the boss

Just wanted to know if anyone had at least been sucessful in completing and e-filing a simple return.

I don't receive the message to download the new release 16. What gives?

Thank you......keep up the good work.

I have no problems entering data on box 1,3 and 5 of the w-2 as long as they are all the same. If box 1 differs from 3 and 5, am I forced to override the automatically calculated fields (box 3,4,5,6), or is there a more civilized way?

Thank you Crank.

Terry, have they added detail statements fot items on Sch E, such as repairs, insurance, etc?

Taxed, you are absolutely right. Schedule A is functional, execpt for the sales tax issue. I haven't downloaded the latest yet but feel comfortable that it will be fixed before the 30th. We all have different situations as far as our practice is concerned. If I would have been facing this situation several years ago, I would be going nuts. I had over 200 clients plus my regular job, husband, father, managed several rental properties, etc., etc. Now I am retired from my previous employer of 36+ years, my kids are grown and my client base is 50% less. I have mucho time on my hands and stuff like proforma (rollovers) are not my main concern. If need be, I will do them "by hand". Do I like it? NO, but I don't like shelling out an additional $1,500 either.

My perspective on all of this....I had been using ATX since back in the day when they had a Sabre tiger, 1993? Kept on using it and their pricing kept going up and up untill one day I found out through this forum that a company named TRX was selling it for half the price. What a bargain, almost hard to believe. I took a chance and ordered it early and much to my surprise, they came thru and delivered as advertised. The following year, I got the news that they were delivering a different software package, instead of the ATX I though I was going to get. At first, I thought the new software was a piece of junk compared the my old tried and true ATX, but after getting my hands on it for a little while, I realized that the nex TRX (Taxworks) was even better (in my humble oppinion) than my good old friend ATX. I loved it. For three years I have been blessed having used top of the line software at a drastically reduced price. Now, we get this. Of course we are going to be upset. We were spoiled.....! But I am not going to go nuts and spend $1,500 on another software package that will do the same as TRX. I was also somewhat pessimistic that TRX was not going to have a working software ready by the end of January, but now feel that they are almost there. I have had zero issues with customer support. They have always answered my calls and the one time I sent Doug and e-mail, he responded immediately.

I find it hard to believe that TRX will be able to finalize and put forth a working software package in time (Jan. 30th). If they do, I will be pleasantly surprised. I will wait till Friday of next week (Jan 25). If by then TRX is still unalbe to complete a simple return with working forms 1040, Sch A, 2106, EIC, etc., then I will be forced to make a move to another software package.

Schedule A, medical is just one field. No fields to itemize medicine, insurance, doctors,dentist, etc. No mileage deduction either. Just one field. State sales tax deduction is incomplete. Real estate tax is only one field with no link to detail statements (must figure you only have one mortgage). The same with gifts. No detail. That is as far as I have gone with this. Not in the mood to waste my time. So no, Schedule A is not functional.

Besides all of the issues mentioned, can I prepare a simple 1040-ez with this software? How about a 1040 and a Schedule A?

Ok, its time for Doug to get involved on this one. Can you offer a fix for the billing issue with this software for returns that were rolled over?

Been looking for fields that link up to detail statements........but none found! I know.... this feature will be introduced in the next update.

This case has finally reached a climax. After all of this time......with the help of a tax attorney and days from going to tax court, IRS finally gave in. What a learning experience this was.

There is a popular restaurant in town where all of the transactions are handled in cash, no credit cards. They must have a hard time finding a someone to prepare their return, right? :-).

That makes all the sense in the world. Its great to have this forum, esp with the work overload during tax season. I owe the two of you a day cruise on Biscayne Bay.

I have a client that converted a traditional IRA funded with non-deductable contributions to a Roth at the behest of their "financial advisor", and has since received a 1099R reporting that she is taxable for the full amount. Being that the IRA was funded with after tax dollars, is it up t the reporting institution to correct the 1099R? If the client doesn't get help on this matter from the institution, what would you recommend?

>>the people that qualify or think they qualify go to an IRS office so that their staff can determine eligebility<<

You want the government to audit ANYBODY with kids who struggles on low wages? Why not audit Schedule C instead? It is even more complex with vastly more chance of fraud including unlimited deductions. At least EIC is capped at 5K.

You are right about that.......but those people with low wages and kids are easier targets for the IRS. And also, why target Schedule C only, how bout S Corps, LLC's and Partnerships?

What all of this means is that the EITC should be eliminated due to its complexity and susceptibility for fraud. The IRS should have the people that qualify or think they qualify go to an IRS office so that their staff can determine eligebility and hand them a check. With the money they will save from false claims the will be able to more than cover any expense they will incur.

Don't forget to take SMR to and from said yacht. Fill up with gas and buy a snack, and throw those in there, too. Also, be sure to call a client on your cell phone to qualify that. Try to get a hair cut on the way as well.

How can I take the SMR on a boat? Does the IRS have a table for nautical miles or SNMR?

Jainen, thank you for your quick reply. You answered a part of my original post. How about this situation -

Let's say the property was rented out for the first two months of the year and then went through a lengthy refurbishing that took the remainder of the year. Do you pro-rate taxes, interest, insurance, etc.?

Thanks

I will be at my yacht having lunch with a few tax clients and then I will prepare a few returns, thus qualifying my yacht as a business expen$e, including, but not limited to insurance, taxes, interest, slip rental, fuel, maintenance, repairs, and depreciation.:-)

I have situation at hand and would like your input on how to handle it. I came across this post that touches some of the issues, but would like your input on others I have outlined below.

Thank you in advance for your help.

As long as the unit was ready to be occupied and advertised for renting AND he was active participant, he can deduct losses.

What happens in a situation where landlord does not have the property ready for occupancy due to a major refurbishment of the property? Do you loose all expenditures made during the year (taxes, interest, insurance, etc.?) Let's say the property was rented out for the first two months of the year and then went through a lengthy refurbishing that took the remainder of the year. Do you pro-rate taxes, interest, insurance, etc.? How do you treat the expenditures of the rehab that were paid in the year the property was out of commission? How about if the rehab went into the following year? Would the total cost of the rehab be depreciated on the following year's tax return, or could you split the items as they were completed, such as a bathroom, kitchen, tile installation etc. as they were completed?

Please share your thoughts on this topic. I for one was skeptical regarding my purchase of this year's version of TRX software, but as of today I am happy to say that NO, I don't miss ATX at all.

Did legislation pass to allow taxpayers that can't itemize but paid R/E tax to use Schedule L in order to achieve a higher standard deduction as last year?