Tax preparation: ain't no minute like the LAST minute

March 22, 2025, 03:16 PM

A couple of weeks ago I went over my tax prep checklist and determined that I had received all the forms I needed in order to have the taxes done. Gathered it all up, packaged it, and dropped it off with my accountant -- easy as pie.

"It'll be about two weeks," the accountant says. No problem, I thought ... I've done my part, you do yours, plenty of time.

Yesterday afternoon at ten til 5 I get a message from the accountant: taxes are ready. Great!
I almost had time to run across town and pick up the package, but I didn't want to be rolling through their door at 4:59, so I planned to go next Monday. No worries.

So. What's today's mail bring? A statement from Computershare, regarding a stock sale last February. Grrrr.

Tax day is just three weeks (ish) away, and now I've got to go ask for a re-do?
Thanks a lot, ya jerks!

March 22, 2025, 04:56 PM

ZSMICHAEL

I file in October every year. My CPA is less busy,and there is less stress overall. I am impressed with how slow some companies are with the 1099 forms which are due the first of February. I never have a refund anyway.

March 22, 2025, 05:04 PM

Pipe Smoker

Partnerships delay 1099s – big time.

March 23, 2025, 08:59 PM

mindustrial

I’ve gotten 2 of my 9 K-1s…. March 31 is deadline. MPLs, BDCs, and an oil trust.

March 23, 2025, 11:30 PM

Sailor1911

Nothing I hate more than having run the return and the client shows up with another 1099 or a corrected 1099. We do charge for the additional work. And, if it's a big SOB that additional numbers will permeate the whole return requiring a complete re-review of it, automatic extension, no questions asked, sign here!
Still at the office BTW. Can't have more fun than I'm having now!

PS: If it was something you held in the previous year you should have been looking for the 1099, shame on you. And, we should have asked why we didn't get the 1099 or if you sold it and we didn't get the 1099B for the sale, shame on us!

If it was a new investment in 2024, then it's on you as we have no way of knowing there is a 1099 missing.

Which is your story?

March 24, 2025, 09:34 AM

vthoky

quote:
Originally posted by Sailor1911:
If it was something you held in the previous year you should have been looking for the 1099, shame on you. And, we should have asked why we didn't get the 1099 or if you sold it and we didn't get the 1099B for the sale, shame on us!

If it was a new investment in 2024, then it's on you as we have no way of knowing there is a 1099 missing.

Which is your story?

Thank you for your frankness. Sincerely.

Which is my story? It's on me. I held the stock in '23, sold it in '24, and should have expected a statement.

In fact I did wait for a statement, all the way up to the end of February. At that point, I figured it wasn't coming, so I turned in the rest of the materials. I try to get my info to the accountants as early as is reasonable, so as to not be part of their last-minute rush.

Frankly, I'm more than a little bit ticked at Computershare for waiting 'til the frickin' middle of March to get statements out. And I'll be mighty tempted to send Computershare a bill if my accountant charges me for a re-do (which would be reasonable for him to do). I'm sure they won't pay, but it'll perhaps get some attention. IMO, there's no stinking reason for them to take that long to get statements out. None.

March 24, 2025, 10:07 PM

Sailor1911

quote:
Originally posted by vthoky:
quote:
Originally posted by Sailor1911:
If it was something you held in the previous year you should have been looking for the 1099, shame on you. And, we should have asked why we didn't get the 1099 or if you sold it and we didn't get the 1099B for the sale, shame on us!

If it was a new investment in 2024, then it's on you as we have no way of knowing there is a 1099 missing.

Which is your story?

Thank you for your frankness. Sincerely.

Which is my story? It's on me. I held the stock in '23, sold it in '24, and should have expected a statement.

In fact I did wait for a statement, all the way up to the end of February. At that point, I figured it wasn't coming, so I turned in the rest of the materials. I try to get my info to the accountants as early as is reasonable, so as to not be part of their last-minute rush.

Frankly, I'm more than a little bit ticked at Computershare for waiting 'til the frickin' middle of March to get statements out. And I'll be mighty tempted to send Computershare a bill if my accountant charges me for a re-do (which would be reasonable for him to do). I'm sure they won't pay, but it'll perhaps get some attention. IMO, there's no stinking reason for them to take that long to get statements out. None.

Was it a REIT? If so, that could be the reason it was late. REITS have reclassification issues they deal with that delays their reporting in some cases.

March 25, 2025, 05:42 AM

vthoky

Honestly, I don't know what a REIT is.

I had a handful of shares from my previous employer, as part of their employee stock purchase program. I left there in 2023, and sold off that last handful of shares last summer.

March 25, 2025, 07:46 AM

Pipe Smoker

quote:
Honestly, I don't know what a REIT is.

Real Estate Investment Trust

March 25, 2025, 11:41 AM

vthoky

No, sir. Wasn’t one of those.

- - - - -

(Edited for spelling.)

This message has been edited. Last edited by: vthoky, March 25, 2025 01:33 PM

March 25, 2025, 01:16 PM

ptruck

Tax Extension

March 25, 2025, 01:31 PM

Rey HRH

quote:
Originally posted by vthoky:
So. What's today's mail bring? A statement from Computershare, regarding a stock sale last February. Grrrr.
Tax day is just three weeks (ish) away, and now I've got to go ask for a re-do?
Thanks a lot, ya jerks!

That's a bit late. Most I've had to wait was Feb 20.

I have a checklist of all the forms I expect from all accounts I have. I also note when I can go download the form because that's what I do instead of waiting for snail mail.

I have all my tax documents electronically which I download or scan as I get them. When I start my taxes, it takes about an hour and a half at most, taking my time and checking it twice. When I was still doing paper, 90 percent of the work was organizing the documents.

"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.

March 25, 2025, 01:36 PM

vthoky

It was on my checklist too... Darnit.

The stink is admittedly on me for just blowing it off, thinking I wasn't getting one (as late as March 7). Doesn't mean I gotta like it, though.

quote:
Originally posted by ptruck:
Tax Extension

That would be another on the Vthoky's List of Firsts!

March 27, 2025, 04:58 PM

quote:
Originally posted by mindustrial:
I’ve gotten 2 of my 9 K-1s…. March 31 is deadline. MPLs, BDCs, and an oil trust.

Partnership returns are due March 15th but can be extended until September 15th.

I'm now retired..... don't miss tax season one bit. But can say that we charged a premium if a partnership needed a return completed in March or early April. We'd estimate then extend.

Most of our complex individual clients were in a partnership or S Corp so those returns were done once K-1s were available. We'd put in all the data except the K-1s and then add that data in September or early October.

March 27, 2025, 05:03 PM

vthoky

Don't stress. As a recently retired CPA I can say that this sort of thing happens all the time.

It was a huge hassle when I started - back in 1979 - but now days improved software and e-filing make things much easier.

There might be a charge from your accountant but it shouldn't be huge.

March 27, 2025, 05:05 PM

vthoky

I fully expect an upcharge -- that would be reasonable, and I won't fault my accountant for that.

I'm still peeved at Computershare about it, though.

March 28, 2025, 01:14 AM

Sailor1911

Might want to confirm the cost basis on the 1099B. Make sure it includes any cash cost you paid for the shares plus any ordinary income the company ran through your W-2 when the shares vested. Your cost is the total of the two and the brokerage may not be privy to the W-2 data.

March 28, 2025, 07:31 AM

vthoky

That's good to know. Thank you!

March 28, 2025, 11:20 PM

Sailor1911

quote:
Originally posted by SR:
quote:
Originally posted by mindustrial:
I’ve gotten 2 of my 9 K-1s…. March 31 is deadline. MPLs, BDCs, and an oil trust.

Partnership returns are due March 15th but can be extended until September 15th.

I'm now retired..... don't miss tax season one bit. But can say that we charged a premium if a partnership needed a return completed in March or early April. We'd estimate then extend.

Most of our complex individual clients were in a partnership or S Corp so those returns were done once K-1s were available. We'd put in all the data except the K-1s and then add that data in September or early October.

This. ^^^

Retired! You Rat! Enjoy. This is by far the worst tax season I've been through in 40 years. Glad I'm getting close to your level, retired!

March 28, 2025, 11:22 PM

Sailor1911

quote:
Originally posted by vthoky:
That's good to know. Thank you!

My pleasure! Try to help our SF friends when possible.

You and SR will note that I'm still at the bloody office 11:25 on a Friday night and will be back bright and early tomorrow.

SR, you are still a Rat! ;-)