THE FINAL WHERE THE FAKAWI - ENOUGH IS ENOUGH IS ENOUGH

I can't go on, I can't go on no more, no!

I have lost all interest and motivation to do GDEs.  I am basically sick of looking at 2014 Form 1040s. 

Since I returned to my desk on April 20^th I have completed and mailed out 45 of the 49 GDEs I requested on April 14^th.  And there are a few GDEs that the client themselves submitted but have not yet given me their “stuff”.  Getting myself to finish the last two GDEs was like pulling teeth – I kept singing that song from ANNIE (the procrastinator’s hymn).

I will complete the very few currently red-filed GDEs (returns I have started, but found I needed additional information) as the missing information arrives – but I am not going to work on any new GDEs that arrive for the rest of the summer.

Obviously I cannot avoid 1040s altogether, as I must respond to IRS and state tax agency correspondence as it arrives.  But I want to spend my summer writing about 1040s and not preparing 1040s.

And I want to spend my mornings sitting on the Observation Deck at Lake Wallenpaupack, or under the Narrowsburg Bridge in the Tusten Veterans Memorial Park, reading mystery novels.

I will return to GDE preparation in September.

TTFN

THE FINAL WHERE THE FAKAWI

 Enough is enough!

 

After 4 months of doing not much else I am tired of 1040s.

 

I have completed all the GDEs for which I had all the necessary information.   There are five (5) “red files” that I started and need only a few items to complete.  And there are two (2) that are waiting for a K-1 and another five (5) for which I have yet to receive any information.  And I am sure there are one or two who submitted their own extension and will be sending me their “stuff” at some point.

 

During the month of June I will be devoting only one (1) day per week to GDEs and amendments.  I should be receiving the info for the “red files” during the first week or two of June and will have these done by the end of the month.

 

Unless it is necessary to respond to IRS or state correspondence, I do not want to look at a 2013 Form 1040 (or 1040A) during July and August.  I want to spend these summer months relaxing – reading murder mysteries on the Observation Deck at Lake Wallenpaupack or in the gazebo in the Veteran’s Park under the bridge in Narrowsburg – and revising old and writing new tax reports and books.

 

I will complete the rest of the GDEs in September.

 

And there you have it.

 

TWTP

WHERE THE FAKAWI?

I apologize for the lack of non-BUZZ posts lately – but I have been distracted.

FYI – I am moving from New Jersey to Pennsylvania (as I have been “threatening” to do for the past couple of years)!  This move will reduce my annual living expenses by about $12,000!

Moving will not affect my 1040 practice.  Instead of mailing their “stuff” to my mail drop in NJ next season clients will mail their “stuff” to a mail drop in PA. 

I have purchased a condo – and will close in mid-July.  I should be fully moved by mid-August.

And this year I will be attending the annual National Conference and Expo of the National Association of Tax Professionals to be held nearby in Baltimore MD from July 9-12 (leaving this Sunday).  I will be posting here, and also at THE TAX PROFESSIONAL, daily from Baltimore during the conference next week – sharing tax info and tax developments learned, and reminded of, at the various educational sessions.

When I return from Baltimore my attention will be taken up by my move – and posts will continue to be sparse.  I will try to maintain the twice-weekly BUZZ schedule.  There will be a regular Saturday BUZZ installment tomorrow.

Once I have settled in – by the end of the summer – I hope to return to regular posting at both blogs.

“Talk” to you from Baltimore next week!

TTFN

WHERE THE FAKAWI?

Sorry for the lack of non-BUZZ posts these past weeks – but I have been busy learning QuickBooks (via a 2-day class) and setting up my own and various client companies on the system, dealing with client and IRS/NJDOT correspondence, and trying to catch up on other non-GDE tax stuff.

 

This week-end (Friday thru Sunday) I will be working away on the NJ Property Tax Reimbursement applications (even though the June 1^st deadline is always extended each year, I do not want to rely on the State of New Jersey being consistent) and work on the GD extensions for which I have all the necessary information to complete (I want all such GDEs completed and in the mail by the end of May). 

 

Monday I will take time off to watch the 12-hour PERRY MASON marathon on the HALLMARK MOVIE CHANNEL.

 

So again – no time for posting.

 

During the last days of May I will be posting a series of “summer-reruns” of summer-related posts, with updates as appropriate.

 

The Memorial Day week-end has always been the “official” start of summer.  One would rent a summer house or cabin from Memorial Day through Labor Day (as I did with high school and college friends for several years in the mid-1970s – each year the house getting bigger).  And television’s summer rerun season is already in its second or third week.

 

I will continue to post the twice-weekly BUZZ.

 

TTFN

WHERE THE FAKAWI?

I am running out of other non-current 1040 “stuff” to do to avoid the GD extensions! I am almost caught up on IRS and state tax correspondence and amended returns.

It appears to me that, like in old movies, cartoons and sitcoms, I have a tiny “mini-me” on each shoulder, whispering in my ears.

One mini-me has wings and tells me that I must “buckle down” and complete the GD extensions, saying that my clients have been very patient and have waited long enough for me to get off my arse.

The other has horns and tells me that there is always “manana” (tomorrow). There is no hurry to get the GDEs done.

I must allow the winged mini-me to win this argument. I truly must “buckle down”, no matter how much I do not want to be doing any more 1040s at this time, and “get ‘er done!”. My clients have indeed been patient, and have waited long enough. For the most part these returns were not received at the last minute, and the excessive delay is truly my fault. My sincere apologies to these patient clients.

So now that I am caught up on all other “stuff” (except for the two corporate returns will have to wait until July) there is no more excuses for not devoting my full attention to completing the GD extensions. I must force myself to get in gear by locking myself away for the rest of June, even if it means checking into a cheap motel to avoid distractions (as I used to do many, many years ago when I got backed up).

I have “scheduled” posts in my re-write the Tax Code series for the next several days – so while I may be locked away you will still be able to get your TWTP “fix”.

To be sure I am ahead of last year, GDE-wise. And next year I will not have this problem – as I will be thinning the herd and making other changes to my 1040 practice – so there will be no GDEs (other than a few fed-files) in the “to be done” box on May 1, 2012!

FYI - I do NOT read what I assume to be "are we there yet" emails from clients until I am actually "there".

WHERE THE FAKAWI?

As I am sure comes as no surprise I did not finish those GD extensions that I had hoped to by June 1st.

While I did work throughout the Memorial Day week-end and the week that followed, and did make some progress on completing GDEs during this period, for the most part I did other work – including much-needed house and computer cleaning.

I have determined which GDEs need more information, and have sent out requests to the clients. I have reviewed and organized the non-GDE work that piled up during and after the tax filing season – amended returns, IRS and state correspondence, corporate accounting work, etc – and completed some of it.

As you read this I will be on the road to Sullivan County New York for a 4-day getaway – which will be Totally 1040-Free! I have scheduled posts for the rest of the week – a BUZZ for Wednesday and reruns of contribution-themed posts for Thursday and Friday. While I will be back on Saturday I doubt if I will be able to get together a week-end BUZZ installment.

When I return to my desk on Saturday I will take up the GDEs – there about a half-dozen that can be done – and do one per day.

To my GDE-ed clients – thanks for your continued patience. To my TWTP readers – “talk” to you when I get back.

WHERE THE FAKAWI?

Oh, oh! I have begun to notice symptoms of “manana” disease. Twice this past week I have told myself, “I will get up early and put in 10 hours at the desk tomorrow” as I spent an afternoon in front of the “tube” – but did not follow through when tomorrow came.

It was bound to happen once I was away from the desk (however much needed) for a few days. When I return I have lost most of my motivation to go back. After doing one thing, and one thing only – that is prepare 1040s - 12 hours a day, 7 days a week, for almost 3 months there comes a point when you don’t want to look at another 1040.

As of this writing there are 15 GD extensions in the “to be done” box. I have been completing "red-filed" returns as the missing information is provided. I do believe that I can motivate myself to do 2 sets of returns a day, every day (with one day a week off) between now and the end of May, and end the month with nothing but “red files”.

Wish me luck!

WHERE THE FAKAWI?

Here is a special “post-tax season” Where the Fakawi installment as I prepare to leave for Long Beach Island on my “official” post tax season recuperative trip (a change from Ocean Grove). I plan on seeing BYE BYE BIRDIE at a new (to me) theatre in South Jersey on Friday night. It has got to be better than the Broadway revival of a few years ago. And, of course, some gourmet dining.

(1) I have made a good dent in the GD extensions. There are currently only 15 sets of returns left in the “to be done” box that I can do, or at least start, when I return (I concentrated on quantity and not quality this past week – leaving the projects for when I get back refreshed), and 7 “red files” (need more information). And then there are 7 or 8 returns that have been extended but I have received absolutely no “stuff” for yet. It looks like only 1 of these is waiting for a Form K-1 that will not appear until September.

(2) I am up-to-date on all payroll tax returns and filings for my few remaining business clients (long-time friends and/or clients to whom I cannot say good-bye).

(3) I have caught up on all tax-related correspondence that needed current attention. I am just waiting to hear back from uncles “Sam” or “Chris”.

So once again – “It’s off to the shore. 1040s no more. At least for a while.”

WHERE THE FAKAWI?

In case any of my clients are “listening” - - -

I have completed all my 4th Quarter and Year-End 2010 payroll tax returns and reports (941s, 940s, NJ-927s, W-2s, W-3s, 1099s, 1096s, etc)!

I have completed and mailed out my own 1040 and federal and state corporate income tax returns (my NJ-1040 s done – but as there is a balance due it will not go out till April 14th)!

I have two relatively big projects, and a 990, 990PF, and 1065, scheduled for completion on Saturday and Sunday (one project is 3-years of 1040s).

My answering machine is not on yet – I have a small problem with the wiring that I need to fix by Monday morning. The machine should be on beginning next week – although I will be “out and about” most of the week (and not sitting by the phone waiting for your call). Email still the best way to contact me.

Next week, after a non-profit year-end closing consultation, will be devoted to “housekeeping” items – stocking up on office supplies, tax forms, and food, getting shorn, getting my car tuned-up and “winterized”, doing laundry, and cleaning the apartment.

And then – on February 1st – it officially begins!

I have actually already received the first package from a client of, I assume, 2010 Form 1040 “stuff” (not yet opened – will do over the week-end).

I do not anticipate anything causing delays this tax season – no family or car “issues” to deal with – and hope to head for a recuperative trip to the Jersey shore on or around April 25th with absolutely no GD extensions in my “to be done” or “red file” boxes! The only GDEs I want to have undone by 4/25/11 are those for which I have not yet received the client’s “stuff” (i.e. they are waiting for K-1s).

Wish me luck!

WHERE THE FAKAWI

I have completed my first phase of apartment cleaning, and the pile of basura that has been accumulating for the past 3 or 4 months has been hauled away to the dump.

My Christmas cards are all done and in the mail.

I have written and “scheduled” all of my TWTP blog posts through Christmas Day, except, of course, for Wednesday’s BUZZ installment (no BUZZ on Christmas Day).

I have received the information necessary to prepare the 2010 W-2s and W-3 for all but one of my remaining business clients – and will continue my annual tradition of typing W-2s from Christmas Eve through New Year’s Eve, perhaps starting a bit earlier this year.

So what is left?

I have a 3-year 1040 project (2007, 2008, and 2009), some amended returns, and a corporate GDE to complete. And before I can start the W-2s I must prepare/submit the 4th quarter payroll tax returns.

The last two weeks of the year will be very busy!

TTFN

WHERE THE FAKAWI?

While I have said it before – I must deal with my bout of “manana” disease and, like Winsocki, buckle down and finish the GD extensions – this time I really must, as the deadline is less than 3 weeks away!

Like the author with writer’s block who locks himself away with nothing but his typewriter and a supply of canned food in a cabin in the woods I must go off to a place where I cannot be disturbed, and where there are minimal distractions, to get ‘er done.

There will no posts here at TWTP– including Wednesday or Saturday BUZZ installments – until I have finished the GDEs.

While I am working I suggest you check in regularly with Joe Kristan, Kelly Phillips Erb, Kay Bell, and others for your tax info fix.

TTFN

WHERE THE FAKAWI?

It has been one full month till the official end of the tax filing season – although the filing deadline was extended from April 15 to May 11th for residents of some New Jersey Counties.

I realize that it sounds strange, and is not logical, but after April 15th I, and I would expect other tax pros in similar situations, experience something that is not unlike “postpartum depression”.

After doing almost nothing but 1040s (and 1040As) for 12+ hours a day, 7 days a week for some 10 weeks it is truly difficult to get motivated to continue to deal with 1040s once the pressure of the April 15th deadline has come and gone. I cannot bring myself to do more than 1, or on occasion 2, GD extensions a day.

I have been told by a fellow tax professional – an EA practicing in NYC – that, “It's a law of physics that if you complete more than 3 tax returns any day after April 15, the universe collapses upon itself”. I certainly do not want to be the cause of the end of days.

As of this writing there are 20 GDEs in the “to be done” box and 7 that have been “red-filed” (need more – or any – information to begin or continue). From this count I have made a good dent in the GDEs – for which I am very pleased – but there are still too many left.

I am too distracted by apartment and car shopping (mission accomplished on that item on Friday!), getting ready to make my move to Monmouth County, hopefully on July 1, and possible “wanderings” and theatre outings.

And I want to get back to regular 6-day a-week blogging and to writing items for MainStreet.com.

Looking to the future I no longer want more than at most 10 workload-related or late-receipt GD extensions in the box on April 15th. I would be the proverbial pig in you-know-what if there were no workload-related GD extensions. I long for the “good old days” when it was really over on April 15th.

I don’t mind a handful of GDE for clients who are not yet ready to file – and who will get me their “stuff” in the summer. A small number of returns, prepared at a leisurely pace with no pressure, would be ok during the off season.

To reach this goal I must strictly enforce “read my lips – no new clients”, reduce distractions and non-productive activities during the filing season, thin the herd, or refuse to accept new work not in my hands by the third week of March – or more likely a combination of the four.

Today and tomorrow (Saturday and Sunday) I will be devoting to GDEs – and I will tempt the laws of physics by trying to get as many done as possible.

I will be working on the NJ Property Tax Reimbursement applications (PTR-1 and PTR-2) early next week. The initial filing deadline is June 1st. In the past this deadline has consistently been eventually extended to October – but considering the State’s financial situation I do not feel safe assuming the same will be done this year. Once those are in the mail I will return to the GDEs – at 1 or 2 a day – with the hopes of getting all those that can be completed done and in the mail by month’s end.

Wish me luck!

TTFN

WHERE THE FAKAWI?

I have completed my last 2008 Form 1040 (although I am waiting to hear from a CPA who prepared the Form 1065 and Form K-1 for a client who is 1 of 3 general partners in an investment before I can complete the last NYS IT-203).

I am up-to-date on client-related IRS and state correspondence, waiting for “stuff” from one client before responding to IRS and awaiting response from IRS and NJDOT on others.

I still have a GD extended fiscal-year Form 1120 (and NJ-CBT-100) to complete. And there is an IRS correspondence audit (they asked us to send them certain documentation) that is pending (client currently in Europe).

And, oh yes, a box of “stuff” that I put off till after the initial tax filing season that I finally need to get to – but no pressure or deadline.

While I must deal with the above at sometime during November – it is my plan to spend most of the month writing reports, articles and columns for publication and submission, updating my websites, and serious cleaning up the apartment – room-by-room.

I already have my what has become annual trip to Atlantic City for 2 days of year-end tax classes booked for the beginning of December. And I will also be organizing, compiling and printing my annual January 10 client mailing in December. And, of course, there are W-2s to be typed on Christmas Eve and New Year’s Eve.

Next tax season I hope to have all GD extensions that are not waiting for a K-1 completed by the end of April. If needed missing information for a GDE is not in my hands by end of April I may decide to send what I do have back with a “too bad” note. There should only be 4 late K-1 related GDEs, which I should be able to have completed by end of September.

One of the reasons I got into the tax business in the first place was because I could work my arse off for 2 ½ to 3 months in the beginning of the year, and relax the rest of the year while it grew back!

TTFN

WHERE THE FAKAWI

This past week-end nothing got done!

Friday I had a wedding at Chelsea Pier in NYC (a great location). It is on 23rd Street and the waterfront (Hudson River). I thought I would take the PATH to the 23rd Street station – not realizing that the station was on 6th Avenue and it was 5+ loooong blocks to the water! I certainly got my exercise this Friday, as I returned home the same way – getting back to my apartment at 2:00 AM.

Saturday was a “post-wedding” luncheon cruise on the Spirit of New York – a two hour cruise from Chelsea Pier (this time I was smart – I took the bus to the Port Authority and a taxi to Chelsea Pier) around the Statue of Liberty, under the Brooklyn Bridge and back. It has been well over 40 years since I have been on such a cruise (the last time was probably the Circle Line as a child) and the skyline of Hudson County has certainly changed!

Sunday I had planned to drive to PA for the day and see a show at the RITZ PLAYHOUSE in Hawley – but I was too tired from the wedding activities that I decided to stay home and watch the “PDW” (PBA great Pete Weber) bowling marathon on ESPN Classic.

I have changed my telephone service (which is only plugged in during the tax season anyway) from AT+T to Vonage – to save over $300.00 per year. Luckily I have been able to keep my existing phone number. I know the phone number has been successfully switched over because I got an email announcing a “voice mail” message.

I just got the “box” from my mail drop this morning – but have been unable to get the new system up and running. I hooked everything up this morning, following the instructions, but no luck. I will give it one more try tomorrow or Wednesday night with some newly purchased extension cords before I will be forced to spend the $100.00 (1/3 of the savings) for “professional” hook-up service. Wish me luck.

I am not particularly worried about an interruption of service, as even when Vonage is set up I will keep the machine unplugged – no incoming calls - although I am currently unable to call out. I receive and can send faxes via email – so that is not a problem.

I have an overdue calendar year 2007 Form 1120 – one of the very few corporate returns that I still to do because of a personal relationship – to complete (I finally got most of the information needed from the client), and two fiscal-year 1120s (FYE 6/30), also with personal connections, to work on. The client with the late 2007 return has promised the rest of the needed information via email later today or tomorrow.

I have to open a checking account for my new corporation at WAMU down the block – but it has been pouring on and off today and I have a good parking spot (I am good until tomorrow at 1PM) and do not want to lose it.

I will be making my annual pilgrimage to Wayne and Pike Counties in PA in a week and a half – so I definitely need to spend at least a full day cleaning the “living area” of my apartment (kitchen, bathroom and living room/bedroom) so it is at least presentable for the “cat feeder” who comes in to feed Nosey during my absence. I think I can hold that task off until the week-end. The office area was cleaned up a while ago.

And of course there are the GD extensions! I remain unable to get fully motivated. There are two that involve Schedule Cs that need to be addressed ASAP and one that I need to review and identify what cost basis info is still needed (a lazy broker involved). Plus there are a few 2210s to be worked up.

I will try to devote tomorrow late morning through the afternoon to the two Schedule C GD extensions. Wednesday, as usual, I am gone all day.

What I need to do is put aside blogging (writing and reading) for the rest of the week – so, unless there is breaking news that needs to be reported and/or commented on you will not hear again from me until Saturday’s WHAT’S THE BUZZ.

TTFN

WHERE THE FAKAWI

I have come down with a serious case of “manana”! I continue to put off to tomorrow (and the day after, and so on) the GD extensions that I should be working on today!

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Drastic measures are called for. Since I spent two weeks “1040 Free” I must now “re-hiate” (is that a word?) and spend a full week “Blog Free”.

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For the entire week beginning Monday, June 16th I will be “locked behind closed doors” catching up on the GD extensions. I will be working at tax season pace.

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I will not be posting to THE WANDERING TAX PRO, ASK THE TAX PRO, THE FLACH REPORT, NJ TAX PRACTICE, or ANYTHING BUT TAXES during this period (unless there is world-shaking breaking news, such as the Supreme Court declares the federal income tax unconstitutional). I also will not be “wandering” the web or dealing with non-essential emails.

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I will post tomorrow, if I have something to say, and there will be a WHAT’S THE BUZZ entry Saturday. I hope to post my reviews of CRY BABY: THE MUSICAL and GYPSY on ANYTHING BUT TAXES on Friday and Sunday respectively.

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To the handful of clients whose GD extensions have fallen victim to my “manana disorder” I apologize and thank you for your patience and understanding.

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It is my hope to end the month of June with all GD extensions either done and out or red-filed.

WHERE THE FAKAWI: ENOUGH IS ENOUGH IS ENOUGH!

As I was finishing up a GD extended Form 1040 late this morning I found myself starting to nod off in mid signature. It was a sign that enough is enough is enough. It is time to officially end the tax filing season - and to spend “a week without 1040s” to recuperate.

It is a good stopping point – as all that is left at this point is red-files (need more information).

The number of sets of individual returns that I have done so far this year is now at 375. I have completed 30 sets between April 16 and May 18. I will have no problem living up to my “boast” of doing 400 sets of returns per year.

I look forward to at least a full week “1040 Free”!

TTFN

WHERE THE FAKAWI

I have decided to work through this coming Sunday (May 18th) on the GD extensions before "coming up for air" – so that I can either complete and mail out or transfer to a "red file" all the GD extensions I had to file this past April.

While I did get a “second wind” I am once again “running out of steam” and need to take time off to recuperate soon.

As a result my postings to THE WANDERING TAX PRO between now and next Monday will be scarce. I will be doing a "What's The Buzz" posting on Saturday.

FYI, I have posted to both ANYTHING BUT TAXES and THE FLACH REPORT this morning. In “Ain’t Broadway Grand” at ABT I report on the 2008 Tony nominations, and at TFR I discuss economic “stimulus” measure for businesses.

TTFN

WHERE THE FAKAWI?

What usually happens at the end of the tax season is that I am so sick of 1040s that I need to get away or go mad. I head off for my annual recuperative trip to Ocean Grove – but when I return relaxed and refreshed I have lost my motivation to continue with 1040s and the GD extensions drag on.

Last year I waited a few days before leaving for “the Grave” and got some of the simpler GD extensions done before going away. However, when I returned my motivation was gone and the GD extensions dragged on.

This year my cat’s illness caused me to postpone my annual visit to the shore – and I somehow got a second wind! For the first time in my 37 tax seasons I have decided to continue to work on 1040s through the end of April – and take off in May!

I have been doing good – completing two to four GD extensions per day. As expected, many of the returns I start end up being transferred to “red files” – as more information is required. I have been both emailing and postal mailing my request for missing information to clients, and have been completing the returns as the information is received.

I am obviously not working at tax-season pace – but if I can manage to complete and mail out at least two GD extensions per day I will be very happy. I hope to have only “red files” remaining by May 1st.

So if my posts are spotty for the next week know that it is because I am working away on the GD extensions.

TTFN

WHERE THE FAKAWI?

Let’s see –

· My annual January mailing to 1040 clients went out on time, and I have heard from several clients already.

· I have completed all my 4th quarter and annual payroll tax returns and reports, except for a few 940s (I am still waiting for the IRS to send them out to clients). If they don’t arrive by week’s end I will download the forms from the IRS website.

· I have finished two of the four sets of calendar year corporate returns that I continue to do (my biggest business client of over 20 years has three corporations and I also do my mail drop’s corporation). I am waiting for tons of information for one (I expect it will be extended), and should complete the other one by week’s end. FYI – I no longer accept corporate clients.

· I have finished and mailed out the LM-3 (Dept of Labor report) and Form 990 for the local union that I do (a friend from grammar school and high school is the President).

The “widget” on your right indicates that it is 83+ days until April 15th (I think it is off by an hour). The official beginning of the season, February 1st, is fast approaching! I have a lot to do in the next 9 days – including a massive housecleaning and laundry effort, stocking up on food and office supplies for the season, and getting shorn (I get my hair cut every six months – whether I need it or not!).

I have an Innocent Spouse claim to do, a couple of 1040s still, a Form 990 for a client’s private foundation, and some research on client prior year and ongoing client issues. While I have not received any 1040 “stuff” yet I should be doing my first NJ tenant rebate claim of the season today.

And starting today I will begin my series of visits to post offices and the local IRS office to gather tax forms. They have not been out at the PO yet, but I am hoping that they will begin to appear this week. I remember during one of the first few years of my tenure with my mentor Jim Gill he sent me to a warehouse in Newark with a suitcase which I would fill up with federal forms.

And I have to write answers to a handful of ASK THE TAX PRO questions for the final two postings before my “hiatus” from blogging. I will be doubling up – offering two-for-one specials these last two weeks.

Each year I say that I will take a brief trip in mid-January to rest up for the deluge that begins on February 1st – maybe next year! On Thursday night I am off to NYC to see NOVEMBER with fellow Jersey City native Nathan Lane - at least that's something.

Enough rambling – off to the Post Office!