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Terry D

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About Terry D

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    ATX Guru
  • Birthday 08/08/1955

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  1. Secure File Pro Connect

    Drake may be calling this by a new name this year. I read your description and that is exactly the process I used last season. In the doc manager there is a "portal" tab for secure file pro. That is where the documents are sent to the client and received by the preparer as well. For those clients of mine that used this, it has been a blessing. I work off of two monitors and once I retrieve the client documents, I open their docs on one monitor and the Drake package on the other. No more paper on the desk. The client can sign through the portal or in some cases, I use signature flow as well. Either way, this is a great feature.
  2. Secure File Pro Connect

    I haven't been to any update classes but I do use the Secure File Pro Connect and I love it.
  3. why aren't the older versions available to download?

    Just to backup Jack here. The online download should have the latest version/update to the software. Well, haven't used ATX for a long time but when I did that was the way it used to be.
  4. Rental Property Land Value

    Thanks for all the replies. Don't know this for sure but don't most boats have an hour meter? If so, the of course, the question is how to determine business verses personal use hours.
  5. Rental Property Land Value

    What do any of you use for land evaluation of rental property for depreciation purposes. I normally get a HUD handed to me that shows the total sale and have to put in a few hours to find the land value. Just wondering? Also, I have had this happen, the land value is more than what the purchase price is for the building and the land.
  6. invoicing software

    QuickBooks here too. I use the square system to process credit cards plus a PayPal account for online payments. Drake's support is phenomenal so no issues there. However, QB is another story. I agree with Tom.
  7. 1040 to 1041 (rental property)

    I*'ll just add my 2 cents worth. Abby said the magic word 'IF". Before you do anything, find out what type of trust this is, get the trust instrument and read it. Doing so will give you all the details you need regarding what the trust is, terms, and tax filing requirements. I never touch any trust of any kind unless I have the trust instrument. There are trusts that have exhorbant penalties to do this any other way.
  8. Do you accept credit card payments?

    I use Square. It is completely trouble free, no hassles, no monthly fees, no PCI insurance, no maintaining proof of destruction of client records. I bought the chip reader as well. Again, no troubles. I get my funds always within two days.
  9. filing a zero estate tax return(?)

    I'm not sure here but if an EIN was applied for the IRS may very well be looking for a 1041. Just sayin
  10. PLLC or SCorp?

    I agree an unreasonably low salary. Remember though that even though the SS is maxed there is still the match which totals the SE tax. Yes he gets 1/2 credit adjustment on form 1040 page 1 which lowers the income but he SE tax is calculated on the pass thru income. That is the only thing I could see that would not be calculated if he indeed incorporated. I have done these comparisons as I mentioned. Taking into consideration the adjustment for SE, Amounts withheld as an employee, and other tax that would be paid out of pocket, the only savings is usually the SE tax. As a disregarded entity he is subject to SE tax but as an S-Corp, SE tax is not calculated on the pass thru.

    I'll put in my 2.5 cents worth. I have to agree with Catherine and Jklcpa when it comes to Drake. I flipped flopped back and forth for a couple of years when it came to deciding to use Drake. I bought Drake for 2016 last year and have no regrets. Matter of fact, I purchased Drake again before May 31 to get the best discount. Moving forward, and as long as I am able to prepare taxes, I will purchase Drake. Do as Catherine says, download the previous year and play with it. If all you have used is ATX, switching from forms driven to input driven software such as Drake may be a bit challenging. If you have used other input driven platforms, then the learning curve will not be so bad. There are folks here to help you and I can tell you I am still learning features of Drake and I am amazed at how much easier it has made my life as a tax preparer. Don't forget to look at the secure file pro feature. The document cabinet is also amazing. Thanks to Drake, my office is nearly paperless. I took Catherine's advice and subscripted to signature flow for electronic signatures. All of this flows nicely into Drake. Adding documents external to drake takes a couple extra clicks but it is well worth it.
  12. NT - For the math guru in you

    Gosh Elrod, just wondering what you put in the search box to get that image, I can't watch too long as I become sympathetic.
  13. PLLC or SCorp?

    There are a lot of questions that need to be addressed to determine the best tax strategy for your client. I am assuming he is currently taxed as a disregarded entity and pays self-employment tax on the income minus expenses from the partnership. AT 350K plus income, the 30K savings if it were SE tax may very well be a close figure. It would take some time, but you really need to do a complete comparison with both entities to see the possibilities.
  14. That's a great offer Jack, I only live about 4.5 hours from Knoxville but have to work at my day job tomorrow. I do hope someone takes advantage of this.

    >>>>>The way I see this is that the estate should file a final<<<<<< I would prepare a 1041 showing the transactions and distributions as you say. However, I would not check the box as the final return so as to allow time for any unknowns. >>>>> do all the expences associated with real estate become deductible by the heirs<<<<< Why would they be deductible when the heirs were reimbursed as you pointed out in your original post. Out of pocket, and then reimbursed equals a wash. If the real estate sat empty since 2011, when the heirs sold the property their basis for tax purposes would be FMV at date of death. With that said, and due to recent changes in the real estate market, the heirs may have a gain but then again, may have a loss. That is a transaction for their individual personal tax returns. The proceeds from the sale show show coming into the estate and later being distributed proportionally according to the will. Don't over think this seems pretty straight forward to me.