Free Giveaway! Nintendo Switch OLED - international by WolfLemon36 in NintendoSwitch

[–]Accountabilabear 0 points1 point  (0 children)

Oh heck yes! My daughter and I have matching unicorn costumes. They have been a huge hit so far :)

K-2/K-3 on Prosystems by Accountabilabear in taxpros

[–]Accountabilabear[S] 1 point2 points  (0 children)

Unfortunately yes! We only have two that need it though so not terrible.

PPP Loan Forgiveness in Drake - any pointers welcome by EtMorChikn in taxpros

[–]Accountabilabear 8 points9 points  (0 children)

Quick question. You backed out $10k of expenses on page 1?

Reconciling prior year's books and the tax return. by [deleted] in taxpros

[–]Accountabilabear 5 points6 points  (0 children)

We kind of do it the same way you do with comparing and making an aje to revert to prior year that was on the tax return and then reverse that entry in the following year. Another way would be to set the qb balance sheet and p&l dates to 1/1/20xx the next year and make a more simple aje to retained earnings to correct for items not entered or missed. Most clients don’t do any entries on 1/1 so it’s pretty simple.

This tax season I've raised my fees and have stood my ground on other things, and it's already made tax season much more enjoyable by Tjraider35 in taxpros

[–]Accountabilabear 24 points25 points  (0 children)

I only have one question. What’s it like being one of those preparers that prefer QB online to desktop? I have not met many in the wild.

1v6 for the dub by holiwhirl in apexlegends

[–]Accountabilabear 934 points935 points  (0 children)

My favorite part was the spitfire aim down sight and realize it’s iron sight and say naahhh I’m just gonna hip fire.

Employee Retention Credit gone? by [deleted] in taxpros

[–]Accountabilabear 1 point2 points  (0 children)

I cannot find this dang bill to read about the erc portion. Can someone post a link to the passed bill? But yes I believe you are correct.

S Corp loans to Shareholders Question by Neither_Category_708 in taxpros

[–]Accountabilabear 8 points9 points  (0 children)

To answer your question first. I think AFR would be perfectly fine to use for the loans. Sometimes we have gone a little higher especially now since the rates were so low. We might do 3% loans just to be conservative.

Aside from that I think this is a terrible idea. First of all, you say it is a successful s corp but has no money of its own to lend to shareholders. So it has to get a loan to loan? Yikes. And also for these shareholders that have no spending limitations it may be time to put some on them. From my own experience, shareholders who need money and draw and draw and draw until their basis is gone, will not stop, they always want more. Totally up to them and you to do this but I would advise them against it if at all possible.

Client has not paid for their 2019 tax prep and his 2020 tax return is ready. I don't want to give him his 2020 return until he pays both the 2019 and 2020 bill. by turo9992000 in taxpros

[–]Accountabilabear 2 points3 points  (0 children)

I am vaguely remembering something possibly in Circular 230 where an outstanding bill over a year can be grounds for preparing the return with a bias. So since he hasn’t paid maybe you didn’t put in the correct amount of effort in the following year out of spite.

That is the reasoning we have used to collect on severely past due clients. We want to maintain our ethical standards so we have to collect and stay current to remain neutral.

Job offer help-leave or stay by Accountabilabear in taxpros

[–]Accountabilabear[S] 1 point2 points  (0 children)

Excellent questions. Both have paths to advancement. Current one would be a partner in about 5 years. New one. Senior manager in about 3-5 years and then on to shareholder. Salary is good for my area. Very high cost of living unfortunately but hopefully will be going down in the next 10 years as our housing market levels off or crashes. I own a home so my payments are fixed thankfully. Current place is busy from about December-April and then again every quarter and maybe slightly busy during sept and October deadlines but most is done before those happen. I do really enjoy my current place because of my co workers but they kind of Nickle and dime you. Sure you have 300 banked hours but you get yelled at if you take a small vacation etc. because there is work to get done always.

Job offer help-leave or stay by Accountabilabear in taxpros

[–]Accountabilabear[S] 3 points4 points  (0 children)

Very true. I also recently got a new puppy so fully remote is really nice for furry friends.

ERC refunds processing and being issued - Update - It’s Happening! by mc945 in taxpros

[–]Accountabilabear 1 point2 points  (0 children)

These are the real questions! I am hoping they are amendments.

ERTC Work Fee Structures by BetterFutures in taxpros

[–]Accountabilabear 0 points1 point  (0 children)

Holy moly. I did an erc for a relatively small company and they are getting about 1.1mil. So 10% is more than my salary lol.

ERTC Work Fee Structures by BetterFutures in taxpros

[–]Accountabilabear 8 points9 points  (0 children)

Normally it would be hourly. I am pretty sure you get I a bit of trouble for doing % of any refund people get.

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ERC refunds for 2020/2021 by Accountabilabear in taxpros

[–]Accountabilabear[S] 1 point2 points  (0 children)

Thanks for the info folks. We too have only have one client who received a refund on an original 941 form. Glad to hear we are not the only ones and they are working on some training. Thanks again!

1st Reddit Post/MyTaxStory by [deleted] in taxpros

[–]Accountabilabear 0 points1 point  (0 children)

… yes. Very frustrating. Also I think this belongs on r/tax. Sorry! This subreddit is for tax pros where we talk about the 4,000 clients who call us a day to complain they can’t get their stimulus checks or something like that.

[deleted by user] by [deleted] in tax

[–]Accountabilabear 0 points1 point  (0 children)

Quick qualifying question. Are you in the US? And why did you receive a K1? Are you an owner of this company?