New client (previous preparer left town, and her financial advisor referred her to me along with a couple other clients). I have a few issues:
1)What would you have charged for this? Previous preparer charged $130 for 1040 with interest, dividends, IRA, pensions, social security, cap loss carry forward, sale of stock, income/loss from 2 K-1s (probably should have been 3 K-1s - see #2), form 8582, plus state return and state credits. He also charged the same amount for a much simpler return for other clients I have seen. (I'm in a semi-rural area in a state with a very depressed economy - based on my fee schedule I'm already up to $215 without even getting into the 8582)
2) this year's K-1 has a supplemental K-1 (as did last two years) with 5 partnerships listed along with their respective incomes (losses), deductions, etc. The FEIN of the "main" p-ship is used on the main K-1 with the line items a net of the 5 p-ships, and also listed separately on the supplemental K-1 with only its own figures. According to the instructions accompanying the K-1, each p-ship is supposed to be reported individually so that losses from one cannot offset income from another. Previous preparer did not do this. Some of the the p-ships have small losses, one has small net income. Should I go back and try to do the breakout for the prior years (don't know how many, just know that it's more than the last two years) so that the unallowed passive losses are correct for each p-ship going forward, or should the previous years be amended first? Or should I just go forward?
I haven't had to deal with partnership K-1s much since I left Block 9 years ago, so I think I've forgotten most of what I knew
1)What would you have charged for this? Previous preparer charged $130 for 1040 with interest, dividends, IRA, pensions, social security, cap loss carry forward, sale of stock, income/loss from 2 K-1s (probably should have been 3 K-1s - see #2), form 8582, plus state return and state credits. He also charged the same amount for a much simpler return for other clients I have seen. (I'm in a semi-rural area in a state with a very depressed economy - based on my fee schedule I'm already up to $215 without even getting into the 8582)
2) this year's K-1 has a supplemental K-1 (as did last two years) with 5 partnerships listed along with their respective incomes (losses), deductions, etc. The FEIN of the "main" p-ship is used on the main K-1 with the line items a net of the 5 p-ships, and also listed separately on the supplemental K-1 with only its own figures. According to the instructions accompanying the K-1, each p-ship is supposed to be reported individually so that losses from one cannot offset income from another. Previous preparer did not do this. Some of the the p-ships have small losses, one has small net income. Should I go back and try to do the breakout for the prior years (don't know how many, just know that it's more than the last two years) so that the unallowed passive losses are correct for each p-ship going forward, or should the previous years be amended first? Or should I just go forward?
I haven't had to deal with partnership K-1s much since I left Block 9 years ago, so I think I've forgotten most of what I knew
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