Discussion:How many extensions - 2008
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| {{ForumReplyPost|UserID=Davidrayjr|Date=15 April 2009|Text=Does anyone worry about filing extensions on people due refunds? I never really have. We've done about 850 returns and still weeding through the extensions. 2 partners and 3 staff. I admire the numbers MNCPA did as that is really a large figure. We are slightly down from last year, not sure why. Seems like the younger people tend to do it themselves...glad its over but backed up on quarterly work for our corporate clients.}} | {{ForumReplyPost|UserID=Davidrayjr|Date=15 April 2009|Text=Does anyone worry about filing extensions on people due refunds? I never really have. We've done about 850 returns and still weeding through the extensions. 2 partners and 3 staff. I admire the numbers MNCPA did as that is really a large figure. We are slightly down from last year, not sure why. Seems like the younger people tend to do it themselves...glad its over but backed up on quarterly work for our corporate clients.}} | ||
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| + | {{ForumReplyPost|UserID=TheTinCook|Date=15 April 2009|Text="''Does anyone worry about filing extensions on people due refunds?''" | ||
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| + | There are a few elections that need to be made on a timely filed (including extensions) return. | ||
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| + | In a current case, I'm seeking relief under Rev Proc 2007-62. If we hadn't filed the 7004, the client would be out of luck.}} | ||
Revision as of 19:35, 15 April 2009
Discussion Forum Index --> Basic Tax Questions --> How many extensions - 2008
Discussion Forum Index --> Tax Questions --> How many extensions - 2008
| 14 April 2009 | |
| We did this last year, let's do it again!
I'm winding it down today and here's my totals: 118 extensions and I've finished 554 1040's; I've finished 17 Partnerships (4ext) 7 Corps (4 ext) 8 S-Corps (6 ext). | |
| 14 April 2009 | |
| 27 extensions requested by clients.
I spent the majority of the day also filing extensions for an additional 75 2007 clients that we haven't heard from. I have a marketing idea for those, and I'll let you know later in the year how it goes. 531 returns completed (as of tonight) vs 553 last year 4/15 | |
TheTinCook (talk|edits) said: | 14 April 2009 |
| How are you handling the sig requirement for the clients? Or do just make authorization to mail in the 4868 part of your engagment? | |
TheTinCook (talk|edits) said: | 14 April 2009 |
| I seem to recall having to do a PIN etc for the client when e-filing extensions. No such animal with paper filing it though.
Of course I'm an EA, but I generally exclude the authority to sign stuff for the client on my 2848;s. | |
TheTinCook (talk|edits) said: | 14 April 2009 |
| I know that. not what I'm talking about. | |
Wonder Woman USA (talk|edits) said: | 14 April 2009 |
| Finished 150 individual returns, 38 on extension. I also did a couple of miscellaneous 1041s, and two more of those are on extension.
You folks who do 500-600 tax returns -- how much staff do you have? I work alone (from home), with a gal who comes once a week to assemble returns. | |
| 14 April 2009 | |
| it also depends on the complexity of the returns, WWUSA. You could do 1500 1040 EZs in the same time it takes to do 300 1040 Sch A, B, D, E's. | |
| 14 April 2009 | |
| (that's one way the chains make so much money - they're paying lower wages to someone to do an $80 return) | |
Death&Taxes (talk|edits) said: | 14 April 2009 |
| WW: I am up to 61 extensions, many of them the 'heavy hitters' who are too g-d complex to pile thru in the first two weeks of April when their K1s start arriving. And I work alone, with my wife doing copying, scanning and billing plus now data entering enough information to do extensions. One other woman data entered 23 returns but I review and finish them. My area has a surplus of local taxes, and business taxes. | |
Wonder Woman USA (talk|edits) said: | 14 April 2009 |
| Because of the assembly part of the job, there's no way I could crank out 1500 returns. Of course, I almost never do an EZ, and only did 14 1040-As.
Oh, I am down 27 returns from last year's number, but who knows how many people will discover a bruning need for an amendment or a tax return over the summer... | |
Southparkcpa (talk|edits) said: | 15 April 2009 |
| I really am in awe of some preparers. I hear of people that do 1,500, some do 50.
I did 250 1040's 80 percent relatively complex (k1's, passive etc..., Sch C, D, E). about 110 business returns. (1065, 1120S). I do NOT want to do more. I am very mentally fatigued. 25, 1040 extensions, 10 biz extensions. Glad it's over!!! | |
| 15 April 2009 | |
| I have 2 employees, one is the secretary (puts returns together and deals with clients as they come in to sign) the other one is primarily a bookkeeper but she did about 100 of my 554 returns (but I still have to review them, and I do a very thorough review). I put in way too many hours, the last month I worked from about 6am to 8 pm six days a week. I plan on cutting back next year, getting rid of some clients. I'm tired of working that much, it's too stressfull. Too easy to make a mistake when my brain starts turning to mush at the end of the day. I am in such a bad mood by April 1st I don't even like myself. I would consider the returns I do fairly complex on the average, some extemely complex. Then sometimes I get stuck on something that seems like it should be simple, like the 13 year old 4-H kid who made 10k on the prize bull. I got stuck on that one when I had a controlled group of 4 corps each with the domestic production deduction, each with sales over 5mil, and I was sitting there stuck on "what should I do with this 4-H kid?!!!" When I needed to be working on the 4 corps. I think I need to cut back next year. | |
| April 15, 2009 | |
| I did 205 returns. 6 extensions. I am up by about 25% in return take rate. I still have one State Letter to do before I take a well deserved Friday off. | |
| 15 April 2009 | |
| My wife and I do the returns. One person for office help (copies, phone calls, etc). We have completed 220 returns and have 104 on extension. That's up just a little from last year. More extensions than I would like, but more people waited until late March to get us their stuff (because they are our most important/favorite client!). | |
| 15 April 2009 | |
| We prepared about 1700 and extended about 250 individuals today - many will probably go elshwere, as we changed from preparing while the client waits to a drop off service.... We have 2 partners, 5 staff accountants and an office manager. Definitely need to revise the workflow as I felt it was really inefficient. Anyone have a workflow model they'd like to share for a firm our size? | |
Davidrayjr (talk|edits) said: | 15 April 2009 |
| Does anyone worry about filing extensions on people due refunds? I never really have. We've done about 850 returns and still weeding through the extensions. 2 partners and 3 staff. I admire the numbers MNCPA did as that is really a large figure. We are slightly down from last year, not sure why. Seems like the younger people tend to do it themselves...glad its over but backed up on quarterly work for our corporate clients. | |
TheTinCook (talk|edits) said: | 15 April 2009 |
| "Does anyone worry about filing extensions on people due refunds?"
There are a few elections that need to be made on a timely filed (including extensions) return. In a current case, I'm seeking relief under Rev Proc 2007-62. If we hadn't filed the 7004, the client would be out of luck. | |
