Schedules L and M

[Black Bart]

You know, I'm becoming positively fond of these two forms. Almost everybody uses the M and quite a few require the L.

What they do for the return is to...hmmm...how to put it; well, they make it thicker -- which impresses the clients ("Wow! Look at all that paper; this guy is doing lots for me at a pretty cheap price").

I need to reconsider and tone down my unkind remarks about our congressfolk.

[Peachie]

Plus, if you charge by the form

BB, as I do, it increases your bottom line. Like you, I truly like these two forms. Have had no problems at this point and made extra dollars in the process. I tell my client--thanks to the government, we have a new form for your return this year.

Peachie

[RitaB]

One client had TWO entries on Sch L

Now that you mention it, they COULD have created Sch V for "Vehicle Sales Tax, and I would REALLY have been a hero! LOL!

[JohnH]

I'm thinking of printing out all the supporting schedules, statements, worksheets & explanatory notes that ATX generates if you let it. Adding just a couple of dollars per sheet would more than double my fee on most returns, plus give the client a folder thicker than the unabridged version of "Les Miserables".

[fliszt]

Yes I like the M too

Just adds another couple bucks to the return. Now. I have had one problem where the client received $250 on May 8th 2009. The sch M I submitted was for another $150 which then equals the $400 max/person. But the IRS corrected my "mistake" and sent her an additional $100. I can't figure it out.

I will have to add, even though I like the extra forms which = a couple more $, I always do the return for the least amount of money for the client. All of us could add this and that and the client would probably never know. But I know. And my Lord knows.
Larry

[Burke]

I'm thinking of printing out all the supporting schedules, statements, worksheets & explanatory notes that ATX generates if you let it. Adding just a couple of dollars per sheet would more than double my fee on most returns, plus give the client a folder thicker than the unabridged version of "Les Miserables".

That's what a lot of CPA's do, plus duplicate all the same forms for the state return. Very impressive.

[Maribeth]

That's what a lot of CPA's do, plus duplicate all the same forms for the state return. Very impressive.

Well, yes, that is what this CPA does, and I include all the depreciation schedules and the AMT schedules. It does create a bigger package and I do bill accordingly, but in my defense, I absolutely hate to receive a prior return from a new client, that does not have the supporting schedules on it, including the depreciation schedules. I want to know where their interest income came from, and what assets they are depreciating, and some of this information just isn't on the "return" itself.

I absolutely hate having to have the new client get depreciation schedules from their prior accountant, and I absolutely HATE to answer questions from a subsequent accountant who is helping one of my prior clients. All the information is on the return; I have no questions to answer.

Maribeth

[S T]

Guess

I am like Maribeth, I provide as many schedules as possible in the Client's Tax Package. Just seems to substantiate my fees, and also less questions or explanations.

Sandy

[geekgirldany]

I do too. I have one right now that the CPA did not include the depreciation worksheet. Included everything else though like the shareholder basis worksheets... bless them for that. But the client did not want to call to get the depreciation worksheet. So I told him to email them that he wanted it. He did and got it But I can't match QuickBooks up to the tax return numbers. Very off. So blah on that.

I try to include everything so if they do go to another accountant they know where my numbers came from. Especially when working from quickbooks and there are multiple accounts but maybe they all go under one expense on the tax return... I show this on the worksheets.

[JG EA]

I saw a return from last year where the accountant even put in the diagnostic pages - the ones that told them how to fix the problems!
The extra pages that repeat what is on the tax return are a bit much I think. But I do also like all the worksheets and reports that are explanations about the return.

[joanmcq]

I print statements if necessary and ALWAYS give depreciation schedules. But all of the worksheets...bleh. I go through enough paper and toner as it is.

[taxxcpa]

Extra pages

I print more for the client copy than just the forms the IRS needs. I always provide depreciation statements, supporting worksheets for things like utilities when the client lists electric, gas, etc. separately, but I do not provide AMT, MAGI or EIC worksheets when none of these affect the tax.

[JohnH]

Should I have put a smiley face on my humorous comment about the worksheets?

[Black Bart]

Less paper / more paper

I'm thinking of printing out all the supporting schedules, statements, worksheets & explanatory notes that ATX generates if you let it. Adding just a couple of dollars per sheet would more than double my fee on most returns, plus give the client a folder thicker than the unabridged version of "Les Miserables".

Should I have put a smiley face on my humorous comment about the worksheets?

Nah , I thought the humor was self-evident when you threw in the comment about that there book. What was it -- something about a guy who doesn't have a bridge and so he's less miserable than other people? Wasn't French, was it (I'm suspicious of anybody who reads French stuff)?

I like Joan's "bare bones" method and furnish all letter/number forms only plus a depreciation schedule for the next preparer but no: worksheets/ "Thank you for choosing BB"/ mailing instructions (we furnish completed envelopes)/ AMT junk/ all other "fluff" which clutters it up too much to suit me.

Still, lots of paper should help stave off the complaints -- we all have our own methods and whatever works for us or we feel most comfortable with is the goal, so I don't believe there's any "right" or "wrong" about this question.

[RitaB]

I'm with you

I print statements if necessary and ALWAYS give depreciation schedules. But all of the worksheets...bleh. I go through enough paper and toner as it is.

I am looking at one here with something to this effect, "We were able to itemize your mortgage interest, saving you $356." And crap like that. Totally unnecessary.

They are aware that it saves them money to itemize. That's why they brought in the 1098.

How about this, "YOU gave birth on 3/04/1998 to a son and named him Joe Taxpayer, Jr. WE were able to put his SSN and DOB on 1040, p.1, Sch EIC, Form 2441..."