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1 hour ago, Dan said:

Where is the fill-in-quick-navigate box?  How do you find it?

From client manager, open the return. On the main screen that appears you will see a blank box in the lower left corner that says "enter screen, state, or search phrase".  That is what Catherine is referring to as the quick-fill-navigate box where she wants you to type in "LATE". 

That "LATE" input screen can also be found and accessed on the "Taxes" tab and is the 5th item down from top left.

Yes, I saw the difference in the numbered codes, but the issue really seems to be the same thing with the withholding exceeding the total income. I think the only difference in the error codes is that the line numbers on the 1040 have changed since the "05" error was in use and was the reason I mentioned adding the $1.

This was happening in earlier years also, and when I googled the error code I saw referenced back to 2019 and 2020 too.

The issue is that the withholding exceeds total income unless one of the other items you listed is true, otherwise the return must be paper filed.

One solution is to add $1 of cap gain or cap gain div, or one of the other items required to be true, to remove that error and be able to e-file.

28 minutes ago, Abby Normal said:

which is the main way people make their screens more readable

In addition to screen resolution, there is also the "Scaling and Layout" within the display settings that can be changed, but that can cause issues within apps that may include programs like ATX.

I thought about this briefly until I realized that it's been more than 2 yrs since I used the FIRE system directly and my TCC has most likely been inactivated by IRS.

I've worked on individual and business returns within the program but am waiting on state forms approval, so I haven't e-filed anything yet. No problems with what I've done so far, but I did not initiate the MFA during my initial setup after reading the initial post here.

My own 940 was rejected by IRS on 1/23 because of a programming issue in Drake Accounting and with the year in the header, and the program didn't catch or reject it and allowed it to transmit on through to IRS.  The patch was made by Drake the following morning and 940 was resubmitted automatically without any further action on my part. All I had to do was retrieve the ack a second time that showed its acceptance.  

The password does expire every 90 days, but if you log in once a year to submit W-2s, then you can change it only that once and done.

I logged in this evening, changed my password, prepared and submitted my W-2, and saved/printed the pdf. No problems whatsoever, and I used Firefox browser.

Thank you. I'll take some time tomorrow to read the links and examples more closely.

20 minutes ago, cbslee said:

Again it depends on the plan document. I believe plans can be written so that the employer contribution can exceed 25 % of compensation as long as the combined employee/employer contributions doesn't exceed the designated max of $61,000 for 2022 or 100% of  compensation whichever is lower.

I think the employer contribution is still limited to the 25% but the employee elective deferral can be up to 100% of the plan doc's comp as long as the total combined contribution max doesn't exceed the $61,000.

https://www.irs.gov/retirement-plans/one-participant-401k-plans

Employer contributing more than 25% of the defined compensation per plan document would result in a nondeductible excess contribution, and the employer would be subject to the excise tax if not remedied.

If boot is taken, then client has a partially deferred gain, and the boot is taxable up to the amount of gain. No proration of basis is involved. 

This is a reminder that we do NOT host political discussions on this forum, and with new leadership in the U.S. House, I expect that some members will be tempted to post about proposed new legislation on here.

Already this morning, I've deleted two posts and modified a third to eliminate a political reference in a very minor way that does not affect its content.

I'm asking that each of you to please be cognizant of content before posting to keep this a politics-free site. This would be especially true of any legislation floated out that we all know has no chance of becoming law short of h*ll freezing over.

Thank you.

 

Wow, four hours to bake!  The baker would need some of those calories back after all that prep and mixing.

On 1/2/2023 at 12:08 PM, DANRVAN said:

I subscribe to RIA Checkpoint Learning 'Premier Package" which allows access to hundreds of webinars and self-study courses for an annual rate of about $300.  A great value for quality courses.

Thanks, Dan! I've used RIA and PPC products for years but never for CPE and just made the switch to Checkpoint today. This was perfect timing because my now-former package had just renewed on the 31st and was still eligible for a full refund, and that company's state ethics course was NOT included.

Back at my desktop now, and the site address that I use is this one:

https://www.atxcommunity.com/

Definitely has the lock and shows as secure. Are you using an old bookmark?

On my phone right now, but the web address has a lock icon that indicates it's secure.

Is it your AV software giving a false indication? Possibly add the site as an exclusion?

Happy New Year, everyone!

7 minutes ago, Medlin Software, Dennis said:

Final 15T was posted last night.

https://www.irs.gov/pub/irs-pdf/p15t.pdf

Thank you!

On 12/5/2022 at 6:39 PM, ETax847 said:

Is he eligible for the Credit for Prior Year Minimum Tax on his 2022 taxes?

The credit may potentially only be claimed in a year when the taxpayer does not pay AMT itself.  The credit is available as carryforward if the taxpayer paid AMT in prior years, but not all of the AMT will factor into the credit.  Only the portion of AMT that relates to depreciation and ISOs will ultimately be used as part of the credit calculation.  Deductions that may have triggered AMT in the first place, such as state income and property taxes, home equity mtg interest, and miscellaneous deductions, are excluded.

I can't answer specifically where this is in ATX other than to say that it should be with the input for form 8801, and it may be that many of the figures may be prefilled from prior years' forms 6251 and 8801 if the prior return was prepared in ATX.

4 hours ago, Pacun said:

Let's say you have .5 million in bank accounts and a house and you want a to set up a living trust, how much does it cost? Will you use a local lawyer or someone on line?

Your question is like asking how much we charge for tax returns. There are many factors that go into pricing any personal service that will vary by region, urban v. suburban, the size/reputation/expertise of the firm, and the complexity of the trust.  I would never suggest DIY online documents for a trust. Too many pitfalls.

To answer though, around my area a few years ago for basic planning and setup (suburban of Wilmington DE, and definitely less than Philly or Baltimore) I've seen a range of $1,500-$2,500 and more.

MeF accepts the current and prior 2 years for e-filing. You are correct that the e-file for 2019 was rejected because of the shutdown and will need to be paper-filed.

IRS will reopen the MeF system again in late January, 2023 for the 2022 tax year.  At that time, the 2020 tax year returns will be the earliest that can be e-filed (current year 2022 and two prior of 2020 and 2021).

I installed it about a week ago. The interface looks the same except that the icons at the top seem a  bit more cartoonish to me. It's a  current trend, but not what I expect or want in a professional program.

I personally know of only one business that received a PPP loan and that did save it (a retailer with 2 stores) from going out of business while it suffered major losses of during the pandemic shutdown. 

By some miracle, my other business clients were of the types whose businesses were not affected by the shutdown, continued operating, and did not even consider applying for any PPP funds.

My own practice was unaffected other than to tell clients that they would definitely be using the drop box and would not be seeing me in person at pickup. 

Perhaps the OP is thinking of the minimun to keep the EFIN active.

I can't answer about any EA minimum requirement, but one of the reasons the IRS will inactivate an EFIN is if a preparer has not e-filed any returns in the current or prior tax year. At that point the preparer would have to reapply.

 There are other reasons that the preparer could lose the EFI N and would have to reapply also.

This is disgusting, meanwhile some here worry about raising fees by $10 per return.