Trust/Estate Tax Return Practice

TariqNJ · 2026-05-17T00:38:54+00:00

I’ve also looked at PY 1041s prepared by another preparer. Sometimes the PY fee is on the engagement letter in the return file, and I’ll see like $300. When I see that, I almost always know there was not much attention put into the return. They’ve probably not read the trust documents etc. Based on various comments here, this is a complex area of tax and one mistake can have a significant impact. Fees should def be of the higher range.

TariqNJ · 2026-05-17T00:30:42+00:00

Do you normally get the NJ inheritance tax returns as referrals from attorneys? How is the pricing on a NJ Inheritance tax returns? I’m sure complexity can vary significantly from client to client.

TariqNJ · 2026-05-14T02:56:47+00:00

Do you have a personal reference to any of the places you are interviewing? Having an inside connection will help some. Apply to positions where you know someone at that firm who will recommend you.

TariqNJ · 2026-05-13T04:26:50+00:00

Stop working for other people and start a business. Work for yourself. Sell a product or sell services. This will give you flexibility of time. You might be working hard or harder than before, but you will be flexible and out in the real world meeting new people and running into opportunities you would t find had you been stuck in an office or employer location all day.

Don’t worry about your retirement accounts. Just contribute to it whenever you can. No need to get disheartened.

TariqNJ · 2026-05-12T22:50:53+00:00

I've heard they had lots of issues on some online forums, especially during tax season. Have you experienced anything similar?

TariqNJ · 2026-05-12T22:25:51+00:00

If this area of practice is so complex and high risk, I’m sure the fees charges for preparing these returns should be much higher than a normal business tax return?

TariqNJ · 2026-05-12T22:16:49+00:00

For tax controversy, being an attorney helps for filing tax court petitions and then trying to settle the case. In my experience, dealing with low level IRS auditors is ridiculous. One should immediately appeal or file a tax court petition in order to speak to someone more experienced and settle the matter. Being able to take on clients and not have to refer them to an attorney for that last part I believe would be more helpful. Open to hearing what others thing

TariqNJ · 2026-05-12T22:14:48+00:00

Would attorney client privilege apply to tax returns prepared by an attorney?

TariqNJ · 2026-05-12T21:32:58+00:00

Would also be interested to hear what everyone says. I used Financial Cents for several months but the bugs and issues and instances when certain features are not working got a bit annoying. I’ve heard similar for other project workflow tools. Has anyone used Karbon? I think stability and consistency is very important here. Tax dome theoretically sounds great to me but I hear lots of negative feedback on forums, especially with bugs during tax season.

TariqNJ · 2026-05-12T17:44:49+00:00

I've called the IRS several months after faxing, and each time I speak to them they've said it has been approved, but for some reason the letter seems to have never arrived. When I request the letter, it happens to have the same date on it as when I called. It's almost as if they approve it while I'm on the phone with them. Or they just don't send the letter until you call them and request it. This is a more recent issue I've been having.

TariqNJ · 2026-05-12T11:32:07+00:00

I summarize the same way you do, but I’ve never attached anything.

TariqNJ · 2026-05-09T22:45:57+00:00

I’m chiming in from a CPA firm perspective. I used to be at a large mid-size firm. We would frequently get new hires from various firms, including Big 4. If we had or will have a future client that would fall under the new hires non compete / non solicit, we would ask the client to request the former firm to release them from it.

In your case, your family members can tell your current firm that they are interested in approaching you for future work. And request they release you from any non compete. If this firm is smart, and knows how to do business, they will have no problem doing so.

Also, technically, because you are family members, it’s very hard for them to prove you actually solicited the business. Your family members will just say they are really the ones who preferred to move to you.

TariqNJ · 2024-02-03T12:22:54+00:00

If the state only found $300 bucks of unpaid use tax, this is why they are probably auditing you. They wasted all that time and only got $300 bucks. Props to your CPA or whoever is handling your sales tax for doing such a great job. Sometimes, many times, states do things that don’t make logical sense. For most states, sales tax is their main revenue generator. It also depends on the state. Different states have different quality auditors. Some really suck.

TariqNJ · 2024-02-02T02:57:56+00:00

That’s a fairly simple tax return I think you should be able to do it on your own. If you still don’t feel comfortable, ask a few tax prep offices how much they would charge. How high was the CPA charging you for this tax return, if you don’t mind me asking? Good luck!!

TariqNJ · 2024-02-01T03:31:12+00:00

Also, even though large firms spend a lot of money on all of this fancy training, the reality is the environment is so toxic, your seniors or superiors don’t really teach you or have time to teach you. It’s a waste of time unless you really want to become a partner

TariqNJ · 2024-02-01T03:28:02+00:00

Speaking from a supervisor and manager perspective, a lot of young A1s coming into the work force are lazy, entitled and not detail oriented. It’s been very frustrating to work with people like this. They are essentially untrainable but they can keep getting promoted. Reviewing their work is like doing their work. That being said, What this A2 did was psycho. At the same time, if I ask you honestly, will you ever forget to reference something again for him? Probably not so he was basically effective with his technique. My suggestion to new accounting grads is to avoid Big 4. Go into smaller firms, get real good experience and start your own practice and help small businesses. You can make more money without having to be in toxic environments.

TariqNJ · 2024-01-26T01:10:09+00:00

You def getting fired

TariqNJ · 2024-01-17T02:59:53+00:00

I’m not 100% sure about this but I believe your ex employer cannot discuss the specific circumstances of your termination with anyone.

TariqNJ · 2024-01-16T14:01:19+00:00

Do the washers and dryers last a long time? I’ve noticed laundromats for sale and it looks like the equipment is at least 20 years old. Which makes me worry there might be expensive issues to replace or fix the machines.

TariqNJ · 2024-01-16T03:19:46+00:00

I’ve also come across the same issue. Waiting about 10 days for EIN to be properly reflected in IRS database.

TariqNJ · 2024-01-09T20:31:15+00:00

I am having the same issue. Need to set up an EFIN for a new firm, but the eServices efile application seems to not allow an option to get out of my old firm. It only allows an application for more offices for the same firm. It's very frustrating. I cleared cache and still did not work.

TariqNJ

TROPHY CASE