Anyone done their taxes, yet?
03-05-2019, 04:05 PM
#41
Aren’t you a tax professional? If so, your data isn’t a good representation. The new legislation favors lower earners i.e. not the ones paying your $150+ hourly rate. Yes, many of YOUR clients will be adversely impacted.
It’s just getting old seeing headlines about refunds being down, but people don’t understand the difference between a refund and tax liability.
As a matter of fact, my clients represent a cross-section of all incomes from those just getting by to some who are enviable wealthy, and mostly those in the middle. Some are benefitting from the new tax code, most are not.
I stand by my data.
03-05-2019, 04:11 PM
#42
Yeah, I'm a retired CPA. I know the lingo.
K-1s come from estates, trusts, partnerships and S-corporations, although that last one might have a different number. (Memory getting rusty) The underlying returns can be extended, which would mean you wouldn't get your K-1 until after April 15th, but most accountants hate to do that because they will then get nasty phone calls from all the recipients. I hope all of yours come soon.
K-1s come from estates, trusts, partnerships and S-corporations, although that last one might have a different number. (Memory getting rusty) The underlying returns can be extended, which would mean you wouldn't get your K-1 until after April 15th, but most accountants hate to do that because they will then get nasty phone calls from all the recipients. I hope all of yours come soon.
03-05-2019, 04:32 PM
#43
03-05-2019, 04:47 PM
#44
Registered User
Rob, I was aware of the change in due dates. What I was trying to say was that if the partnership (or trust etc) return were extended, then the K-1 would likely come after April 15th, no matter when the due date was. And extensions are easy to get, automatic even, unless they have changed that.
ssbfgc, I think you have it backwards. The tax legislation favors the wealthy, which you seem to think that all Rob's clients are. In that case his clients would be happy. The people on the bottom of the scale also benefit, but they are in a group that would not see a CPA. But like Rob, many of my clients are (were) middle class, and self employed. And mine had state taxes that now have limits. My clients (if I still were working) would be in the same boat I am, the boat floating on the ocean of more taxes, not less.
ssbfgc, I think you have it backwards. The tax legislation favors the wealthy, which you seem to think that all Rob's clients are. In that case his clients would be happy. The people on the bottom of the scale also benefit, but they are in a group that would not see a CPA. But like Rob, many of my clients are (were) middle class, and self employed. And mine had state taxes that now have limits. My clients (if I still were working) would be in the same boat I am, the boat floating on the ocean of more taxes, not less.
03-05-2019, 04:51 PM
#45
03-05-2019, 04:55 PM
#46
No, Bill, I meant what I said. The federal income tax I paid for 2018, (the figure "this is your income tax on the return") was 3.6 times as much as the prior year. Having said that, my tax for either year was not a huge number, as I am retired and have a lot of non-taxable income (municipal bonds), but the point I was making is that my tax went up even though my total income went down. Mainly due to a loss of deductions that were disallowed by the new tax law.
03-05-2019, 04:56 PM
#47
Rob, I was aware of the change in due dates. What I was trying to say was that if the partnership (or trust etc) return were extended, then the K-1 would likely come after April 15th, no matter when the due date was. And extensions are easy to get, automatic even, unless they have changed that.
ssbfgc, I think you have it backwards. The tax legislation favors the wealthy, which you seem to think that all Rob's clients are. In that case his clients would be happy. The people on the bottom of the scale also benefit, but they are in a group that would not see a CPA. But like Rob, many of my clients are (were) middle class, and self employed. And mine had state taxes that now have limits. My clients (if I still were working) would be in the same boat I am, the boat floating on the ocean of more taxes, not less.
ssbfgc, I think you have it backwards. The tax legislation favors the wealthy, which you seem to think that all Rob's clients are. In that case his clients would be happy. The people on the bottom of the scale also benefit, but they are in a group that would not see a CPA. But like Rob, many of my clients are (were) middle class, and self employed. And mine had state taxes that now have limits. My clients (if I still were working) would be in the same boat I am, the boat floating on the ocean of more taxes, not less.
03-05-2019, 05:16 PM
#48
Rob, I was aware of the change in due dates. What I was trying to say was that if the partnership (or trust etc) return were extended, then the K-1 would likely come after April 15th, no matter when the due date was. And extensions are easy to get, automatic even, unless they have changed that.
ssbfgc, I think you have it backwards. The tax legislation favors the wealthy, which you seem to think that all Rob's clients are. In that case his clients would be happy. The people on the bottom of the scale also benefit, but they are in a group that would not see a CPA. But like Rob, many of my clients are (were) middle class, and self employed. And mine had state taxes that now have limits. My clients (if I still were working) would be in the same boat I am, the boat floating on the ocean of more taxes, not less.
ssbfgc, I think you have it backwards. The tax legislation favors the wealthy, which you seem to think that all Rob's clients are. In that case his clients would be happy. The people on the bottom of the scale also benefit, but they are in a group that would not see a CPA. But like Rob, many of my clients are (were) middle class, and self employed. And mine had state taxes that now have limits. My clients (if I still were working) would be in the same boat I am, the boat floating on the ocean of more taxes, not less.
03-05-2019, 05:51 PM
#49
Probably the worst, least timely K-1s are those involved in Oil and Gas partnerships. For some reason they always seem to come in August.
03-05-2019, 05:59 PM
#50
Rob, I was aware of the change in due dates. What I was trying to say was that if the partnership (or trust etc) return were extended, then the K-1 would likely come after April 15th, no matter when the due date was. And extensions are easy to get, automatic even, unless they have changed that.
ssbfgc, I think you have it backwards. The tax legislation favors the wealthy, which you seem to think that all Rob's clients are. In that case his clients would be happy. The people on the bottom of the scale also benefit, but they are in a group that would not see a CPA. But like Rob, many of my clients are (were) middle class, and self employed. And mine had state taxes that now have limits. My clients (if I still were working) would be in the same boat I am, the boat floating on the ocean of more taxes, not less.
ssbfgc, I think you have it backwards. The tax legislation favors the wealthy, which you seem to think that all Rob's clients are. In that case his clients would be happy. The people on the bottom of the scale also benefit, but they are in a group that would not see a CPA. But like Rob, many of my clients are (were) middle class, and self employed. And mine had state taxes that now have limits. My clients (if I still were working) would be in the same boat I am, the boat floating on the ocean of more taxes, not less.
I knew you knew about the changed dates, I just thought I'd mention it.
Your clients were probably very much the same as mine are, and probably very much the same as most of us CPAs have. A few are fabulously wealthy, a few can't make ends meet, but most are scattered through the middle. I tend to agree with you. I too think that the tax code favors the wealthy and those at the bottom. As usual, those in the middle pay the price.
Do you miss tax season? If I'm not mistaken this is the first tax season of your retirement. Don't you miss the 2:00 am tax return reviews and the phone calls from the clients asking why their return isn't done, "you've had the papers for 2 days already"? And "what do you mean I have to pay, if you were a good accountant I'd be getting a refund". Actually, I'm not complaining, It's not a bad way to make a living.