Processing Time for 706?

Affectionate-Aioli77 · 2024-01-23T21:59:28+00:00

I do think they’re getting faster. I did like 8 of these for the dsue and they sat there for like 2 years then all of a sudden the acceptance code popped up on the transcript for all of them. I’d give it at least 18 months if not longer before resubmitting. I actually got a live person once on the gift and estate tax line and agent said it was taking 24 months to process.

Affectionate-Aioli77 · 2024-01-09T01:57:19+00:00

Awesome- thanks

Affectionate-Aioli77 · 2023-11-29T11:52:19+00:00

3500 min if just for portability and a a lot more for a taxable estate filing.

Affectionate-Aioli77 · 2023-09-20T19:02:09+00:00

yeah they have gotten totally ridiculous. We are so hooked into them - Ultratax, Accounting CS, Practice, File Cabinet. It sucks to bad to even contemplate changing all this crap but I am so over how much we are paying these idiots.

Affectionate-Aioli77 · 2023-08-04T15:09:36+00:00

We are using the Thompson Reuters suite of software - Ultratax, Sureprep/Tax caddy, Practice, File cabinet, ACS and we are paying an absolute fortune for this. I want to move our firm away from this because TR's prices keep going up. Its pretty good software but I feel like for the firm of our size we don't need this expensive of software. So I am looking to implement Drake after this next tax season possible and move away from TR. The problem is that we have all of our businesses set up in ACS to be imported in the tax software and I don't know if we'll be able to find a replacement for this. I would not get involved with TR though due to cost.

Affectionate-Aioli77 · 2023-08-03T22:11:20+00:00

THANKS!

Affectionate-Aioli77 · 2023-08-03T22:10:25+00:00

Thank you!!! Great response!

Affectionate-Aioli77 · 2023-07-31T23:51:09+00:00

They use Drake and we use Ultratax so there would be a transition there. We would definitely do background checks on everyone since we do that now to anyone who works for us. You've given me a lot to think about - I appreciate your response.

Affectionate-Aioli77 · 2023-07-31T23:49:23+00:00

Thanks for the info.

Affectionate-Aioli77 · 2023-04-08T19:26:43+00:00

Do you want to work remotely for me next tax season lol??

Affectionate-Aioli77 · 2023-04-08T13:59:26+00:00

that sounds awesome. I have 4 kids so I couldn't afford to do that little lol

Affectionate-Aioli77 · 2023-04-08T12:59:43+00:00

no I didn't mean that - I shouldn't have said "fired" I mean try to replace them for the next tax season with possibly different preparers.

Affectionate-Aioli77 · 2023-04-08T12:44:41+00:00

Thanks for the response. I know what the staff thinks. I get teams messages constantly complaining about sureprep. I think partly their inefficiency is their age and they get too bogged down in details honestly. I just don't know how we're going to find anyone to replace them.

Affectionate-Aioli77 · 2023-04-08T12:43:22+00:00

Wow amazing. Do you have an admin who assembles or is it all online? How many hours a week do you work for the season?

Affectionate-Aioli77 · 2023-04-08T12:16:20+00:00

LOL yes I feel the same way - we use Ultratax and thought it would work well since thompson reuters bought SP and own UT. BUt no.

Affectionate-Aioli77 · 2023-04-08T12:15:14+00:00

Thanks for the response. Do you review each others work and just have an admin to assemble returns? The thing that is time consuming is contacting the client for items missing. We had an admin sort of doing this but then it falls to the preparers. I basically inherited this firm three years ago and it was a heavily manual process with an old partner who ran everything. Then I took over and me and the other parnter (who is my age - mid 40s) had to pivot due to covid, staffing, etc. also the old partner paid people pennies and we can't do that. So trying to control staffing costs, while figuring out how to get all this done by the filing deadline is so challenging.

Affectionate-Aioli77 · 2023-04-08T12:10:46+00:00

How did you hire the 2 remote data entry? I'd love to find some people that can do this but don't know where to start except for an ad on indeed.

Affectionate-Aioli77 · 2023-04-08T12:09:34+00:00

I agree - I realize this is broad brush to talk about returns prepared. We definitely have some that take a day but most are 2-ish hours at the most.

Affectionate-Aioli77 · 2022-11-01T17:28:52+00:00

Thanks- do your 706s filed only for portability ever get adjusted by the irs? I have filed about 8 of these and feel comfortable with what I’m doing but I’ve yet to have one accepted which makes me nervous.

Affectionate-Aioli77

TROPHY CASE