joanmcq

So frikkin tired. But it's a beautiful day. But I'm out of RockStars & dog food, so I'm gonna have to leave the house at some point. The dogs got cat food this morning. Loved it!

Pliers, what a great idea! I've been using my teeth. Not such a great idea.

I'm filing them like crazy today. Sending vouchers to anyone that owes, filing for refunds. And mailing extensions for GA & NC who are in the dark ages & require a state extension even if there's a refund, and don't efile the damned things.

My irises are blooming, beautiful! I won't mention what the temperature is......don't want to gloat.

Yes.

I had a discussion with the first client about direct deposit and how I could use the check I just got in payment for her DD. And we chatted about how various banks print out images on the checks and how mine blanks out not only the name, but also the account number. So what did I do? Ran out to meet a client at Starbucks, and on the way back went to the bank with a handful of checks, and deposited hers before I updated the direct deposit info. Had to email her this morning with egg on my face.

Check the box to mark and then file/delete efile

"Plank stare". I like that, for when someone is dumb as a plank.

Call the IRS. Or have the client call with you there. Should be able to figure it out

$10. Put it as a line item so the client sees the charge & next year will remember earlier. I figure it at least covers toner & paper.

Ok, time for a happy client thread. First was a pickup and her bill was $100 more than she had paid her last preparer, and I had said that based on last years return I could match it. I explained last year she didn't have the 5 partnership investments that I had to calculate basis and at risk limitations for. They weren't complicated k1s per se, but those two items were. But she was really happy with the bill because the last preparer hadn't asked her about a SEP contribution, and what her max would be. Also talked about how much better a solo 401(k) would work for her. She happily paid the bill and we'll meet again in June to talk about setting up the solo k. Second new client had monthly meeting with: my first I'll be doing write up work for on a monthly billing basis. He is in the process of buying a convenience store. Brought bank statements, cancelled checks to reconcile with the bank statements so there would be no guessing as to what the expenses were, a copy of one of the point of purchase reports he'll get from the franchise, and used to be a bank auditor so is anal about record keeping. I explained state payroll reporting, 940s & 941s, etc and talked about the possibility of using Xero instead of QB once I have a chance to look closer at Xero. Big smiley face here. Now back to the remaining extensions.

I started charging for reruns if it is not my fault.

I've had one, but I don't ask and should. I contribute!

Happy birthday KC, and happy birthday to the board! I do so remember that fateful day when CCH shut us down and within days or weeks this board was up.

I'm having popcorn!

I am checking some efiles & printing out a return. Mu beau ORDERED me to get rest tonight so I am not taking a nap, and just doing stuff that doesn't require thinking.

I have one client that brings me treats from one of the best bakeries in town each year, and another that brings Filipino food (homemade adobo this year!), and another brought a 4-pack of RockStars, and I got a box of truly gourmet chocolate. $85 for 36 pieces type chocolate. My god, it spoiled me. More adobo promised on Sunday when he delivers his kids 8879.

I've filed a few extensions already for people I've worked up, but are still missing docs. Quite a few K1s still coming. I'm loathe to roll over the ones that I still don't have docs for, since I've been using the completed counter to make myself feel better. An email is going out today to clients I haven't heard from asking if they want me to file an extension. I've got a bunch waiting for pickup, and probably 50 going on extension. So far.

I need to work on MY first quarter estimate!

Was it sold/ foreclosed on this year? Then it's a reportable transaction. I got a new client where for a loan mod they didn't issue the 1099-c "because they have 5 years to do so". It was a mod that was a first for me, a 'short pay'. Apparently the client got a large settlement for medical, and the bank agreed to a lesser amount of principal for,a lump sum payment, and now the client owns the house outright. Now I just have to determine if the settlement is taxable...no 1099-misc. have the docs, I think. Well, I know I have SOME docs on it..... 6 days...

CA has an error if the signed date is more than 5 days from the filed date. I go back in & change it. Because..... The 8879 certifies that it's ok for ME to enter the PIN, so it refers to the date I signed it. Not the client.

Yes, I had one that took at least 4 days. I'm really spoiled because CA is as fast as the federal ACKs, and most of the other states I file take at least a day if not more.

That's what I get too. Gifts, I tell ya!

Nah, JJ that was a great primer into the mess that is Ohio local tax that we out of state preparers may face from time to time. I just got as a client a retired guy that moved here from OH. Had to research a local tax waiver, that stated his income was from exempt sources. I instructed his daughter to also make sure she filled in the change of residence info, so they'd know he left! I've gotten a few new clients that moved from OH & PA this year.

If you pay AMT in the year exercised, then your basis for AMT & regular tax are different. So when you sell in another year, you'll have a negative adjustment in the 6251 instead of positive. Also the possibility of a credit on the 8801. There was only one year when the AMT credit was made refundable, for all of those techies that got caught with huge credits but no AMT to use it up against. The AMT credit is an odd puppy, it's not one that can be taken against regular tax, just AMT. There is an election you can make in the year of exercise; I believe it is to treat all of the spread as ordinary income as to not run into issues with AMT, negative adjustments and credits that are useless unless you are in AMT in the future as well.