Lion EA

What matters is how you compare YOUR employees as they are the ones you have to pay. I'm a sole proprietor with about 100 returns, but probably only 75 or fewer 1040s. None are less than an inch thick. Dozens of K-1s or 100s of pages of 1099-Bs or multiple states or multiple businesses or all of those. Changes each year. Just received a call tonight from a wife who'll probably divorce her husband this year. Many clients start and end businesses, trusts, change jobs, with all the questions each life change brings. The client that took only an hour or two last year might take two days next year while I train them on what information to track for that new change in their life. I don't think I'm slower than you. I think I have more complex &/or more tedious returns than you. Can you really learn anything from the fact that you do 100s more returns than I do? I can tell you how I price my returns, but that isn't what you asked. I have no employees to pay for tax preparation, so it's not that I don't want to share -- I have nothing to share about how I pay my nonexistent employees or how many returns they prepare. Someone else might expound re their employees, but be happiest with the one who calms their clients and keeps them coming back year after year and not the one who's the most "productive" based on number of returns prepared.

OK, I don't need these forms very often so always get them confused. Does someone have a short description of the difference? It came up in a phone call from a client. Before they came to me, they were already on a payment plan. Will that mean that wife has accepted husband's debt, and neither form would work? Debt arose during their marriage, from husband's business where only he did his bookkeeping. She may be divorcing him and wants to separate herself from his debts now. Any tips?

But, you did get info, and more importantly, you seem to have had the info you need all along. We don't know anything about your overhead, etc. You are the one who will have to do the math to get the ratio you want for your business. If you want 1/3 to go out as compensation to your employees and the other 2/3 to stay with the company to cover your overhead and your own profit, you can make that happen. Only you can decide how to divide that 1/3 based on your assessment (the only one that matters) of the value of each of your employees.

For me it's relationships. For instance, I just took a call from a client. She was surprised I answered so late at night. Glad I did. Another item from hubby's former business came out of the woodwork (a loan she thought he'd paid off, now calling all $40,000), and this may be the straw that broke the camel's back. As she talked about divorce, I explained what I would do, what I would not discuss and would with her maybe-soon-to-be ex, things like that. She was calmed by being able to reach me tonight. I'm in the midst of a big project for a biz client, but talking with her will keep a pricey client coming back. (Now, I have to manage to finish this big spreadsheet/report by tomorrow morning to keep my biz client calm!) Hand holding.

Yes. And, it was no longer a personal residence at DOD. The estate doesn't have a residence.

If the house was still held by the estate, the sale by the estate is a taxable event on the estate 1041. The beneficiaries receive their inheritance, the proceeds, divided equally. They DO "inherit" the proceeds per the will.

Bill what the return is worth. Then work out your percentage of billing to meet your requirements. That way, the time-consuming or more complex or PITA return was billed more; therefore, your employee who dealt with those issues is paid more.

I have my slide rules and my CRC book of tables.

I was visiting my son and finished a book on my Nook. Had lots and lots of books on my Nook, but I'd just learned that the same author had a second book out. I immediately downloaded it and was a very happy camper. The nearest bookstore or even library of any size was a ninety-minute drive to Scranton. Hubby saw the receipt show up and called me to say I must've liked that author. (With Nook, it's a family plan, so both of us and our daughter who has my old Nook can read anything that any of us downloads.)

You could tell the engineering majors with their six-inch slide rules from the science majors with their 12-inch slide rules.

You can follow the big box stores and pay a percentage of the bills as a bonus after deducting the amount you already paid during the season. You can adjust as necessary so you get your requested 3X what your preparers get. YOU have the info you need to create your multipliers for next season. WE don't treat our employees that way.

Then build your ratio around your pricing. You'll be able to get the exact ratio you want.

And, the answer to everything is -- pick one: Yes, dear! Whatever you think, dear! That's right, dear! That's a wonderful idea, dear! each said with enthusiasm.

I still like paper. I read real books. I highlight and write margin notes in my texts and reference books. I read cheap paperback books on vacation or at the beach or anyplace my Nook or an iPad might get ruined or lost. If I finish a book or magazine, I leave it behind if there's a place someone would pick it up and read it, like a waiting room. If it's a subscription, I tear off my name and address. I consider where to take electronics, the risk/reward of having them lost or stolen or soaked or overheated in the sun vs. the need to receive a phone call from a client in the midst of an issue, for instance. I can pack lighter with a Nook on a long trip than a bunch of books. And, sometimes I just have to have my laptop, that monthly spreadsheet is due while I'm gone. But, I do try to consider what media is necessary &/or more convenient.

My iPhone takes pictures and fits in my small purse.

I won't do anything vaguely sensitive, including emailing a client, without being able to shut the cover quickly when prying eyes pass by. A laptop works well for that. For a tablet, first one has to purchase a cover. And then, still have to unfold it from it's stand mode into cover mode. Without a stand, my husband's arms get very tired! And, his tablet got very scratched up. He's bought a couple of covers and his daughter gave him one for Fathers' Day, so the whole cover issue increased the cost significantly. He kinda likes the one his daughter gave him. But, he says it's still not ideal, so he's still looking.

Not IRS, but this morning hubby got an email from a professional colleague (hacked email account) saying he was in the Ukraine (!) and had his bag stolen and needs funds to get a passport and leave the country. Lots of detail, several weeks to get funds sent over, so just needs a short-term loan to get home and repay hubby, etc. Of course, hubby is savvy and deleted and is looking for an alternate email or phone to let his colleague know he was hacked. Church music director, so I'm afraid some elderly parishioners &/or elderly organists might bite.

Yep, cats can do the "fit" thing better than dogs.

It's probably in a public state database.

Was the partnership organized under the laws of your state or a state? Then public information exists about the members. He could address his questions to the TMP in a letter that he sends to ALL partners, not knowing which is the TMP. Write that he is giving permission for the TMP to speak with his tax preparer....

The K-1 can report income without distributions. Or, the other way around, such as distributing previously taxed income in a later year. He will need to speak to the tax matters partner if he wants to find out when he will receive a distribution.

It's an old Nook and just lets me read books. No internet browsing to speak of other than to download more B&N books, no email, no games, etc.

I won't put any tax returns or bookkeeping on a tablet. Might travel with one for email access or reading if not taking my laptop. But, I have my iPhone and Nook.

How about painter for painting all those numbers on your ceiling?

I don't make choices for my clients. They tell me their occupations. I ask questions. I interview.