Accountants Won't Include the Depreciation Schedule in Returns

“I know there are some tax professionals who do not include depreciation schedules with the tax returns, but I always do. They say these schedules are workpapers and are therefore not part of the tax return. If I need to hold a client hostage to retain them, I am better off not engaging with them at all. Hopefully your new accountant will treat you better.”

“My 2024 tax preparer took depreciation on a leased vehicle that I plan to buy out at lease end. Now I’m stumped on how to handle 2025 as I don’t believe depreciation should have been taken since it’s a lease (I’m preparing the 1065 myself this year). The 2024 depreciation schedule shows 28,030 as the cost and he took $1,153 in deprecation. Leased 12/19/24 39 month lease $2,000 down on the lease First monthly payment 1/2025 Cash-basis company Would it be best to adjust my books 1/1/25 to remove t”

“Depreciation taken now (at a 10% rate) is depreciation you can't take in the future (at a higher rate)”

“3115 to “fix” depreciation is not the way as depreciation or forgetting to take it is not actually an accounting method. There was a time when you could catch up and do all your asset dispositions and partial asset dispositions in a single year when the revised TPRs came out in 14/15. But the way to fix mistaken depreciation is an amended return :(”

“So the taxpayer almost never comes out ahead by not deducting the amount of depreciation allowable. Yes, I understand that, and I agree. But the article I quoted states that if no depreciation was claimed, that's what was "allowed". So because 0 was allowed, the basis would not need to be reduced. Here's IRC 1250(b)(3) : The term “depreciation adjustments” means, in respect of any property, all adjustments attributable to periods after December 31, 1963, reflected in the adjust”

“I'm in Oklahoma and have a C store client who picks up gasoline in Arkansas and delivers it to Oklahoma. Because they pick it up in Oklahoma, they have to file the MFT monthly returns? Does anyone in Arkansas do these? It's insane, they take me about 4 hours to finish I can't imagine having multiple C store clients who do these. submitted by /u/Smart-Camel-4163 [link] [comments]”

“One other thing I have noticed is that getting a detailed depreciation schedule is very difficult with clients who have self-prepared their returns with Turbo-Tax. Perhaps that is so with the professional version of Turbo-Tax. It seems that Turbo-Tax asks a user whether they want something like “detailed worksheets” after a return is completed or before it is rolled forward to the next year. If the user doesn’t answer yes to that question, the detailed depreciation is gone for a prior year. Perh”

“The detailed depreciation schedule is not part of a government filing copy to the federal government as a matter of course. I for one don’t believe providing anything to the government that they do not require. As far as withholding detailed depreciation schedules from a client upon request, I cannot fathom that at all. I really haven’t paid much attention to what I provide as a copy to the clients. I have never refused to provide any client any detail that they have asked for and I do not under”

“Yes. Generally, money you receive for use of your van is taxable income to you. Her deduction and your income are separate issues. Keep records, the IRS mileage rate is not automatically a tax-free reimbursement here.”

“Detailed depreciation schedules are usually generated by tax software but are not part of tax return that the client sees (they just see Form 4562). But, this detailed schedule should be available to you upon request.”

“Circular 230 also includes this: The term also includes any return, claim for refund, schedule, affidavit, appraisal or any other document prepared by the practitioner, or his or her employee or agent, that was presented to the client with respect to a prior representation if such document is necessary for the taxpayer to comply with his or her current Federal tax obligations.”

…Did you ask for it?

“I am a cpa and I always attach it the return . I don’t really know if it’s required or not as I also have received returns without depreciation schedules. My guess is they are sent with the e-files version but not included with the clients copy”

“You appealed to Circular 230 which is the authority I referenced and quite correctly. You are now attempting to shift to another source of authority. I note, your chosen phrases are not contained in Circular 230. §10.28 defines "Records of the client" as those which preexisted the retention of the practitioner by the client. That is the phrase you chose to use not those of Rule 501. My explanation conformed to the language of the circular which is binding on all tax preparers rather th”

“A lot of tax software doesn’t automatically produce the depreciation schedules in the tax return printout to clients. Often more to do with the tax software because being used then a conscious decision to omit by the preparer. My theory is this is designed by software makers to make it more difficult for clients to leave and switch firms or possibly do returns themselves so the default settings is to have it not print.”

“Circular 230 says the accountant has to return what they were provided. So if OP provided the accountant with a depreciation schedule, then the accountant should return that document. If the depreciation schedule was created or maintained by the accountant, it is a working paper and Circular 230 does not require that it must be provided to the client. I personally provide Dep. Sch. with the client's copy of the return because I like when that courtesy is reciprocated to me. Though it rarely”

“Ok. So I would reconstruct the depreciation schedule, then compare it to the previous returns. If there was a difference, I would consider sending in amemded returns with the explanation, "The previous preparer refused to give the taxpayer his depreciation calculations which he did incorrectly."”

“I just called it quits with an accountant. The new accountant asked me for the depreciation schedule for a property I own. The former accountant in 6 years I bought and managed my property never released such a document to me nor was it filed with my previous tax returns. He was paid in full for all the years fyi- is this normal? Are they expected to prepare and keep this document or required to release it to the client either upon request or with each years return? I am in NYC if it matters. &#”

“I’m running a sneaker and apparel resale business in the EU. Most of my inventory comes from official Nike, Adidas and other brand outlet stores across Europe. The issue is that many outlet receipts only show generic product categories (for example “Hash Men’s Basketball” or “Hash Women’s Running”) instead of listing each individual SKU. The products are 100% authentic and purchased from official stores, but the documentation isn’t itemized. I’m trying to scale the business legally and I’m wonde”

“For Estate & Trust planning services which profession takes the lead - Accounting or Legal? Attorneys draft the legal documents. For tax planning and tax avoidance would this be tax lawyers or accountants? For estate planning if one wished to minimize taxes whether estate/inheritance or intergenerational taxes who should one contact? submitted by /u/casablanca_1942 [link] [comments]”

“[Alabama, US] So I had an argument with my parents regarding taxes and gas deductibles. My mom said that the gas that I used to commute to university was deductible, for context my university is an hour away and I spend around $80/week on gas. I said that I don’t think so and she told me I was wrong. Then they said that even the gas I used to get to my restaurant job (for more context I get a W2 form) was deductible and I said no way. I’ve only taken an intro to accounting class so I didn’t figh”