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I have one extension to work up, or I might actually get the return done if I'm not missing info on that client's rental activity. I'll get the extension either way to give some time for the client to pickup and to efile. I ended up with only 8 extensions, all but one because of incomplete data. I've already started working to catch up on some accounting, planning for business clients with upcoming fiscal year ends, and first quarter payroll filings.

For those of you that might not receive email of upcoming IRS programs, here's a link to a free 2-hour webinar on 5/7 at 2pm eastern time. http://www.visualweb...eg.asp?id=86227 If you don't have time on the 7th, Tax Talk Today will have an archive of the session. Here's a list of upcoming programs available through TTT: https://www.taxtalkt...grams/index.cfm

I have several elderly couples whose returns have been like this too. One has over $55K in dividends that are almost all qualified, small pension, taxable portion of soc sec ~ $12K. They used the standard deduction and had taxable income of about $50K and ZERO tax. Terry D, bunny hop to the worksheet for line 44 of the 1040 will show you the calcs.

I tried earlier and could not connect at all. Just now I was able to send one extension through but in the same session got the same message about server error and couldn't receive acks. Ridiculous!

I use QB in the fashion as Fred and MAS have described. I had some wide gaps in the years too (2000, 2007, 2009, 2011) but it really isn't a big deal. If you don't have the correct version, convert it to what you are using, send the client your journal entries and tie in retained earnings next year. I have a client that is still using QB 2000 and I am on 2011. Up until this latest computer now running Win 7, I could still load the 2000 version up through Win XP. Intuit only support it 3 years back, but the programs will continue to work. The thing I wasted most of my time on with the newer versions was figuring out where to shut off the payroll features that QB really wants to force us to use. I use the program for a lot of small clients' write-up work and entering after-the-fact payroll. I finally found a tiny link in the side bar pop-up help that allowed me to shut off the payroll services but still have the program track and summarize payroll tax liabilities. Otherwise I would have been making lots of journal entries!

You know, I assumed it was required because ATX gives me a red warning message when an EIN isn't entered for payers of interest and dividends. Now that I've gone back into the program, I see that red message is caused by using the Payer Manager to be able to use the QuickAdd feature on subsequent returns. That tells me just how tired I really am. Thanks Lion, I think I'm good to go with this.

I have the same question. My client received a Canadian NR4 reporting interest income from a life insurance policy, no EIN.

Thank you, Mike. Let's not forget the mandatory work experience prior to certification, or the peer review requirements if the CPA is a member of their state society or AICPA.

Starting with this year, I added a column to the Return Manager specifically to track the efiles. For returns I'm efiling, I enter "Y - Fed, DE" (and/or whatever other states or forms are applicable) or "N" for the opt out or misc forms that efiling doesn't apply to. Then I can click on the header of that column tol sort the returns so that all the ones with no entry are grouped together, all the Ns are grouped in a block, and all the Ys are grouped that way too. It's the easiest I could come up with to do within the program.\ In Return Mgr, I don't check the block as completed until the return is out the door. I have a column for status when I need info, and a second column other status notes such as the date return is to be picked up, or the status of return through the e-file process.

I've had this on a few returns. When I deleted any "x" that appears where the choice is made of which number to show AND delete the "( )" on all the phone # input areas, the error message disappears. I didn't even connect any of these errors to whether or not a refund existed or direct deposit is requested with a particular return.

Did you have an engagement letter detailing the work to be performed for the partnership that included your billing practice, when payment is due, how you handle any unpaid balances, and whether you charge interest?

Form 1120S, Schedule D. Gain or loss flows over to Sch K, lines 7, 8a and 10 and the appropriate lines on K-1s.

Like Marilyn, I've had the same HP Laser printer going on 7 years now. It's a 2420d and has worked well with each of ATX's tax programs since then. I think it's fairly fast, can print at speeds up to 30 ppm, faster from the top tray than the drawer. I've been running Win 7 Ultimate 64-bit since 8/2011 and prior to that it was Win XP Pro. I haven't had any compatibility issues at all.

Good question! I created a 2010 dummy return with your fact pattern and rolled it forward. In the 2011 return ATX is reducing the recovery basis using the current year percentage of business as I'd expect. From there the current year depreciation expense is being adjusted as if the reduced business use percentage was used for both years. The reduced depreciation amount is shown on Sch C, with nothing on line 6, and not reported on 4797. In other words, my dummy Schedule C is reporting the depreciation expense net of the recapture. Judy

Blame it on Apollo

You would used Form 4797, lines 33 through 35, col B. Those lines show the originai depreciation, the amount recalculated using the reduced percentage, and the recapture amount. From there, the amount on line 35 is to be reported on Schedule C, line 6. Does TRX have a worksheet for line 6? ATX does and the amount from the 4797 would be carried to that worksheet and from there, to line 6 of the Sch C.

A client needs to issue a 1099-misc for a business that folded last year. I have an envelope with the W9 returned undeliverable with no forwarding address available, and the business does not have phone contact either. I believe the instructions say that a 1099 can be filed with the rest if less than 25% of the 1099s are not missing the EIN. Anyone know if this will cause the entire batch to reject, or do I have to paper file the whole batch. Suggestions?

Use code sec 461 for the points. The other charges are added to basis. If it's rental property, then those costs are depreciated over the appropriate life depending on whether it's residential or commercial property.

You also have to enter the required info on the "Payment and Refund" tab unless it is a zero balance return. This is the same for the states. The ATX program will not create the e-file if this data is missing. It will show a box at the bottom with errors to be corrected in red. Correct these and save the return. Then create the efile. After creating the e-file, the program will go through its own "save" function. Do not save the file again or the efile will be rejected by the program because it thinks you may have made changes prior to submitting to the taxing agencies. This is not a reject by any agency, only a program reject as a safety feature.

Oh, this must have changed for the new security laws because It used to give the entire number. Thanks for posting the update.

lol, I thought the original question might be a joke, sorry JB. Anyway, it made my day to see that jainen posted something humorous. I think jainen is wrong on one point though. The Pope should be addresses as "His Holiness". "His Grace" would be appropriate to an archbishop and more than insulting. Does anyone remember when Pres "W" greeted the Pope with "Your Eminence, you're looking well" (title would be used when greeting a Cardinal) or when he said "Thank you, your holiness, awesome speech" ?

Five free searches per user name (email address) at the link below. I used it several years ago and was able to find one business, others not so lucky. If you exceed the five, use another email address for five more. http://www.feinsearch.com/

Checking this person's posts you will see that this person used the home version of Turbo Tax last year to prep family returns for free, started prep'ing returns as a business this year, purchased ATX, and wondered if the files would transfer. It's more than a little worrisome that a person in the tax prep business would ask such a question. Ah, but that is part of the reason for the PTIN registration and testing! Hope this "preparer" is up on that.

I deduct it each year too, but I was curious if anyone was capitalizing it.

Just curious whether you are deducting the annual cost of the ATX software yearly, or are you recording it as 3-year off-the-shelf software and depreciating since it is available to use for as long as it will run on your computers.