Accountant problems (by RentsDue [MA]) May 5, 2021 7:57 PM
Accountant problems (by Johnny B. [MA]) May 5, 2021 8:17 PM
Accountant problems (by RentsDue [MA]) May 5, 2021 9:00 PM
Accountant problems (by Allym [NJ]) May 5, 2021 9:02 PM
Accountant problems (by 6x6 [TN]) May 5, 2021 9:10 PM
Accountant problems (by Ray-N-Pa [PA]) May 5, 2021 9:23 PM
Accountant problems (by Robert J [CA]) May 5, 2021 11:04 PM
Accountant problems (by Robin [WI]) May 6, 2021 1:44 AM
Accountant problems (by MAP [NY]) May 6, 2021 6:13 AM
Accountant problems (by Marv [IL]) May 6, 2021 8:44 AM
Accountant problems (by WMH [NC]) May 6, 2021 8:58 AM
Accountant problems (by Wilma [PA]) May 6, 2021 4:15 PM
Accountant problems (by PG [SC]) May 6, 2021 8:18 PM
Accountant problems (by GKARL [PA]) May 7, 2021 3:45 PM
Accountant problems (by MikeA [TX]) May 7, 2021 9:17 PM
Accountant problems (by Rob [MA]) May 13, 2021 10:00 PM
Accountant problems (by RentsDue [MA]) Posted on: May 5, 2021 7:57 PM Message:
I had to break up with my long time Accountant because there were some indicators that he was no longer up to the task. Great guy, but accurate tax accounting isn’t something I take lightly. One thing that really bothered me was that he always waited until the very last week to file even though I gave him everything he needed months in advance. Last year he was down until the last day and it made me crazy. I found a new highly recommended corporate accountant. Not a one man show, part of a firm. He waited until the last week to do corporate taxes.Blamed it on the fact that the tax codes kept changing. I don’t know if that’s true or an excuse. He still has not done my personal taxes. He promises it will get done “ in time”. Am I being too sensitive about this? Is it common for Accountants to wait until the last minute?
--68.191.xx.xx |
Accountant problems (by Johnny B. [MA]) Posted on: May 5, 2021 8:17 PM Message:
I know this doesn’t answer your question, but for people that hire their taxes out, are there specific money saving strategies/deductions that you can point to that you feel your hired accountant got for you that you wouldn’t have got using TurboTax? If not, why go through the hassle to hire it out? --73.186.xxx.xxx |
Accountant problems (by RentsDue [MA]) Posted on: May 5, 2021 9:00 PM Message:
TurboTax is likely thorough enough to catch all the deductions. I don’t know that it would work out for me though. I have several corporations held in different capacities. While the LLCs are pass through entities, things get more complicated with C Corps. There’s also the rentals, capital gains ( some years) and the day job income. My tax return is about 6 inches thick. I sleep better at night knowing that a professional did it. It’s worth the cost. When things are less complicated I would be comfortable doing it myself. --68.191.xx.xx |
Accountant problems (by Allym [NJ]) Posted on: May 5, 2021 9:02 PM Message:
My accountant files as soon as he gets my documents which is in January mid month. This year I did not get my statements from investments until next month and some didn't show up and I had to call and ask. So I sent my papers in March and then got concerned and they said they never received them and they were not logged in. After calling some investments to change security and searching USPS etc. they were found in a back office. I had sent new copy and my taxes went in on time. Everything is messed up this year. If you can get the paperwork to accountant immediately they do it right away.
Johnny B. I used Turbo Tax and then I got a CPA firm. They had all the new info on regulations and were able to answer questions for me and make suggestions for the next year. Turbo Tax doesn't say things like "buy big items early in the year so longer time to depreciate". I was nervous about doing it myself and now I am not. I don't remember Turbo Tax saying anything about NOL, Net Operating Loss carryover. --108.24.xx.xx |
Accountant problems (by 6x6 [TN]) Posted on: May 5, 2021 9:10 PM Message:
Certain things can get delayed by tax laws.
Historic Home Credit comes to mind. --73.120.xx.xxx |
Accountant problems (by Ray-N-Pa [PA]) Posted on: May 5, 2021 9:23 PM Message:
This year I had to file taxes in four states, local, and federal.
Sure I can cut corners but in the year where I did MULTIPLE 1031's I deferred more than $800,000 in taxes. I underpaid taxes by six figures in 2020 even with the deferment. Covid has been very very good to me --24.154.xx.x |
Accountant problems (by Robert J [CA]) Posted on: May 5, 2021 11:04 PM Message:
I normally do my own taxes, I studied accounting in college so it's no big deal. But one year I got audited by the IRS and they came after me with vengeance. I won..
So when a complicated tax return was in the storm I turned to a tenant who was a senor tax specialist that included corporate clients. He'd go to court and same the IRS...Winning always. So I used him and it worked like a charm. I got nasty letter from the IRS saying I owe them zillions of dollars plus interest and penalties. Then my accountant would take over and the IRS sent me an apology letter. Then he retired at 80 years of age.
I went to a recommended account and attorney to handle a partnership property where several partners passed away from old age. This accountant/attorney dragged her feet and waited too. She had promised that she would prepare and file the returns within 4 to 6 weeks. It was now 4 months. So I took the file from her. She said she used the $5,000 retainer....Her work product was only a few hours...Such B.S.
I then went to a law firm of the owner of an apartment building next to one of mine. A dream come true. A large firm with everything under one roof. Things got done on time. The only problem, it cost me big bucks.... --47.155.xx.xxx |
Accountant problems (by Robin [WI]) Posted on: May 6, 2021 1:44 AM Message:
We used TurboTax for years. But now we're filing in two different states and four different cities, and have had some really tricky questions (how do we handle taxes for a partnership when one partner embezzles and then disappears?). It's worth it to me to send in the info and then get the seven returns done all at once. --73.65.xxx.xxx |
Accountant problems (by MAP [NY]) Posted on: May 6, 2021 6:13 AM Message:
I have always done my own taxes. took accounting in college. one time the IRS messed up my filing status and I won. I use taxact online, the "deluxe" version without all the "audit insurance" fringe things. I file a schedule C for my husband's LLC and schedule E for rentals --72.231.xxx.xx |
Accountant problems (by Marv [IL]) Posted on: May 6, 2021 8:44 AM Message:
I do taxes. This has been an especially bad year. We did not take appts to protect staff and me. When 10 people drop off taxes every day and you can only do 5 a day, things start backing up. At one time I was two weeks behind. Other preparers in my office got 3 weeks behind. If someone drops off a tax that is difficult to complete or a pain in my ass, I will sometimes put that aside and pick up an easier return to do. After you do this multiple times, the dead line is here before you know it. I have to fight the urge not to postpone taxes all the time.
After the first of every year, I rush to complete 50 or so corporations in January because I know once the individual taxes come in It will be hard to do the Corp.
When I get a call from the tv station wanting me to advertise I say NO, I'm working 7 days a week now. Why would I want more business.
--67.184.xxx.xxx |
Accountant problems (by WMH [NC]) Posted on: May 6, 2021 8:58 AM Message:
Tax laws are complicated and ever-changing and so is our status, meaning a deduction we couldn't take before now we can and vice versa. I want someone who specializes in knowing that, and especially RE and taxes. When we needed a new CPA I got on the phone and called around asking these (sometimes big) firms if they had anyone who specialized in Real Estate Investing. To my surprise, most did not. Oh they might have a few clients doing it but it wasn't a specialization.
Found one out in Iowa or somewhere, and that's where we've been ever since. We did meet her once when she came to the Outer Banks on vacation, but otherwise everything is email and secure document exchanges. --50.82.xxx.xxx |
Accountant problems (by Wilma [PA]) Posted on: May 6, 2021 4:15 PM Message:
After my father-in-law, who always did his taxes by hand, passed, MIL went through 3 different professionals in three years before settling on the third, an extremely competent and very small group. CPA of year #1 was very frail, and his wife did most of the communicating - they dropped out of sight the next year. CPA #2 lost the paperwork and found it at 7PM on April 15th under a coat on a hallway chair in her home - drove 10 miles for MIL's signature and got it to the post office before midnight.
CPA #3 took one look at those two year's worth of returns and spotted 4 errors between them in about 5 minutes' of perusal. He filed amended returns for her and got several hundred back, and also got forgiveness from the IRS for a missed RMD (HUGE penalties for doing that, but newly widowed people nearly always are forgiven if they mess up and their CPA knows how to ask for forgiveness AND the widowed person takes the RMD immediately and provides proof).
Hang in there, you'll find one who does the taxes well and without drama, but it may take time! --96.245.xx.xx |
Accountant problems (by PG [SC]) Posted on: May 6, 2021 8:18 PM Message:
I agree with Wilma - I went through three CPAs before I found the one I am using now. Never been late filing.
A good CPA will say this is what the law says but this is what it really means.
It is the same with any other service or contractor sometimes you got to trade them out. --184.63.xxx.xxx |
Accountant problems (by GKARL [PA]) Posted on: May 7, 2021 3:45 PM Message:
Marv captured the situation precisely. I'm a CPA and am very busy and it's usually the huge returns that require the most time not to mention technical expertise. All of this occurs in a very compressed timeframe. At this point, I'm very selective in what work I take on and am cutting back and getting rid of certain clients; particularly those who won't listen and call me a bunch of times pressuring me. Most of us are overworked. The shortage of accountants is the main reason for this. --172.58.xxx.xxx |
Accountant problems (by MikeA [TX]) Posted on: May 7, 2021 9:17 PM Message:
I had the same CPA for years and like you he got closer and closer to the deadline. I finally had to sit down and have a talk with him. He came clean that he was down to the last few clients and had been contemplating retiring for the last couple of year, he was struggling on how to tell me. I ended up helping him along by moving to a new CPA, he was worrying over nothing and irritating me in the process. It's interesting what you learn when you have a heart to heart with someone. --64.130.xx.xx |
Accountant problems (by Rob [MA]) Posted on: May 13, 2021 10:00 PM Message:
Last minute is an audit strategy. They get flooded with returns and all hands are on deck to process. Early birds can be shuffled to the review pile. It's a seasonal job. Corps, non profits and condos during the year yes but the 300m ish piling in is the meat and potatoes. --173.48.xxx.xxx |
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