Speaking of corporations

[veritas]

That sounds pretty good, but I'd just about rather take a beating than switch tax software UNLESS I could get back with Lacerte again. They priced me out their market about three years ago, but I'd really like to have them back. They were just soooooo fool-proof and I'm one that needs "proofing."

What tax program are you running? And Veritas -- what are you using?

Also, how's your stock business? I know you and Veritas are both "investment bankers," I believe is the term. Hope y'all are doing well with that.

I'm have used Lacerte since 1988. It is what all software should be.

I think Sea-Tax could give me lessons on the investment stuff but I'm doing ok with it.

[veritas]

To quote the famous Dr. Zachary Smith "Oh, the pain, the pain".

[sea-tax]

That sounds pretty good, but I'd just about rather take a beating than switch tax software UNLESS I could get back with Lacerte again. They priced me out their market about three years ago, but I'd really like to have them back. They were just soooooo fool-proof and I'm one that needs "proofing."

What tax program are you running? And Veritas -- what are you using?

Also, how's your stock business? I know you and Veritas are both "investment bankers," I believe is the term. Hope y'all are doing well with that.

Still using Lacerte and have been for many years. I have never used proseries but as I understand it , it works a lot like Lacerte . So BB if you like lacerte you may want to demo a Proseries version I think the atx deal is like 1000 bucks for everything for three years,1040,s-corp -c-corp, 1065, and even fiduciary.

As for investments they are going very smashingly. This time of year outside of march and april are always my most active months. Everyone wants to get contributions made and rollover handled before years end.
This is nice because it brings in some more revenue all year.

BTW it is not investment banker, but rather Financial Advisor or Registered Rep. Though I have a client who is an investment banker and let me tell you we are in the wrong business. This guy makes boat loads of cash.

[Black Bart]

Stock and software

you may want to demo a Proseries version I think the atx deal is like 1000 bucks for everything

BTW it is not investment banker, but rather Financial Advisor or Registered Rep. Though I have a client who is an investment banker and let me tell you we are in the wrong business. This guy makes boat loads of cash.

Thanks anyway, but I think I demoed Proseries once and it was good, but just wasn't in the same class as Lacerte.

Regarding your professional designations, now I can see why taxpayers call us all CPAs. I thought all you guys were "stockbrokers." Now it turns out there's an FA (unenrolled?), an RR (EA?), and an IB (CPA?).

About that cash boat, if it's not against the rules of the profession, can you say about what percentage commissions you make on stock sales? I'm still interested in that and wondered if the payoff is worth what seems like would be a considerable amount of effort you put into it. I remember from our talks last year that you said you had to take a test or something to get a certain kind of license. Thanks, but never mind if you'd rather not get into it.

[sea-tax]

Thanks anyway, but I think I demoed Proseries once and it was good, but just wasn't in the same class as Lacerte.

Regarding your professional designations, now I can see why taxpayers call us all CPAs. I thought all you guys were "stockbrokers." Now it turns out there's an FA (unenrolled?), an RR (EA?), and an IB (CPA?).

About that cash boat, if it's not against the rules of the profession, can you say about what percentage commissions you make on stock sales? I'm still interested in that and wondered if the payoff is worth what seems like would be a considerable amount of effort you put into it. I remember from our talks last year that you said you had to take a test or something to get a certain kind of license. Thanks, but never mind if you'd rather not get into it.

Yes you must take at minimum two testes series 63 which is your state exam and series 6 or 7.

Pay out usually for most companies varies on how many total retirement and investment assets you manage the more you manage the better your slpit with the Borker Dealer.

For example I think at HD VEst you start out at 50% of total gross commission , and you can go up to 90%. I currently am at a payout of 88% of my gross commission. So If say I sell 100k in a c share class fund the gross commission is 1%=1k and I get 880$.
This will take me about 2 hours give or take at the first appointment and approx. 3-4 hours per year . Oh yeah I also get a 1% trailer for the life of the account. so each year I get 1% of the commssion.

Now before eveybody jumps all over me for selling a c share I only used it for simplification purposes .

BB I would say if you think you enjoy investments and find them interesting then you should go for it. If you don't then leave them alone . I really think to be successful in it you have to enjoy it as you would a strong hobby.

[Jiggers]

Investment Services

Unless you have many hours to devote to handling investment services, don't try it. I attempted it for two years while still handling all my regular tax and bookkeeping clients. There are many hours required for handling just the paper work. I was a rep of H D Vest, attended their seminars, and it really hurt me, time-wise. I needed the tax and bookkeeping clients to make ends meet and was also trying to spend time as a Vest rep. Spent lots of time with clients, including working with one who was going to rollover a large 401K when he quit his job, and got very little commissions. The large 401K was about 200,000, and after presenting all the options and suggestions, he went elsewhere and the brokerage firm did what I suggested. The commissions I received didn't even pay for my licenses, much less the many hours that I spent that I didn't receive one dime for. Left a bitter taste in my mouth, and I doubt if I would ever pursue that again.