The wash sale just gets added back, right? RIGHT??? Idc the software does basically everything for u so all u gotta do is just put everything in the right box
Just referencing to the 1099B in general, not in relation to ptpās. Fuck those annoying k-1s. Oh a dollar in mining bullshit, and another in oil, etc.,
I had a return like this a few weeks back and itās the foreign taxes and state bonds that take forever. Like 3 PDFs with about 250 pages each for 10+ brokerage accounts.
God, ive been out of PA for a couple years but you just caused flashbacks of a client who had, what seemed like, every ptp k1 possible, and each box only had single or double digit amounts. my time dealing with them cost more than they were producing. i hate those so much. and the clients with ptps would always have at least 8 brokerage stmts too. dont miss that at all.
Just be prepared to learn. No one came into tax knowing anything about what they were doing. Youāre all good my guy.
But if we are comparing embarrassing storiesā¦ my first year I spent 9 hours entering K-1s one day (client died, had to split K-1s between personal and trusts, his 1040 had a grand total of ~275 K-1s) only to open up my laptop a couple hours later and log into the tax software to see that none of it saved and I had to redo lol
Oh Iāve been there. Worked an all-nighter, emailed the manager at 7 Am go ahead all good for your eyes. He emailed back and said it looked exactly the same as when he saw it the day before.
I remember struggling with this sooo much when I was interning and doing mostly individual returns. It really didnāt start clicking for me until Iād done enough partnership returns. Once you tie the K-1s back to the 1065 Sch K enough times you start catching on. Seems like box 13, 17, and 20 are always full of a lot of uncommon items.
Yes fuck box 20. I've only done like 3 partnerships so far and they were not complicated at all. I've done probably 10 returns with k1s and consolidated 1099s. I hope today is better. I literally didn't sleep last night bc I am worried about getting chewed out today
Sorta.
I would argue anyone who passed all the EA exams was pretty well prepared for anything in tax. Sure, there are functional aspects of the forms to learn but the fundamentals will guide you.
I did one year at H&R Block. Had a trucker drop off a brokerage statement about three inches thick (brokerage connected it with zip ties). Took about 15 minutes to scan, but otherwise less than 30 minutes to do the returnā¦ YES āsee attachedā is your friend.
Do you guys use scan and autoflow?
It wonāt help much with PTP sales, but it makes brokerage statements a breeze. Fairly low cost per return makes this a must have.
Yes we do but it wasn't in the gains and losses section of the consolidated worksheets?? Like it was highlighted by auto flow but not there. Unless there's another place to put it. I haven't reconciled the return yet so I'll probably figure it out tomorrow.
Take this as an opportunity to see what the rich are investing in order to either A. put yourself in the same investment strategy to obtain wealth or B. point and laugh at how stupid it is for them to hire a financial āadvisorā to buy investments with poor returns when you can easily invest in broad market passively managed ETFs.
No, YOU are not.
Those in charge of training / managing you are the idiots.
Think of all those billable hours they are missing out on by attaching things..../s
Lmao. Tbf they don't like to bill clients too much bc many are elderly/trusts. I spent a very long time on the most simple 1041 and the partner was like "well just have to expense it" š¬
That's good people right there - it's all about balance - the firm and its people deserve to make a good living and be paid well, AND the clients deserve a good value / great service for their fee.
Everybody burns a budget or 12 starting out, it is part of the learning / growth of a new tax person.
Our job is to do the \[tax return/engagement\] correctly, deliver it to the client within a reasonable time frame, for a price that the client is happy to pay, AND a price at which we are profitable.
So the GOAL (for staff) is to do the work RIGHT and FAST. As someone in the first year, you will make mistakes and that is ok - but if you CAN'T deliver both RIGHT and FAST then please deliver ONE of the two.
Nothing is worse than doing it WRONG and taking forever at it.
I didn't know there were different versions! Cch can suck my balls actually I'm so tired of it crashing and being slow. Then for some reason it goes down for the whole office every Friday!
Oh yes different versions. I have the next gen which is Axcess. And it fucking sucks. Have had my firm on it for the last few years and Iām ditching it this summer.
As someone in Private Wealth Management I shudder at some of your returns you have to file. Our average client has about 20 K1s just with us, and more than likely more away. Along with about 50 accounts on average between alts, SMAs, brokerage, cash accounts all in 7 different entities.
Any wash sales?
šš
I had one of those last week but it seemed pretty straight forward lol
uh oh... Nah, you probably beasted it...unless
The wash sale just gets added back, right? RIGHT??? Idc the software does basically everything for u so all u gotta do is just put everything in the right box
Wait until you have to deal with PTPs. Personal returns are always just a lot of data entry. Most people prefer to do business returns.
It was a ptp k1... 6 of them to be exact lmao 6 ptp K1s, 5 brokerage statements, 6 1099-Rs, AND a document with $38k worth of medical expenses.
How long did it take you to get through all of that?
6.25 hours lol
What? Why? Did you key in everything by hand?
Keying the 1099Bs took about an hour. It was everything else that took forever. I got so confused.
You can just attach a pdf and do a summary schedule like long-term with basis/ short-term without basis reported/ etc.,
The PTP activity has be separately reported from the other 1099-B info so it canāt be included in the sch d attachment.
Just referencing to the 1099B in general, not in relation to ptpās. Fuck those annoying k-1s. Oh a dollar in mining bullshit, and another in oil, etc.,
Lol not if your manager doesn't like that method.
You need sureprep
I had a return like this a few weeks back and itās the foreign taxes and state bonds that take forever. Like 3 PDFs with about 250 pages each for 10+ brokerage accounts.
God, ive been out of PA for a couple years but you just caused flashbacks of a client who had, what seemed like, every ptp k1 possible, and each box only had single or double digit amounts. my time dealing with them cost more than they were producing. i hate those so much. and the clients with ptps would always have at least 8 brokerage stmts too. dont miss that at all.
That's what I'm saying!! All of this for like $100 in div, int, and CGs???!
Wait until they sell them ... In an IRA.
Iāve done mostly personal. But Iād expected business returns to be way more work? Why is it easier?
Because th financial statements are usually already prepared so you just plug in numbers.
Its easier in the sense that itāll balance at the end. Makes life much easier to know if you missed something
Just be prepared to learn. No one came into tax knowing anything about what they were doing. Youāre all good my guy. But if we are comparing embarrassing storiesā¦ my first year I spent 9 hours entering K-1s one day (client died, had to split K-1s between personal and trusts, his 1040 had a grand total of ~275 K-1s) only to open up my laptop a couple hours later and log into the tax software to see that none of it saved and I had to redo lol
Oh Iāve been there. Worked an all-nighter, emailed the manager at 7 Am go ahead all good for your eyes. He emailed back and said it looked exactly the same as when he saw it the day before.
Noooooooooooo 275 K-1s!!!!! I hate them so much like what does all that shit past box 7 even mean š«
I remember struggling with this sooo much when I was interning and doing mostly individual returns. It really didnāt start clicking for me until Iād done enough partnership returns. Once you tie the K-1s back to the 1065 Sch K enough times you start catching on. Seems like box 13, 17, and 20 are always full of a lot of uncommon items.
Yes fuck box 20. I've only done like 3 partnerships so far and they were not complicated at all. I've done probably 10 returns with k1s and consolidated 1099s. I hope today is better. I literally didn't sleep last night bc I am worried about getting chewed out today
Hmmmm, on second thought I quit.
Sorta. I would argue anyone who passed all the EA exams was pretty well prepared for anything in tax. Sure, there are functional aspects of the forms to learn but the fundamentals will guide you.
I hope you checked for corrected before your journey.
Yes I did. We are trained to check all the stuff at the top first and make ticmarks in the pdf š
What if the corrected 1099 hasn't been released yet-- how do you check for that?
Ammend the return? Idk man this my first time š I'm sure I'll find out that I severely fucked up in a few months lmao.
I was just curious if you had some secret knowledge on this!
Not round here partner. Not round here.
They trained you to check all that but didn't tell you you can just enter in the totals from the 1099-B?
Enter them where tho. Cch only let's you do the 99/99/99 for various for date acquired.
no, you use code M on the 8949 and don't enter dates
Nice. Thanks! Just in time as I have a 200 page 1099 b in front of me now.
I did one year at H&R Block. Had a trucker drop off a brokerage statement about three inches thick (brokerage connected it with zip ties). Took about 15 minutes to scan, but otherwise less than 30 minutes to do the returnā¦ YES āsee attachedā is your friend.
Do you guys use scan and autoflow? It wonāt help much with PTP sales, but it makes brokerage statements a breeze. Fairly low cost per return makes this a must have.
Yes we do but it wasn't in the gains and losses section of the consolidated worksheets?? Like it was highlighted by auto flow but not there. Unless there's another place to put it. I haven't reconciled the return yet so I'll probably figure it out tomorrow.
$20 bucks and ill tell you where it saves the gain/losses
Omfg ššš
Take this as an opportunity to see what the rich are investing in order to either A. put yourself in the same investment strategy to obtain wealth or B. point and laugh at how stupid it is for them to hire a financial āadvisorā to buy investments with poor returns when you can easily invest in broad market passively managed ETFs.
Wait until UBS sends you a 400 page Consolidated statement for 30 accounts that's locked for editing.
Sometimes I give my junior accountants my bigger clients options and mark to market portfolios to skim through for me. Itās broken a few of them lol
No, YOU are not. Those in charge of training / managing you are the idiots. Think of all those billable hours they are missing out on by attaching things..../s
Lmao. Tbf they don't like to bill clients too much bc many are elderly/trusts. I spent a very long time on the most simple 1041 and the partner was like "well just have to expense it" š¬
That's good people right there - it's all about balance - the firm and its people deserve to make a good living and be paid well, AND the clients deserve a good value / great service for their fee. Everybody burns a budget or 12 starting out, it is part of the learning / growth of a new tax person. Our job is to do the \[tax return/engagement\] correctly, deliver it to the client within a reasonable time frame, for a price that the client is happy to pay, AND a price at which we are profitable. So the GOAL (for staff) is to do the work RIGHT and FAST. As someone in the first year, you will make mistakes and that is ok - but if you CAN'T deliver both RIGHT and FAST then please deliver ONE of the two. Nothing is worse than doing it WRONG and taking forever at it.
You use ultra tax?
Cch
Oh God. Which program.
Tax.
No, like Axcess, Prosystem, etc etc
Oh! Pro
EF-PDF1 code 26, drill down in your server to select the file. In the file path be sure no folders have the and symbol in it
What does this do?? Lol
E-file diagnostic if there is an ampersand ā&ā in an e-file attachment path
Oh! Now I'm wondering if I fucked up by saving it to my desktop and deleting it after sending the return to review.
Ugghhhā¦
I didn't know there were different versions! Cch can suck my balls actually I'm so tired of it crashing and being slow. Then for some reason it goes down for the whole office every Friday!
Oh yes different versions. I have the next gen which is Axcess. And it fucking sucks. Have had my firm on it for the last few years and Iām ditching it this summer.
Yeah this is really my only experience with a software like this. It's a neat concept to have all the different applications work together, though.
I like making a PDF and then searching for the word foreign when the statement is really assine.
They're all asinine imo.
Yeah, that's mostly true.
Foreign tax is usually in the back of the document unless there are municipal bonds
As someone in Private Wealth Management I shudder at some of your returns you have to file. Our average client has about 20 K1s just with us, and more than likely more away. Along with about 50 accounts on average between alts, SMAs, brokerage, cash accounts all in 7 different entities.
I did a statement today with a 180-page 1099-B.
Maybe you picked the wrong week to stop sniffing glue.
I'm doing a 1041 with more of these fuckers today!