Probate, Estate Planning, & Income Tax

(Not necessarily in that order!)

[Probate, Estate Planning, & Income Tax @LTWLAW]

@LoganGrafTax The typical firm for sale is around $300K in annual rev., 1,000ish returns, some bookkeeping, net profit below $80K, and everything is face to face and paper. These firms are decades behind in tech. and fees.

[Probate, Estate Planning, & Income Tax @LTWLAW]

@LoganGrafTax Let your market decide if your rates are too high or too low. Our industry as a whole is charging way too little. There are dozens of firms for sale right now that have a sub $200 avg. prep. fee.

[Probate, Estate Planning, & Income Tax @LTWLAW]

@BlakeTOliver AI is a launch pad tool for the professional. Quickly gathers information and then it is upon the pro. to review what it provides for relevancy and accuracy. Definitely not very useful for the lay person or as an end product.

[Glen Birnbaum @GlenBirnbaum]

We have our first look at the DRAFT Form 1040 instructions for the 2025 tax year. A nice summary here of "What's New" #TaxTwitter

[Probate, Estate Planning, & Income Tax @LTWLAW]

@KurtSupeCPA Very often when the tie that binds passes away all of the buried years of contempt boils to the surface. It is easy to blame the estate planning, but it seems to me that the relationships were damaged long ago.

[Probate, Estate Planning, & Income Tax @LTWLAW]

@sweatystartup For every dollar you borrowed for your student loans, you are going to need to make $3, after income tax and interest, in order to pay it off. With that, go into a field/ profession that you can scale. Side hustle it first, then start your own company.

[Probate, Estate Planning, & Income Tax @LTWLAW]

@sweatystartup Very little.

[Probate, Estate Planning, & Income Tax @LTWLAW]

@MichiganMattCPA All direct hire.

[Probate, Estate Planning, & Income Tax @LTWLAW]

@bsuecannon April through July we send numerous reminders that all documents available need to be provided by August 1st or we will likely not be able to prepare your returns before the deadline. Makes an enormous difference.

[Probate, Estate Planning, & Income Tax @LTWLAW]

@CPAJeff At a conf. this week. Talking to a head of a large firm doing $240M annually in accounting. Won't touch a return for under $3,500.

[Probate, Estate Planning, & Income Tax @LTWLAW]

@SadieMaeCPA We have a Aug. 1 deadline for all tax info. other than what you are waiting on from a third party. Makes the 9-15 and 10-15 deadlines very uneventful.

[Scott Oliver @SAOliver_Atty]

Incredible news in the SBA world!

In FY 2025, the SBA guaranteed 84,400 business loans, fueling $44.8 billion to entrepreneurs across the country.

We need to take a moment and pause to take a look at this number…

$44,800,000,000.00

This breaks down to approximately 77,600 7(a) loans worth $37 billion and 6,750 504 loans worth 7.8 billion.

To put in another way…

Every single week, more than 1,600 small businesses secured financing to help them take their operations to the next level.

These aren’t just record breaking numbers…

They’re also a sign that small business optimism is alive and well.

[Probate, Estate Planning, & Income Tax @LTWLAW]

@LoganGrafTax $6-$9K. Would likely ask for a multi-year commitment depending on those depreciation schedules as well.

[Kelly Phillips Erb @taxgirl]

The IRS has officially announced that paper tax refund checks for individual taxpayers will be phased out beginning on September 30, 2025. Payments are next in line—but there is some breathing room.

https://t.co/UTOy8ShbcW

[Probate, Estate Planning, & Income Tax @LTWLAW]

@mountainwesttax There are no accountants to fill these roles in the US. All this will do is cause accounting fees to increase and/or push more of the process into automation and AI. For every 1 qualified candidate we find in the US there are 20 abroad. #taxtwitter

[Probate, Estate Planning, & Income Tax @LTWLAW]

@AccountingToday There are no accountants to fill these roles in the US. All this will do is cause accounting fees to increase and/or push more of the process into automation and AI. For every 1 qualified candidate we find in the US there are 20 abroad. #taxtwitter

[Probate, Estate Planning, & Income Tax @LTWLAW]

@RepMTG An exclusion to some degree on second homes would be useful too. Many vacation properties sitting unused waiting for the stepped-up basis at death. IE. 10+ years of ownership or after 72 years of age, $500,000 exclusion.

[Probate, Estate Planning, & Income Tax @LTWLAW]

@LoganGrafTax ChatGPT is wrong often. A simple example is asking it for specific dollar amounts for credits, deductions, adjustments, etc. for specific years or ranges of years.

[Probate, Estate Planning, & Income Tax @LTWLAW]

@CPATaxTeam Slim pickings this year. So many charging under $200 on avg. for face to face all paper preparation. Oddly enough many also had huge software expenses.