SFBOB

Sorry I should have said 1041 not 1040.

I am having a problem with a client that has rental property in a Disclaimer Trust. The trust is irrevocable and created upon the death of her husband in 2007. In all years prior to 2010 the losses if any, stayed in the trust 1041 return. Now with 2010 ATX software, the loss flows to the 1040 line 17 through the K-1 data entry. If any of you have a taxpayer with rental property in a trust, be very careful.Reporting depreciation has also changed. Rental Income, not including depreciation is reported on the K-1 line 7. Depreciation is reported on line 9. When the data flows to the 1040 through the K-1 worksheet, it nets out correct on line 17. NOW HERE IS THE BIG ONE. The depreciation reduced the line 7 income and then went forward to the 8582 in the 1040 return for a passive loss carryforward to 2011. In other words the client gets to deduct the depreciation twice. I any of you have a client with this type of transaction, carefully check your work. Please E Mail me at [email protected], if you wish to discuss the problem. I have forwarded the infomation to CCH. Thanks Bob

Thanks for the Happy Birthday Greetings. I hit 80 on monday and still feeling pretty good most of the time.I am thankful every day for the Blessings I Have Received. Have a good day eveyone.

I suggest you call 1-916-845-7057. This is the practioner Hot Line. Call about 3:00 PM PST and ask for an experienced Corporation representative. Use this source to discuss a potential new client; then use the information to work out your clients problem. As the prior post stated; there is a $800.00 annual fee plus the Original fee to the California Secretary Of State $800.00. The secretary of state will issue the corporation number. Good Luck Bob

I am in head over heels with all the changes regarding the 5 year carryback option. No Alt Min calculations if the loss occured in tax years 2008 or 2009. I must make the correct adjustments on the NOL worksheet.The Loss was $335,000 in 2009 with a NOL of $164,000 before any adjustments on the NOL worksheet, that I may be required to make.If any one has done a Ponzi loss and would like to get into a phone conversation for the benefit of both of us? E Mail me at [email protected] and we can talk on my nickel.In closing; I have learned a great deal already and would like to share and continue learning with and advanced preparer on this subject. Have a great day. SFBOB

If you have not printed the instructions on form 1045, go ahead. Pour yourself a large drink of your choice and go to it. This will be a good learning experience for you. Good Luck Bob

Most of the time California plays it pretty loose. Call them with all the taxpayer information and my luck was been pretty good on the first call. If you have not prepared the prior year, that may be a different story. Good Luck Bob

mcb39 To the best of my knowledge William Tasker is in the publishing business in Caribou Maine. Eric very likly is in contact with him. I did talk to him many months ago and he decided CCH and a move to Rome Georgia was not in his plans. I plan to stay with aATX until I close my business. I will hit 80 July 5th. Have a good one Regards Bob

Hi mcb39 If you have been around since 1996 then you know William Tasker, he remembered all of us. CCH is a very large corporation and they work just like the banks. New face every Saturday morning when I come in. I have had excellent service from Tech support by sending an E Mail and getting an answer every time within 24 hours. I also blow a little smoke their way and thank them in advance for the gretat service they provide. Good Luck Bob

My concern for the future of ATX software is that many of the new prepares coming into the business have very limited tax knowledge.I recomended ATX to an associate several years ago that was using Lacerte; she purchased ATX on simple returns that were W/2, standard deduction and E Filed. Her town was small and several hundred clients worked for the same company. I called her the next year and asked how she liked ATX. She said it takes alot more tax knowledge. I said what do you mean; she said I MEAN IT TAKES A LOT MORE KNOWLEDGE!!!. She has continued to use ATX for E Filing due to the low cost and is using Lacerte pay per return for complex returns. This lady has been in the tax business for over 25 years. I like ATX because I started on the forms and took H&R Block classes when I started in 1987 after retiring from my own office supply business.I like to see where the numbers are going on the forms. I demoed ATX to several of my associates using Prosries and Lacerte and their main objection was that they could understand it, however their employees could not. THEY NEEDED TO ANSWER THE QUESTIONS ON THE INPUT SCREENS.The fact that ATX is based upon a spread sheet requires moving to many many locations on the screen. The future is in growth of the ATX Tax program sales for CCH and I do not see it happening.If you have not guessed by now I am 80 years old.I plan to stay with ATX as long as it continues to be available. [Lets ask our selves how long the ATX users on this site have been in the business] and how many are new preparers. Have a good one Bob

When I posted this about supporting the forum;I had not read the dinner contribution post. Eric and the Mrs, I hope you had a great time out on the town.

This is an unsolicited post. Think about all the hard work that Eric does in our behalf by maintaining this fourm.He does not have the CCH bank roll behind him.I am sure tossing a bone his way would be appreciated. I just mailed my bone, why not join me. Click on donations on the upper task bar on the home page.ERIC PLEASE DO NOT DELETE THIS MESSAGE FOR A FEW DAYS.Have a great day everyone. Regards SF BOB

The executor is responsible for filing the final tax returns for the decednet and very likly a 1041 for the estate or trust. This could be a good opportunity for you to do the correct work for the executor. I am sure you will receive several reply to your question. Good Luck Bob