Thank you for watching and for your kind words! The Efros Financial Power Hour live stream will begin at 7:00PM PST on Wednesdays starting on 8/24/2022!!!
Dude. I'm so with you on the K-2 K-3 rant. I've got a few ham and egg domestic partnerships that I prepare and I took a look at those new forms and almost shit a brick! I've been a CPA for almost 40 years and have a fairly healthy IQ but those forms shook me, I didn't know WTF I was looking at! Luckily, I qualified for the FAQ 14 & 15 "exceptions" so I don't have to file them but Jesus H. WTF is the IRS trying to do here? And BTW, have you tried to get these jerkoffs on the phone for the past few years? Good luck. They don't even pick up the phone on the IRS "practitioner hotline" anymore. Back in the day, you could plausibly get somebody on the phone and move the ball up the field for a client, now, they just hang up the phone on you and if you get "lucky" enough where somebody actually picks up they basically sound like they were just pulled in off the street and know less than nothing about a tax return. BTW, I like your approach, best of luck with your website, you're very concise and informative. Just getting to your analysis on the new 'schedules' 1-5" or whatever they are now, it changes every minute. Every year since the new tax law I've had to go on a "treasure hunt" to even find where estimated payments are, it's friggin ridiculous. Although, I guess it gives us job security. And as far as the "prepopulated" returns go, good luck with that! I'm not worried! And, you are so on the money with the CPA credential. It never goes out of style, people understand that they are not handed out on streetcorners, it's a serious credential for serious people.
38:13 actually, not completely true. Yes many H & R Blocks close their offices off tax season, but the larger ones (such as in my town) are open and staffed year-round with extension work and dealing with federal and/or state Notices. Really depends on the demographics of the area. Our office has quite a few clients that are self-employed, own residential rentals, stocks, have P-ships and S-Corp returns, for example. ALSO - I've had a number of clients who tried CPA firms but were not accepted as new clients because of the work overload. P.S. GREAT podcast! This spoke to me sooo much.
Love your videos and got a special chuckle out of this one, particularly when you lamented the new Schedules K-2/K-3. Just to let you know, I'm an international tax advisor and have been in the game for a while now. The amount and complexity of the legal changes tax generalists deal with are small compared to the stuff we encounter. Don't even get me started on the TCJA international tax provisions and how we're still dealing with its fallout. You're getting a glimpse here. Happy Monday!
As a tax return preparer that specializes in international tax, # 3 felt way too personal. The IRS has these 30 page disclosures (form 5471) that I doubt they themselves even understand. I love your content, keep it up.
Mr. Efros, i have done only individual tax returns. I passed Part 1 and 3 from the SEE. I'm having a hard time understanding the trestof basis for partnership, I can't get it. Do you have any tips that can help me to pass part 2 of the SEE. Thanks.
So much of what you said is true. From the changing laws and forms, to the clients who think they are bookkeepers. Tax season is all year these days. The payoff will be pre-populated forms, automation and possibly becoming obsolete.
Hello there -- thank you for watching and for your comment. With regard to your question, I'm doing the same thing as everyone else is doing -- hoping and praying! :D
Touching AI - there is TaxGPT, it is not precise. Tax Research deals with laws, laws are written for being interpreted. I think AI can do straightforward return. It depends how they are programmed.
You totally missed the number 1 reason; MOST PEOPLE ARE STUPID! And as such; they believe cheaper is better and don't appreciate quality. Just look at the commercials and the race to the bottom with price. "Oh look; funny geko and caveman. Must be quality liability protection."
Touching AI - there is TaxGPT, it is not precise. Tax Research deals with laws, laws are written for being interpreted. I think AI can do straightforward return. It depends how they are programmed.
Hello Efros! Great channel and content! Quick question... to be clear - Is it 7am PT or 7pm PT?
Thank you for watching and for your kind words! The Efros Financial Power Hour live stream will begin at 7:00PM PST on Wednesdays starting on 8/24/2022!!!
Dude. I'm so with you on the K-2 K-3 rant. I've got a few ham and egg domestic partnerships that I prepare and I took a look at those new forms and almost shit a brick!
I've been a CPA for almost 40 years and have a fairly healthy IQ but those forms shook me, I didn't know WTF I was looking at!
Luckily, I qualified for the FAQ 14 & 15 "exceptions" so I don't have to file them but Jesus H. WTF is the IRS trying to do here?
And BTW, have you tried to get these jerkoffs on the phone for the past few years? Good luck. They don't even pick up the phone on the IRS "practitioner hotline" anymore.
Back in the day, you could plausibly get somebody on the phone and move the ball up the field for a client, now, they just hang up the phone on you and if you get "lucky" enough
where somebody actually picks up they basically sound like they were just pulled in off the street and know less than nothing about a tax return.
BTW, I like your approach, best of luck with your website, you're very concise and informative.
Just getting to your analysis on the new 'schedules' 1-5" or whatever they are now, it changes every minute. Every year since the new tax law I've had to go on a "treasure hunt" to even find where estimated payments are, it's friggin ridiculous. Although, I guess it gives us job security. And as far as the "prepopulated" returns go, good luck with that! I'm not worried!
And, you are so on the money with the CPA credential. It never goes out of style, people understand that they are not handed out on streetcorners, it's a serious credential for serious people.
38:13 actually, not completely true. Yes many H & R Blocks close their offices off tax season, but the larger ones (such as in my town) are open and staffed year-round with extension work and dealing with federal and/or state Notices. Really depends on the demographics of the area. Our office has quite a few clients that are self-employed, own residential rentals, stocks, have P-ships and S-Corp returns, for example. ALSO - I've had a number of clients who tried CPA firms but were not accepted as new clients because of the work overload. P.S. GREAT podcast! This spoke to me sooo much.
Love your videos and got a special chuckle out of this one, particularly when you lamented the new Schedules K-2/K-3. Just to let you know, I'm an international tax advisor and have been in the game for a while now. The amount and complexity of the legal changes tax generalists deal with are small compared to the stuff we encounter. Don't even get me started on the TCJA international tax provisions and how we're still dealing with its fallout. You're getting a glimpse here. Happy Monday!
As a tax return preparer that specializes in international tax, # 3 felt way too personal. The IRS has these 30 page disclosures (form 5471) that I doubt they themselves even understand. I love your content, keep it up.
Great video! Some key points were highlighted that I hadn't heard anyone else discuss. Thank you!
Thank you for watching and for your kind words! :D
Very informative and entertaining. Thank you.
Lol I took my first tax class/cpa exam for the 2017 laws. Glad I got it all done with before TCJA came into effect.
Awesome video, I'm getting into the business currently and never thought about AI or govt takeover of tax returns all together.....
Thank you very much for your insight. Does the tax softwares help with staying on top of law, schedule changes?
Mr. Efros, i have done only individual tax returns. I passed Part 1 and 3 from the SEE. I'm having a hard time understanding the trestof basis for partnership, I can't get it. Do you have any tips that can help me to pass part 2 of the SEE. Thanks.
So much of what you said is true. From the changing laws and forms, to the clients who think they are bookkeepers. Tax season is all year these days. The payoff will be pre-populated forms, automation and possibly becoming obsolete.
Great video!! Thank You :)
Thank you too!
Love this entire video .. what are you doing in your business to safeguard against automation
Hello there -- thank you for watching and for your comment. With regard to your question, I'm doing the same thing as everyone else is doing -- hoping and praying! :D
Touching AI - there is TaxGPT, it is not precise.
Tax Research deals with laws, laws are written for being interpreted. I think AI can do straightforward return. It depends how they are programmed.
When did lacerte add on schedule k-2?
#5 reason is mych appreaciated I would like to see what tfe IRS has to comment on that
Does this ideology apply to a CTEC tax preparer?
Let’s do it 👍🏽.
I’m quitting.
As for tax law changes - I thought that only our authorities in Ukraine love to do this🤣 but it seems to be a common problem...
Thank you for your comment. Stay safe in Ukraine if you are there -- all the best to you and yours in these difficult times!
@@EfrosFinancial Thank you so much!
I wonder if anyone actually committed suicided over the stress from last minute major tax filing changes.
I don't believe that the IRS tracks that info! :D
You totally missed the number 1 reason; MOST PEOPLE ARE STUPID!
And as such; they believe cheaper is better and don't appreciate quality.
Just look at the commercials and the race to the bottom with price.
"Oh look; funny geko and caveman. Must be quality liability protection."
What do you mean most people are stupid? Are you referring to tax preparers? Just curious
Touching AI - there is TaxGPT, it is not precise.
Tax Research deals with laws, laws are written for being interpreted. I think AI can do straightforward return. It depends how they are programmed.