Tax Cycle
How do you insert client notes in Tax Cycle?
Hit F8 on primary client's last name and insert note.
Where do you cut the envelope on a mailbox intake?
Right above the logo/ the word envelope
What are the different pickup methods the client has to choose between?
Curbside, In Office, Email
What extra steps are there when we are preparing one spouse but not the other?
We need the spouse income (exact if under $20k)
What extra worksheets do we need if the client has a business, rental property or final return?
Business checklist, Business worksheets, Rental worksheet, final & trust checklist, asset worksheet
When do you attach or detach a file?
When the martial status changes to be either together in the tax year or separated in the tax year.
Where do you put the date and time the email submission came in?
Top right of email submission, top right of manila folder
Where do you put the time for a phone intake?
On the client info sheet at the top right with initials (make sure the original submission time is in the file on the info sheet or the envelope the client dropped off)
What tax years can we E-file? What tax years do we have to paper file?
E-file: 2021/2020/2019/2018/2017
Paper: 2016/2015/2014/2013/2012
Name 5 different income slips you might receive in a tax submission
T4, T4A, T4A(P), T4A(OAS), T4E, T4PS, T4RIF, T4RSP, T5, T5007, T3, T5008, T5013
How do you get foreign asset information and rent/property tax information to show up on the User sheet?
Click "Yes" to foreign assets on the info screen and click Box "61020" on the ONBEN screen
Describe what TA#1 does and what TA#2 does.
TA#1- prints attachments, downloads, combines, makes folder and puts into lineup for intake
TA#2- sets up TC file, imports, prints imp docs, highlights info sheet amounts and puts into lineup for preparation (or on hold)
Name three things relating to personal information we verify on the info screen when carrying forward a file?
Address, phone number, email, martial status
How long does it take a return to be prepared?
Regular: 24 hours
Business/ Rental/ Estate/ Many years: 1-2 weeks
When would a business or rental property be completed in the same day?
If income only
What F4> screens do we go to during an intake, including after importing? (ex. F4> Info)
F4> Info, Dep, CCB, GST, BEN, (import), Slips, CDE
Describe the process of combining files, saving them and attaching to Dox Cycle from an email submission.
Download attachments, open Adobe, select the files in the download folders and right click and select "combine with acrobat", move client info sheet to the front, press combine top right of adobe, save to P Drive: "2 Uploaded Client Documents" (SIN-Uploadocs
What information do we need regarding dependents under 18?
Age, birthday, relationship to taxpayer, custody arrangement if single parent
What documents do we need to do a tuition transfer?
T2202/TL11, need to be preparing both tax returns or have the taxpayer who paid tuitions Schedule 11 and who is receiving the transfer if going to parents
What information do we need from Truck Drivers?
Truck Driver Worksheet (meals, lodging broken into US/CAN), TL2, sometimes T2200
Name 6 boxes that have to be checked off on the info screen for each client
Gender, Canadian Citizen, Mailing address same as home, Elections Canada, Sold property, Foreign Assets
How would you prepare the folders/labels if we were doing a 2021 tax return for each of these individuals picking up in office?
Betty Smith (Mother), Jack Smith (Father), Jessica Smith (Daughter) and Craig Smith (Son)
SMITH, Jack & Betty
SMITH, Jessica
SMITH, Craig
Would add 2021 Income Tax Return(s) for green folder.
The three manila folders would be elastic banded together.
What is our hourly rate we charge our clients? Name three things we would have to inform the client that would have this charge?
Disposition of property, Totaling receipts (business, rental, employment expenses, medical, donations), Investment Reconciliations, RRSP consults
What information do we need if the client sold property in the year but owned multiple properties?
Fill out the Real Estate Disposition Worksheet (need Proceeds/FMV, Original Cost, Capital Upgrades, Outlays on sales, Year Property Purchased, Years principal residence/rental property
Name 5 extra fees on the info sheet (The cost and what its for)
$20- Pension Split, T777s, break out of GST, adjustments
$25- HST Return
$30- TL2
$40- T2200, Moving expenses
$65- Rental income
$75- Final, Post Bankruptcy
$80- Hourly charge (totaling, investments, etc.)
$100- Business
$125- Trust Return