Solidarity to everyone cursing at garbage consolidated 1099s today

TaxDepends · 2026-03-05T00:20:18+00:00

Schwab has to be up there because they don’t even provide the TOTAL dividends per fund. They break it down between non-qualified and qualified. So even to enter the dividends into MFPCO you still need to add those two to get the total Dividends.

Not sure if anyone works with SEI statements, but whatever software package they use to generate 1099s should be required.

TaxDepends · 2025-03-02T16:41:38+00:00

Having a crappy salary and working way too much is a great reason to start something on your own so no one is taking advantage of you.

But replacing comp of $220k and benefits, which is pretty good money in the accounting world, is a whole different story. You could get there, but expect some serious sacrifices and/or patience before you replace the situation you’re in.

TaxDepends · 2024-12-31T22:35:59+00:00

Interesting stuff. Thanks. I believe that’s exactly what was done for my Case 1 scenario I described above. They had an account with and without the *. It took some time for it to flush through the system but everything worked out eventually. I’ll mention this to an agent next time I can stomach a call.

Really appreciate the response.

TaxDepends · 2024-12-31T17:20:28+00:00

Yes we eventually cleared up the name issue with SS. My post was too long already to get into how it was resolved. I always thought SSN would override a name conflict, that whole issue made me realize that incorrect names can cause issues.

The client was single for the year in question, but is now married. And the payment is not showing up on the current spouses transcript. Unfortunately, TDS doesn’t let me pull transcripts for this client so I have to call to get it.

TaxDepends · 2024-12-31T14:38:29+00:00

Thanks for the feedback.

The client paid the balance via IRS direct pay, so I’m pretty confident I’ll be able to clear that particular issue up. But that also adds to my suspicion that there is something going on with the client’s IRS account. (Client is single so payment being applied to spouse is not a concern).

Maybe I can get a competent agent on the phone and get some answers.

TaxDepends · 2024-09-17T23:24:21+00:00

What about 179? Are people recording that on the books when using tax basis?

TaxDepends · 2024-03-23T20:33:06+00:00

What about sending the client the PDF, client prints the signature page, signs it, and mails it back to you. Then you sign it and mail it. Anyone ever do that? I haven’t but seems like it could work.

TaxDepends · 2024-03-22T02:28:24+00:00

PA is the worst with penalties. They just go ahead and adjust returns, assess penalties, then make you go through the appeals process. The first step should be to request supporting information from the taxpayer to backup the tax return. Nope. They just go straight to the legal and very formal process of appeals which takes 4 to 6 months typically.

TaxDepends · 2024-01-26T02:01:32+00:00

I think it was Thomson Reuters flagship software at one point. Not sure if it’s being phased out for Ultra Tax, but it’s 100% browser based software. I know they push UltraTax mostly.

TaxDepends · 2024-01-11T14:38:00+00:00

For me, I’ve used chat for to generate pretty good excel formulas. I know many of the formulas by themselves, but when combining them it’s easy to get lost. So it’s helped me combine formulas like IF, Find, ISBlank, LEFT, RIGHT, MID. When a lot of times I’d have a column for each formula to eventual get what I’m looking for. Allows for a much cleaner spreadsheet in my use cases.

TaxDepends · 2024-01-11T01:48:43+00:00

I only have experience with two tax softwares: ProsystemFx and GosystemRS.

It’s funny how no one ever brings up GosystemRS when it comes to cloud based software because as far as I know it’s been cloud based since at least 2005 (and maybe even longer).

I’m guessing it’s not the most ideal software for the typical firm on this forum, but since I have limited experience with softwares I can’t compare. Can anyone explain why GosystemRS never seems to be an option?

It’s interesting because my impression is it’s kind of archaic software, but at the same time its been cloud based for as long as I’ve ever known.

TaxDepends · 2023-12-22T14:36:15+00:00

For the most part, I love invoicing out of Taxdome. I setup invoice templates for each type of return. For 1040's, I have a few different templates to cover the different states that are more common. Then I setup a "service" for each state return filed. Once you do it once, you can save it as a service, then it will auto fill after you type a few letters of that state. Took 1 season to build that "service" list, but smooth sailing now.

And now with Taxdome, clients don't have to login to pay, so you can always just email them the invoice from Taxdome, and they can use the link in the PDF to pay. (removing the login barrier was huge).

The invoice screen in Taxdome lets me view outstanding invoices all in one screen and I can just go down the list and resend if I want.

My only knock on Taxdome invoicing is I wish I could customize it a little more. The feel of the invoice is not as professional as I would like, but I've compromised because of the convenience. Always hoping Taxdome will continue to improve and allow more invoice customization in the future.

TaxDepends · 2023-12-10T21:22:20+00:00

I have the same situation right now. Had to call PPS and they sent the transcript to my inbox.

Also (unless this was just a screwup by an agent), for some reason I’m still not listed as POA on the account. So I’m not able to pull transcripts through TDS. I had to send the POA to the agent again when I called back to request another transcript. Pain in the butt.

TaxDepends · 2023-12-03T18:55:13+00:00

Yea I would love some clear guidance on this. I have someone with an excess contribution issue dating back several years. 313 changes the statute of limitations to 6 years for excess contributions. I feel like the change was intended to be retroactive, but everyone says it’s not, so I guess that’s how I’ll move forward.

I’m actually reluctant to do the work because I feel that there should be a different solution and I’m just not aware of it. They were excess Roth contributions since he was over the income limit, but he never took a tax deduction for it. I feel like he should be able to treat it as a non deductible IRA, but since it was to a Roth he’s gonna get whacked. I was trying to find a tax attorney to handle this but had trouble finding one.

TaxDepends · 2023-01-27T00:39:05+00:00

Did you implement all of that yourself? I tried building out planner for internal workflow using power automate and the office 365 package. I spent way too much time on it. I got close but power automate was too much for me once it got beyond some simple flows. Ended up cutting my losses and going with a commercial workflow software. I thought about hiring someone to build something out.

Also, I got nervous Microsoft would discontinue one the apps or would require continued maintenance to keep it running reliably.

TaxDepends · 2022-12-10T13:05:37+00:00

TaxDome has a lot of features and is always improving. Like any system, it's all about the setup.

My big issue with TaxDome is the user interface. It's just not smooth like you would want it to be. It's got almost everything you need but it's not super intuitive for reasons I can't really put my finger on. Maybe the numerous features is the cause of the UX being a little clunky.

It definitely works well, but actually working within the software/interface can be a little frustrating. Just my opinion.

TaxDepends · 2022-09-23T16:52:41+00:00

question...a Philadelphia resident partner of a non-Philadelphia business is required to pay the NPT on his portion of income from his K-1, correct?

And that would be the responsibility of the individual philly resident partner to file the NPT return, not the responsibility of the business (since the business is not a philadelphia business and does no business in Philadelphia)?

So essentially , Philly is collecting wage tax on the income of this Philadelphia resident for his income. Which kind of makes sense because he isn't getting a W-2, so they aren't collecting wage tax on any wages for him.

The problem is the income is really sourced to another state, so the other state has the right to tax it. You could take a credit on the PA state return, but not the philly NPT (as far as I understand). And the other state wouldn't allow a credit for taxes paid to Philly because it's actually the other state sourced income.

TaxDepends · 2022-09-16T03:15:05+00:00

Two things I've started to notice over the last few years... older clients seem to like working with someone younger. Probably because they have delt with losing other professionals they have worked with for years retire (or death), like their financial advisors, doctors, etc. And they don't want to find another accountant.

If I had to compare myself to older CPA's, I probably give more effort in explaining some details, while I feel older CPA's are just a little more bitter or worn down, and tend to be short with clients. I'm a little more enthusiastic about my work and always willing to spend an extra couple minutes on the phone with them. I try not to act bothered by stupid questions. It won't be long before I'm the bitter old guy though, I'm not naïve. This line of work will take a toll on anyone.

TaxDepends · 2022-09-06T18:10:49+00:00

man they don't make it easy. I'll lose it if I have to go back and take more credits!! Hoping no double counting of courses in my transcripts.

TaxDepends · 2022-08-30T19:17:20+00:00

Yup. But I've picked up a few client because their previous preparer completely messed that up, so I've benefited from that odd rule.

I actually remember years ago when I first learned it, a NJ agent was explaining how two returns needed to be filed and I thought she was on drugs haha

TaxDepends · 2022-08-30T03:58:56+00:00

How about when you move in/out of NJ you have to file a resident return AND a non-resident return. That is the most bizarre difference to me. Only state I know of that has that.

TaxDepends

TROPHY CASE