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What Have I been Sayin’ – Busy Season Survival Strategies
By Stacie Clifford Kitts, CPA
This post is for all my fans, subscribers, friends, family, and Tweeps with CPA after their name. I have to say, I’m lovin this post by Michelle Baco over at Convergence Coaching Busy Season Survival Strategies. She pretty much agrees with what I have griped about for years. That is, it’s time to treat our staff like the inventory they are. Fact is folks, without staff you wouldn’t have anything to sell. Moreover, if your inventory becomes defective from say overwork and little praise, your practice just might do some sufferin too. Frankly, if you find that you are turning over entire departments of staff on an annual basis, you might want to consider how you are regarding your inventory.
Personally, there have been times when I have felt like busy season provided some of the most stressful experiences of my life. Although I admit a hostage situation or maybe a sinking cruise ship might be a tad more stressful, when you are bumping against a significant filing deadline, a partner is flipping out, or staff are threatening to revolt, it sure is hard to imagine how that hostage thing could be worse.
Annnywaaay – Getting back to Michelle’s post, I must say that I particularly like the “resting room” idea….Honestly; I asked about setting up one of those years ago when I was still working for the man. However, the idea got this response – “are you kidding?”
Well no, it just seemed like a good idea, spend like 12 hours sometimes more at the office, might want to take a little nap. Duh
Nevertheless, you should know, the raised eyebrows didn’t foil me. No sir – My solution – bring in large throw pillows and crash out on the floor in my office. I also allowed staff to snatch up those same pillows, assuming I wasn’t already using them, and crash out wherever it suited them.. Ha, I was such a rebel.
If you would like to read more about some really good ideas to relieve the stress of busy season, be sure to check out Michelle’s post. And if you feel like raising your eyebrows at some of her ideas, then might I suggest that you pull yourself out of the 80’s and join the rest of us right here in the real world.
IRS Presents: Homebuyer Credit Documentation Facts
Stacie says: Unless you have lived under a rock for the last few months, you know that last year there were issues with taxpayers fraudulently claiming the homebuyers credit. As a result, the IRS has some new requirements. Check out this information on what you should attach to your tax return if you are claiming this credit.
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Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Are you confused about the documentation requirements? The IRS recognizes that the settlement documents can vary from location to location, so here are five tips to clarify the documentation requirements.
- Settlement Statement: Purchasers of conventional homes must attach a copy of Form HUD-1 or other properly executed Settlement Statement.
- Properly Executed Settle Statement: Generally, a properly executed settlement statement shows all parties’ names and signatures, property address, sales price and date of purchase. However, settlement documents, including the Form HUD-1, can vary from one location to another and may not include the signatures of both the buyer and seller. In areas where signatures are not required on the settlement document, the IRS encourages buyers to sign the settlement statement when they file their tax return — even in cases where the settlement form does not include a signature line.
- Retail Sales Contract: Purchasers of mobile homes who are unable to get a settlement statement must attach a copy of the executed retail sales contract showing all parties’ names and signatures, property address, purchase price and date of purchase.
- Certificate of Occupancy: For a newly constructed home, where a settlement statement is not available, attach a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
- Long-Time Residents: If you are a long-time resident claiming the credit, the IRS recommends that you also attach documentation covering the five-consecutive-year period such as Form 1098, Mortgage Interest Statement or substitute mortgage interest statements, property tax records or homeowner’s insurance records.
For more information about the First-Time Homebuyer Tax Credit and the documentation requirements, visit IRS.gov/recovery.
Links:
- Special Information Regarding Signature Requirements
- Information About the First-Time Homebuyer Credit
YouTube Videos:
Stacie's Tax Stuff 