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Posted by Ted on May 15, 2008, 3:05 pm
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If it seemed like they might be necessary, would you bring up the issue of
estimated quarterly payments for the coming year with a client, or would it
be his responsibility to ask about them as they are not part of preparing a
tax return?
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Posted by Phil Marti on May 15, 2008, 4:49 pm
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"Ted" wrote:
> If it seemed like they might be necessary, would you bring up the issue of
> estimated quarterly payments for the coming year with a client, or would
> it be his responsibility to ask about them as they are not part of
> preparing a tax return?
I do only unpaid prep for the poor and befuddled and, I'm sure, carry some
prejudice from my prior life as a tax collector, but IMO it's bordering on
malpractice to fail to address the issue with a client. After all, that's
one of the reasons I strongly assert that anyone who goes into business
without a good consultation with an accountant is an idiot.
Yes, I understand that you're asking in the context of return prep, not a
consultation. It makes no difference to me.
--
Phil Marti
Clarksburg, MD
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by joetaxpayer on May 15, 2008, 5:07 pm
Please log in for more thread options Ted wrote:
> If it seemed like they might be necessary, would you bring up the issue of
> estimated quarterly payments for the coming year with a client, or would it
> be his responsibility to ask about them as they are not part of preparing a
> tax return?
? Not part of the return? The estimated payment vouchers print along
with the return, I considered this part of the process. Now, for many
(not all) retirees, their total tax bill is less than their RMD, so they
can forget the quarterlies, and just withhold the entire tax liability
from the RMD close to year end.
Joe
www.blog.joetaxpayer.com
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Harlan Lunsford on May 15, 2008, 5:57 pm
Please log in for more thread options 1joetaxpayer wrote:
> Ted wrote:
>> If it seemed like they might be necessary, would you bring up the
>> issue of estimated quarterly payments for the coming year with a
>> client, or would it be his responsibility to ask about them as they
>> are not part of preparing a tax return?
>
> ? Not part of the return? The estimated payment vouchers print along
> with the return, I considered this part of the process. Now, for many
> (not all) retirees, their total tax bill is less than their RMD, so they
> can forget the quarterlies, and just withhold the entire tax liability
> from the RMD close to year end.
Well my software Taxwise, doesn't automatically prepare 1040es vouchers!
Not unless I instruct it to do so of course. We should remember of
course that it is always up to a paying client whether or not he elects
to make estimated payments.
However! As a matter of course, I believe it our duty to discuss the
issue and heavily recommend that he make the payments and offer to
prepare the estimates and vouchers should he so choose.
Actually, for many of my clients, esp those who's bookkeeping I do, I
will provide the vouchers each quarter, refigured each quarter, to keep
him on track. Thus the payments might be : I - 2000, II - 3700, III
- (after business downturn) 800. But for the IV quarter, the last
payment will be very much on target, and well within the 1,000 leeway.
ChEAr$,
Harlan Lunsford, EA n LA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Phil Marti on May 15, 2008, 6:30 pm
Please log in for more thread options "Harlan Lunsford" wrote:
> Actually, for many of my clients, esp those who's bookkeeping I do, I will
> provide the vouchers each quarter, refigured each quarter, to keep him on
> track. Thus the payments might be : I - 2000, II - 3700, III - (after
> business downturn) 800. But for the IV quarter, the last payment will be
> very much on target, and well within the 1,000 leeway.
That $1,000 leeway applies only to the balance due after withholding
credits, not ES payments. The reason I know this is that I got corrected
for the same error, and it stuck with me. When ES payments are invovled you
have to meet the 100/110% of last year or 90% of this year safe harbor.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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