Process
After a client has determined they want to hire us and signs the engagement letter/pays our fees, what are the immediate next steps?
Lexus sends Fully Retained email to the entire office and saves a copy to the client folder. The assigned tax admin will now reach out and begin gathering documents.
Responsible for being the primary point of contact for clients with their questions and documents
Tax Admins, Kelly & Richard (Sometimes Lexus)
In Drake Screen 1:
evann=Kelly Client
enielsen=Richard Client
One of several IRS tax forms used in the United States to report various types of income other than wages, salaries, and tips.
1099 (Common types are Misc., Int., Div., R, & B)
What is unique (and annoying) about AZ State Business Tax Returns?
They cannot be E-Filed & must be mailed
What part of the Tax Packet is ABSOLUTELY essential in order to file a tax return
The Due Diligence Checklist.
After Tax Admin receives and saves documents to the client file, what happens?
Tax Admin emails the documents to Terra who enters the info. When she is done she sends the file to Evan who reviews everything to ensure it's correct, and then Evan notifies the Tax Admin that the return is prepared.
Responsible for sending/processing engagement letters and payments. Sends out the fully retained emails.
Lexus Marquez.
This is a form filed with the IRS that details the amount of interest and related expenses paid on a mortgage during the tax year.
Form 1098. There is also a variant 1098-T that is used to help figure education credits (and potentially, the tuition and fees deduction) for qualified tuition and related expenses paid during the tax year.
What do we need in order to submit a TX Franchise Tax Report?
We Need:
-The Taxpayer #
-The File #
-The Web File # (Also commonly called the XT #)
What is a group of Unicorns called?
A Blessing.
What Form is sent to the client once they have reviewed and approved their returns?
Responsible for entering in Drake all Documents received. Lets others know if there are any documents/info we are missing
Terra Towery & Evan Nielsen both perform this task. Terra enters the info and Evan reviews.
A financial statement that summarizes the revenues, costs and expenses incurred during a specified period, usually a fiscal quarter or year.
Profit & Loss (P&L) Statement. If this isn't provided the Business Income & Expense Organizer also works.
Form [?????] is the Return of Income that many limited liability companies (LLC's) are required to file in the state of California. LLC's classified as a disregarded entity or partnership are required to file Form 568 with the Franchise Tax Board of California.
Form 568. This is an additional fee of $150 to prepare.
How many Google reviews do we currently have?
77.
What is the Target "Max Days since Modified" for each of the following CSM Statuses:
-Docs Needed
-Assigned Pending
-Prepared
-Client Review
-EF Status
-Docs Needed = 60 Days
-Assigned Pending = 14 Days
-Prepared = 3 Days
-Client Review = 45 Days
-EF Status = 3 Days
Responsible for creating thunder and lightning as he rides over the clouds in a chariot drawn by goats, swinging the hammer Mjöllnir.
Levi Hatch and Thor Odinson both share this task.
A document that summarizes all of the fees and charges that a borrower and lender face during the settlement process of a loan transaction.
Settlement Statement. Also commonly referred to as a HUD-1.
The 1735 trial of John Peter Zenger in New York City regarded which of the following freedoms now taken for granted in the United States?
Freedom of the press
John Peter Zenger was a printer of German birth who had settled in New York in the early 1700's. He founded the newspaper called the 'New York Weekly Journal' with the help of an attorney named James Alexander, in order to voice opposition to the unpopular New York Governor William Cosby (no relation to Bill). After a number of articles attacking Cosby, the newspaper was shut down and Zenger arrested. Thanks to the eloquence of Zenger's attorney Andrew Hamilton, the printer was acquitted of 'seditious libel' and allowed to freely print his newspaper (which was continued by Zenger's wife during his time in prison).
What is the name of Terra's baby going to be?
Pope Thrower.