Discussion:How many extensions - 2008
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| Harry Boscoe, eat your heart out... I'm drinking a Busch Light!}} | Harry Boscoe, eat your heart out... I'm drinking a Busch Light!}} | ||
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| + | {{ForumReplyPost|UserID=Jokadah|Date=16 April 2009|Text=I filed 50+ extension and finished 352 returns. I was really worried the beginning of tax season as it started out much slower than normal. I knew I would lose a few to Turbo Tax this year as they were trying to save money. What's funny is one of them had me amend their return as Turbo Tax treated their 1099R income as wages and as retirement income, so much for saving money. I asked if I had job security and he said he would never try to do it on his own again and would have me file from now on. I'm not sure how that program works but I could not match their figures. I was very surprised when I was tabulating things to see that I'm actually up almost 25% in revenue from last year. A lot more referrals this year, so all in all it was a great year. | ||
| + | Thank you for all of the wise contributors on this site. It's nice having a place to refer to as sometimes your mind just goes blank or you get these off the wall curve balls. Thanks.}} | ||
Revision as of 04:45, 16 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. | |
Wonder Woman USA (talk|edits) said: | 15 April 2009 |
| A couple of years ago, I failed to file a New York extension on a client due a refund and they dinged him for $25 penalty. Real hard-@sses there in the Empire State! | |
Rgtaxservice (talk|edits) said: | 15 April 2009 |
| One two extensions. One should be done by Friday. Still waiting on client info for the other. On the bright side, it delays me from tackling my wife's To Do List. No longer will the phrase "Honey, I can't do that. I have taxes to do." carry the same magical weight as it once did.
It's back to being mortal again. | |
| 15 April 2009 | |
| "Anyone have a workflow model they'd like to share for a firm our size?"
This get's the job done around our office, pick your poison (scroll down for choices):http://www.bumwine.com/ | |
| 15 April 2009 | |
| I will forward completed, extended tomorrow. Too tired and am enjoying my beer. As for staffing, why cut back when you can hire decent staff and then make money off of them and at the same time have someone in the office to banter ideas around with.
I have two additional part time preparers and an office manager that keeps everything sane. I start off doing the returns in the beginning and then it gets a little busy and I spend most of the time reviewing, answering questions and bantering on TA and Facebook, errr, I mean with clients explaining their returns to them. My one preparer I inherited and she is pretty good, last of her kids started school this year, so she was 9 to 3 most days. The other is a younger CPA who had her first year with me after leaving a bigger regional firm. Very sharp young lady. But I won't let her know I said that. | |
| April 15, 2009 | |
| Fred, tell her, she deserves to know. :-)
70 extensions 291 finalized 43 MIA (they fired me, or I fired them) 32 New Can't complain in this economy. NOW it's tequila time. | |
| 15 April 2009 | |
| My clients of course tend to be late filers. However, this year 64% were extended, which is somewhat higher than usual. | |
Davidrayjr (talk|edits) said: | 16 April 2009 |
| Its about in the books...looks like I am down about 9% in individuals. But about even money wise. | |
| 16 April 2009 | |
| 876 done, 105 extensions. 140 new so far, 152 left, but I'm sure there will be another 20 or so new ones before year end (or ones I thought left but hadn't). This is the first year I did a calculation on revenue per staff payroll $ (for three employees). I came up with $6.23/payroll $ this year compared to $7.65/payroll $ last year. Several reasons for this, but I think I overpaid staff this year and underpaid last year. | |
Davidrayjr (talk|edits) said: | 16 April 2009 |
| Wayne, what's in your calculation...that sounds interesting. | |
Brock And Associates (talk|edits) said: | 16 April 2009 |
| A whopping single extension.....
| |
| 16 April 2009 | |
| Oh, now I don't feel so bad to say 40 returns, 3 extensions. 6 new clients this year, 100% retention. I don't advertise, I am growing organically from word of mouth, besides I don't have a store front to attract clients, so it's not so bad. And I wish I had more clients but this works for me since my kids are still young and I don't have the whole day to do taxes. By the time they are in high school I will be a lot busier, and I am planning on hiring them to answer the phone, assemble returns... | |
| 16 April 2009 | |
| 500 returns done, around 50 on extension (I played hookey and took my kids to the zoo last Friday), and a very panicked tax resolution attorney wondering why I haven't returned his calls.
Harry Boscoe, eat your heart out... I'm drinking a Busch Light! | |
| 16 April 2009 | |
| I filed 50+ extension and finished 352 returns. I was really worried the beginning of tax season as it started out much slower than normal. I knew I would lose a few to Turbo Tax this year as they were trying to save money. What's funny is one of them had me amend their return as Turbo Tax treated their 1099R income as wages and as retirement income, so much for saving money. I asked if I had job security and he said he would never try to do it on his own again and would have me file from now on. I'm not sure how that program works but I could not match their figures. I was very surprised when I was tabulating things to see that I'm actually up almost 25% in revenue from last year. A lot more referrals this year, so all in all it was a great year.
Thank you for all of the wise contributors on this site. It's nice having a place to refer to as sometimes your mind just goes blank or you get these off the wall curve balls. Thanks. | |
