care of that penalty, and the other "claimed" that that extra W-2 was in the info she gave me... it was not. I am not perfect, just paid a penalty on a SC return. They do not allow out of state rental property losses... who knew? Rich

Heres a link that talks about this: http://www.forbes.com/sites/kellyphillipserb/2014/08/13/think-before-you-post-the-dangers-of-seeking-tax-advice-on-the-internet/ And a short Blurb from the article: Same thing. Folks posting how they cheat on the web.... Gonna get bit one day from that. Rich

They have been. Look up "Tampa Bay Gangs giving up drug dealing for Tax Fraud"

Jack: I know all the ways to hide the cash, or deposit the money in different accounts, or cash the checks and take the cash, etc., Etc. You can't be in this business for 23 years without learning them. Because we get paid to look out for them to make sure *we* don't get in trouble with our clients who want to be a little to shady. And it does not mean that we are *using* these techniques. Rich

Just: You are new here. Something troubling you about the folks you work for? Looking for validation? You can get it here. I told one of my landscaping clients that *none* of my income is reported the IRS. NONE. I could say that I made whatever I wanted. The checks come to me, made out to Rich, CPA, or Rich CPA LLC, or just Rich. So I could deposit them anywhere and to any account I wanted. I DON'T. I report all of it. And my O&N expenses. If I get audited, and the IRS finds out I am up to something fishy, then they can do things that destroy my business, and I am not interested in having that happen. So, if someone is looking for short term gain by not reporting all their accounting revenues, in the long run, you will be caught up in it also. Rich