7204 MEM

S-Corp. When I use the dispositions tab in ATX, I am expecting to see a gain transferred to Form 4797. The asset was fully depreciated at the date of acquisition via IRC 179 so it had no basis. Nothing is transferring to 4797. Any ideas about what I'm doing wrong? Oops. I see the message "This disposition will NOT be reported on the 4797 per the form instructions. Please see report on the 179 Dispo tab on Schedule K-1".

Refer to Regulation section 1.183 - 2('b). It discusses several factors to use when determining if an activity is a hobby or a business. No one factor can make the determination. Occasional profits from hobby activities are not subject to SE tax and losses from hobby activities cannot be used to offset other income.

There are three threshold requirements that everyone must meet to qualify for the home office deduction. You must: · Be in business · Use your home office exclusively for business (unless you store inventory in your home) and · Use your home office for your business on a regular basis. If you pass the first hurdle, then you must also meet any one of the following five requirements: · Your home office is your principal place of business o If you work in more than one location, your home office still qualifies as your principal place of business if you perform your most important business activities – those activities that most directly generate your income – at home. o If you perform equally important business activities in several locations, your principal place of business is where you spend more than half of your time. · You regularly and exclusively use your home office for administrative or management activities for your business and have no other fixed location where you conduct substantial administrative or management activities. o Administrative and management activities include, but are not limited to: § Billing customers § Keeping books & records § Ordering supplies § Setting up appointments and § Writing reports As long as you have no other fixed location where you regularly do these activities – like an outside office – you’ll qualify for the deduction. Also, you can qualify for the deduction even if you have suitable space to conduct administrative or management activities outside your home, but choose to use your home office for those activates instead. · You meet patients, clients or customers at home. · You use a separate structure on your property exclusively for business purposes, or · You store inventory or product samples at home. There are a few additional requirements if you are an employee of a corporation, including owners (for the convenience of the employer & the corp must pay).

Thank you, although a bit clunky, the "Elections" did the job.

I already have a list. I want it as a supporting schedule to the tax return. Anyone else know if this can be done in ATX?

Can you tell me where to find the itemized list. When I right click on the UPE cell on the 1065 K-1 input screen, the "Itemized List" choice is gray & unavailable. Ditto for the "Text List" and "Custom List" - both gray and unavailable.

Looks like only one cell is available to enter all Unreimbursed Partnership Expenses in ATX. I'l like to attach a schedule of the detail supporting that number and have it print with the return as a statement. Does anyone do this and if yes, where do you enter the detail?

I found where I think the programmers intended book/tax differences to be input for 1120S Sch L Retained Earnings. It's not exactly a separate schedule. From the BS, jump to the M-2 - Retained Earnings Schedule. It's a table, which is a reproduction of the tax return for AAA with an EXTRA COLUMN titled "Retained Earnings Unappropriated/Timing Differences". It allows you to adjust AAA to book Retained Earnings as well as add an itemized list (which I think will print???). That's were I'll put my current issue which is a Distribution in Excess of AAA. I had the adjustment on BS, Line 25 but don't want to confuse the client (or myself) when this rolls forward to next year.

I found where I think the programmers intended book/tax differences to be input for 1120S Sch L Retained Earnings. It's not really an input schedule. From the BS, jump (twice) to the M-2 - Retained Earnings Schedule. It's a table which is a reproduction of the tax return for AAA with an EXTRA COLUMN titled "Retained Earnings Unappropriated/Timing Differences". It allows you to adjust AAA to book Retained Earnings as well as add an itemized list (which I think will print???). That's were I'll put my current issue which is a Distribution in Excess of AAA. I had the adjustment on BS, Line 25 but don't want to confuse the client (or myself) when this rolls forward to next year.

OMG! I found where I think the programmers intended book/tax differences to be input for 1120S Sch L Retained Earnings. It's not really a separate schedule. From the BS, jump to the M-2 - Retained Earnings Schedule. It's a reproduction of the tax return for AAA with an EXTRA COLUMN titled "Retained Earnings Unappropriated/Timing Differences". It allows you to adjust AAA to book Retained Earnings as well as add an itemized list (which I think will print???). That's were I'll put my current issue which is a Distribution in Excess of AAA. I too had the adjustment on BS, Line 25 but don't want to confuse the client (or myself) when this rolls forward to next year.

Thanks for the response. The only "option" I have is to turn off M-1 and L, no M-2. I also can't find the separate schedule for book/tax differences on Retained Earnings (1120S Sch L, Line 24). I would be grateful if you uploaded print screens! I am frustrated.

I don't even have a "global settings" option in 1120S returns. Okay, this coupled with the fact that I can't add book to tax differences to the 1120S Sch L, Retained Earnings, is leading me to think I don't have a full program here. Are there functionality differences in the Pay Per Return program vs. the Unlimited Plan? I primarily do business returns.

Is it possible to turn off Sch M-2 in an 1120S when it's not required for a client, similar to M-1 and Sch L. Lacerte has the option but I can't find it in ATX.

Printer. I just spent 2 hours on the phone with customer service. Finally sent me to technical support and I held another 30 minutes. The answer: Go to the "Custom" packet tab. Check the box at the top that says "Check All" so all the forms are checked. The Print button at the lower right should turn on.

The print button is gray for Form 1040. Works for 1120S. Anyone know how to turn it on?