The Most Stock Sales I've Seen

[Yardley CPA]

Client brings all her information including a Charles Schwab statement showing over 70 stock sales. I told her, it would save her money if she was able to obtain a gain/loss summary from the broker. She couldn't obtain a gain/loss summary, but was able to get me a buy/sell summary. I told her it would take a good amount of time to research and determine the cost basis for these stock transactions.

Just wondering...the rest of the return was relatively basic (W2's, interest, dividends, 1 K-1 and Schedule A). About what would you charge for something like this?

[Daune/CA]

Just wondering...the rest of the return was relatively basic (W2's, interest, dividends, 1 K-1 and Schedule A). About what would you charge for something like this?

FYI, I have a client that would have several k-1 partnerships and stock transactions for around 150 sales each yr, Sch A etc. My fee has averaged $500 for the past several years. It takes alot of time to just enter that many transactions, and even more time to determine basis etc for some. [if it was a profitable venture, then the fee would not be as noticeable as if it resulted in losses ]

Good luck, but don't sell yourself short, remember YOU are the professional!

[JRS]

I have a client very similair to Duane and my fee has varied from about $450 to $500 until this year, when I rasied the fee to $550 with no complaints and 175 trades. The client is just happy that he doesn't have to do them. I have, in the past, tacted on a stock research fee (time charge) for finding basis and working through mergers and buy outs.

[michaelmars]

YOU guys are way too cheap i know i am talking nyc prices but i get $1500 or more once there are over 100 trades uless i have an attachable schedule from broker

[taxtrio]

there must be more money out there in new york than here in Michigan... everyone here is broke!

[DevM]

there must be more money out there in new york than here in Michigan... everyone here is broke!

I have a client with close to 1000 Trades. Has W2. K1 etc..

Trades are in Xcel format downloaded..

What would be reasonable charge in NJ..?

[ajuroff]

there must be more money out there in new york than here in Michigan... everyone here is broke!

I agree with ya there. I can't charge those prices. Well, I probably could but I probably wouldn't get paid for it.

[schirallicpa]

I was asking what to charge a few days ago. Here's a helpful link:

http://www.youtube.com/user/VPYNCHON

[Yardley CPA]

I was asking what to charge a few days ago. Here's a helpful link:

http://www.youtube.com/user/VPYNCHON

Great little vid! :lol:

[joelgilb]

I do an H & R Block and charge by the transaction when there is a lot of them. Typically $5.00 per each sale covers my time and rate and the rate is $225 per hour btw.

So far had some complaints but always was able to get them to understand, pay and come back next year, usually with less sales!

Joel

[joelgilb]

I was asking what to charge a few days ago. Here's a helpful link:

http://www.youtube.com/user/VPYNCHON

Heard this song several times. Makes the attorney circuit too.

Joel

[DevM]

I do an H & R Block and charge by the transaction when there is a lot of them. Typically $5.00 per each sale covers my time and rate and the rate is $225 per hour btw.

So far had some complaints but always was able to get them to understand, pay and come back next year, usually with less sales!

Joel

$5 per sale that would mean 5K for a total of 1000 Sales.. WOW.. Who is going to pay that kind of money..?

[Catherine]

I do an H & R Block and charge by the transaction when there is a lot of them. Typically $5.00 per each sale covers my time and rate and the rate is $225 per hour btw.

So far had some complaints but always was able to get them to understand, pay and come back next year, usually with less sales!

Joel

I charge $1 per transaction if there are more than 10. Also charge by the hour when I get bundles of receipts instead of totals for Sch C businesses. Just yesterday had a return picked up where the "excess Schedule D transactions" charge was $269. Plus the guy had 3 hours of tabulations for his Schedule C. Return cost him over $1,000 (for me), and over $100,000 in taxes due. And he was _happy_ with the price -- because I went through the forms with him so he knew what he was paying for and why. Also put him on estimated payments for this year. Previous preparer told him not to bother because he "maxed out on social security withholding" in his W-2 job!!??!!

Catherine

[michaelmars]

hourly billing is getting passe if you keep up with the current literature, i go for value billing where i can. i get paid for my knowledge and personal service not for the time it takes to fill out a form, i am not a typist. that is my mindset whenever i figure an invoice.

[SunTaxMan]

YOU guys are way too cheap i know i am talking nyc prices but i get $1500 or more once there are over 100 trades uless i have an attachable schedule from broker

Michael,

Doesn't EVERYTHING cost more on Long Island!!!!!

[michaelmars]

THE way i see it everything does except over crowding, rudeness, and self absorbed selfcentered me-first people, they are in huge supply and free! [not liking my clients today]

[GLJEANNE]

I usually charge hourly for excess Sch D trans - $75-100 hour.

[joelgilb]

$5 per sale that would mean 5K for a total of 1000 Sales.. WOW.. Who is going to pay that kind of money..?

Never seen that many, but for extremely large number of transactions in the past I have recommended either they download the transactions into an Excel spreadsheet that I can manipulate and copy into ATX or a paper filed return and then I only key in one line for short and one for long term and attach the brokerage statement.

If they can't do that then they just have to pay the piper! Piper Joel that is!

Joel

[taxtrio]

Remember that you can still efile with "substitute" D-1 statements. If you have a brokers statement that shows all acceptable information... you can attach a copy of the brokers statement to the 8453 and check the box for substitute D-1 attached. Enter the totals on front page of Sch D as if they came from the real D-1. Good to go.

efiles fine. Less time for me, more accurate that all that inputting for 1,000 trades (or even a few hundred).

But watch out for missing information, I had a couple of broker's "realized gain/loss statements this year that listed a sale with no basis information, and didn't include the income in the "realized gain".... So I always check over the statement before using it.

One state I had from a managed account was in small type, 56 pages long with thousands of stock transactions, some with gains of only 16 cents!! How was I supposed to input that!! The front page showed all totals, only 600.00 plus in short term gains..... I love the 8453 check box... Try it you'll like the time it saves.

PS