Golfer2016
Level 2
12-07-2019
05:59 AM
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In years past, I would make scanned copies of everything client's gave me, all their 1099s/W2/worksheets etc. This can be very time consuming. What do tax preparers HAVE to keep for their files? I believe 8879 is a must. But do we have to keep anything else? With the busy season, I'm trying to lower the amount of time on the mundane tasks.
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IRonMaN
Level 15
12-07-2019
05:59 AM
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TAXOH keeps what is required. I keep copies of all 1099s, 1098s, and other official tax forms as well as anything of significance that the client provides. If a notice shows up two years from know, odds are good that my client has no idea where that documentation is, but I do.
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TAXOH
Level 11
12-07-2019
05:59 AM
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Most of my clients have their tax return copy envelope that I gave them that has all of their documents and a copy of the return. They have no idea what is inside the envelope but would have it if needed.
Golfer2016
Level 2
12-07-2019
05:59 AM
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that is understandable. You only make copies of what you need to, and give everything else to them. In case of an audit, they can just bring in their folder.
TAXOH
Level 11
12-07-2019
05:59 AM
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Like I said above just W2'S 1099R'S and anything else that has withholding I keep also.
IRonMaN
Level 15
12-07-2019
05:59 AM
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I give them a folder inside an envelope, but yet anytime they need a copy of their return for bank financing or some other romantic adventure, they call me for a copy because they can't find that envelope :cry:
Slava Ukraini!
Slava Ukraini!
rbynaker
Level 13
12-07-2019
05:59 AM
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I added a clause to my engagement letter a few years ago that's cut down on this considerably: "Since a copy is already provided to you upon completion of your tax return, there will be a $20 charge for additional tax return copies provided in either paper or electronic formats." I think a few people actually read these things before they sign them 'cause it did cut down on the requests for copies.
IRonMaN
Level 15
12-07-2019
05:59 AM
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I keep on thinking about adding that fee, but I haven't done it yet. Maybe next year :smile:
Slava Ukraini!
Slava Ukraini!
rbynaker
Level 13
12-07-2019
05:59 AM
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I'm pretty sure I've never actually charged it to anyone, but I reserve the right to!
TAXOH
Level 11
12-07-2019
05:59 AM
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I only keep W2'S, 1099R's and anything else that has withholding.