Will CPA Discuss Return Prepared in TurboTax?
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Will CPA Discuss Return Prepared in TurboTax?
Posted by Bayou Tiger on 1/22 at 5:23 pm
My return is pretty much complete in TurboTax.

How much should I expect to pay a CPA to sit down and discuss the items on my return and if I may have missed anything?

Overall I don't need them to do data entry or the basics. But I would have my numbers available and forms printed to discuss tax strategy.



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Posted by tigeralum06 on 1/22 at 6:04 pm to Bayou Tiger
Good luck finding a CPA who wants to look at your turbo tax crap in the middle of their busiest time.


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Posted by Vols&Shaft83 on 1/22 at 6:07 pm to tigeralum06
quote:

Good luck finding a CPA who wants to look at your turbo tax crap in the middle of their busiest time.


Please, they'll gladly take his money, and he'll pay the same as anyone else.



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Posted by LSUAfro on 1/22 at 7:19 pm to Bayou Tiger
Yes. Call a CPA. Schedule an hour. They can give you their rate. Rates will vary.


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Posted by foshizzle on 1/22 at 7:47 pm to Bayou Tiger
quote:

How much should I expect to pay a CPA to sit down and discuss the items on my return and if I may have missed anything?


You need to ask a CPA this question.

The answer will depend a lot on the state of your records. My guess though is that whether you used Turbotax or not isn't relevant, in order to provide an opinion said CPA will have to walk through it all over again anyway.

By doing that, a CPA will be able to identify opportunities to minimize your tax bill. If such opportunities likely don't exist then just stick with Turbotax.



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Posted by Bayou Tiger on 1/22 at 8:49 pm to foshizzle
quote:

If such opportunities likely don't exist then just stick with Turbotax.
Basically I am just going to get raped by taxes. The money is set aside but it will really bother me to part with it.

Primarily W2 income + AMT + no mortgage interest deduction = Bend over and grab ankles

I don't think there is anything a CPA could do beyond Turbotax deductions, but maybe it is worth a shot. Any ideas are appreciated. Right now I only have deductions for charitable donations and real estate tax (ETA not sure the real estate taxes even count in the calculation).


This post was edited on 1/23 at 5:43 am

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Posted by CajunRevolution on 1/22 at 9:29 pm to Bayou Tiger
I owe $2,600 between Federal and State. I've explored every avenue around it- even falsifying a justified reason to avoid a 10% penalty on the IRA distribution. I've been wondering the chances of getting audited for it if i claim medical premiums/expenses. It's a $3,900 swing. If they contact me- I'll just pay it.

Kind of wondering if its worth the gamble worst case I just hold the refund for a year, give myself time to set aside the money then pay in full. I admit, it's not genius lol



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Posted by LSUchuck on 1/23 at 11:08 am to Bayou Tiger
We aren't in the business of reviewing turbotax returns. If you want to pay the normal rate we'd charge then fine.

I wouldn't try and enter anything in right now simply because they are still implementing the new patches from the laws congress passed. I had a client who hit the AMT before the patch in our program. We got an update the next day and the AMT went away. Still can't file though.



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Posted by Tigerpaw123 on 1/23 at 11:25 am to CajunRevolution
quote:

I owe $2,600 between Federal and State. I've explored every avenue around it- even falsifying a justified reason to avoid a 10% penalty on the IRA distribution. I've been wondering the chances of getting audited for it if i claim medical premiums/expenses. It's a $3,900 swing. If they contact me- I'll just pay it.

Kind of wondering if its worth the gamble worst case I just hold the refund for a year, give myself time to set aside the money then pay in full. I admit, it's not genius lol



does not sound like a good plan, would not advise doing this, and you are assuming they will only come after you for tax owed, and not prosecute you for tax fraud


This post was edited on 1/23 at 11:27 am

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Posted by CajunRevolution on 1/23 at 12:04 pm to Tigerpaw123
Prosecute me over $3,900? Come on now.


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Posted by foshizzle on 1/23 at 12:27 pm to CajunRevolution
quote:

Prosecute me over $3,900? Come on now.


It will be a good deal more than $3900 by the time the dust settles. This is one of the few situations in which it is probably advisable to put the money on a credit card if you have to.



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Posted by Tenforty1728 on 1/23 at 3:55 pm to foshizzle
I'm a CPA and we HATE getting returns that are started by someone else in Turbotax. They usually have numerous inaccuracies and take 3/4 of the time to review as starting from complete scratch. That's why the bills don't seem as low as people think they should for "looking over my turbotax." When you change one number on a return a number of things can change. We end up having to put it in our system usually which takes time.


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Posted by CajunFootball on 1/23 at 6:23 pm to CajunRevolution
quote:

I've been wondering the chances of getting audited


It'll depend on a few things. One thing to note is the statue of limitations will never expire due to fraud. So they'll always be able to audit that years tax return and then charge you 5% interest per month on the amount you owe them. They have the burden to prove your taxes were falsified, but if they do that you'd be screwed.



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Posted by yellowfin on 1/24 at 6:50 am to CajunFootball
quote:

They have the burden to prove your taxes were falsified, but if they do that you'd be screwed.


The state surely doesn't think this way, I got a tax bill for 2009 from the lovely state of Louisiana even though I lived in Texas the entire year and it's up to me to prove I didn't live here.



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Posted by Ford Frenzy on 1/24 at 8:49 am to yellowfin
quote:

The state surely doesn't think this way, I got a tax bill for 2009 from the lovely state of Louisiana even though I lived in Texas the entire year and it's up to me to prove I didn't live here.
we see this all of the time, the State of LA is a joke when it comes to this...whatever you do, fight it and don't pay it



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Posted by yellowfin on 1/24 at 8:51 am to Ford Frenzy
quote:

we see this all of the time, the State of LA is a joke when it comes to this...whatever you do, fight it and don't pay it



I sent them 2 months utility bills
daycare bill
bill of sale when I bought house in LA in 2010
W-2s
1040



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Posted by Ford Frenzy on 1/24 at 9:01 am to yellowfin
basically send everything under the sun that shows your Texas address, driver's license if you changed it, vehichle registrations, write them a letter with it all explaining you didn't live in LA...which address did you use on the 1040?

I'm assuming you used your LA address since you got the notice from the state, the IRS will forward 1040s to the state and the state will automatically send notices to all LA address that didn't file LA returns


This post was edited on 1/24 at 9:13 am

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Posted by yellowfin on 1/24 at 9:58 am to Ford Frenzy
quote:

vehichle registrations


I sent that too, forgot to include it

quote:

which address did you use on the 1040?


Louisiana, I moved before filing in 2010



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Posted by SippyCup on 1/24 at 10:51 am to Ford Frenzy
quote:

State of LA is a joke


What about every LLC filed with the state getting a notice for not filing a state return.

I called for a client and the dumb arse woman for the state wanted me to send in "the Louisiana PARTNERSHIP return". I had to speak to her supervisor because she insisted that the return needs to filed.


This post was edited on 1/24 at 11:02 am

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Posted by CajunRevolution on 1/24 at 12:11 pm to foshizzle
I'm just going to pay the $2,600 and deal with it. From what I understand that could balloon up to almost doubt between penalties and fees and interest if it just sits a year uncollected.


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