Discussion:Boy do I feel dumb.
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Discussion Forum Index --> Tax Questions --> Boy do I feel dumb.
| 6 November 2007 | |
| I was just on the phone with a new (hopefully) tax client. We were discussing her situation. She was telling me the moved in 2007 and sold their house and had a big gain on the house. I asked if she had owned the house for 3 years. She said "I think you mean 2 years, you are really starting to worry me". Oops.
Yes, I know that is a basic concept. My background is not individual tax, and I confess that is the type of thing I get comfortable letting the software do for me. But boy do I feel dumb right now! | |
| 6 November 2007 | |
| That is how we all learn though! It could be worse, at least that mistake didn't cost you any $! ;) | |
| 6 November 2007 | |
| One called me a few weeks ago and asked if I handled "NQOs." I had to tell him I didn't know what that acronym stood for, so he told me (using kind of a tone like this guy doesn't know what he's talking about) non-qualified stock options. I don't think he believed me when I then told him I handled quite a few returns with non-qualified options.
The funny part was he was looking for a 1040X, as he was a DIY and messed up his 05 1040. He then got a notice a few months ago and paid a great deal for his error, only to somehow learn he didn't really owe anything. Had he done his 05 return correctly it would have only netted to the common small capital loss. I did not hear from him again, so he either found someone who knew what NQO was without being told, or someone who would charge less for the 1040X. | |
| 6 November 2007 | |
| JDCPA Don't beat yourself up S**T happens . We are only human and at times are subject to our mind not being tied into our mouth. In that situation I always find that you can save the client by making some funny remark about how the older you get the dumber sometimes you feel. basically change the topic by poking a little fun at yourself. | |
| November 6, 2007 | |
| I love the ones who read something in the Sunday paper and bring it to me for thoughts.
But last week, I dropped a big ball when I mentioned that deprec. recap. on a deal was 25% rate, but that's only for RE. Duh. And my biggest client who sold her biz in Sept...? Yep, been using the wrong rate on the tax calcs. Trying to figure out a way to make it smell less.....and not lie much. Ouch. | |
| 6 November 2007 | |
| Decades ago I sat in a Becker CPA Review class and the instructor kept referring to a CYA file. After several mentions of this file I thought, man, this must be an important file and I don't know what the heck it is. So I raised my hand and said, "What is a CYA file?" Embarrassment followed when he told the whole class it was a "cover your a**" file. Apparently everyone but I knew this. | |
Death&Taxes (talk|edits) said: | 6 November 2007 |
| If I can while on the phone, I like to flip open something like Quickfinder and read points aloud to the caller, but sometimes I drop the phone while trying to reach the bookcase. Client called yesterday to say he had a notice from IRS about two people claiming his son as a dependent. I opened his file and noted the birthdate made him 22 in 2006, and that I had added him, not carried his name forward. I recalled asking him all the right questions but one. Asked him what he paid for etc etc but never asked him if the kid had filed....turns out client had filed a return for him, claiming a dependency. Only good thing to come out of it is that client was killed by AMT, so tax change was only a $10 reduction in telephone refund.
As for feeling bad, I did a return in front of the client, who when I finished, asked "did you give me the blind exemption?" Good lord, he had placed the white cane against my desk and was reading braille. | |
| 6 November 2007 | |
| Don't worry, I went about telling my estate planning clients that the unified credit shielded 600K for two years after the steady rise began. They'd inform me of my error(s) each time, and I'd still say 600K. P.S. No, I do not do 706's! | |
| 6 November 2007 | |
| Thanks for the comments everyone. And here I was afraid you were going to tell me I needed to stop drinking on the job!! ;) | |
Fuzzy Faced Leader (talk|edits) said: | 7 November 2007 |
| Drinking is not a requirement of the job, it is a priviledge. Like paying taxes. | |
