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About MrMojo

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  1. Update to old post... The Intuit Link Portal feature is OK but it's Not very good! Why? ProSeries does NOT publish the (2016-2017) tax return pdfs Directly to the site as you must manually publish it to, say, the Desktop then manually upload it yourself. Also, it does Not allow you to download a Batch of docs together but do so one... at... a.. time! Talked to Tech support and that's how it is. The portal's ONLY saving grace is that it allows clients to upload their tax docs securely, otherwise, the clients would just email the tax docs. The site has No editable/functional features that it's almost useless!
  2. ATX was officially bought out by CCH a few years ago. I know as my former firm used Saber for many years which renamed itself into ATX and merged with Kleinrock. Was notified by ATX that it was bought out! Here's a clip from an online news article http://www.nysscpa.org/cpajournal/2008/508/infocus/p20.htm from 2008: CCH acquired ATX/Kleinrock to attract the low-cost, mid-sized-firm market, and TaxWise to attract smaller-firm, mid-range-cost customers. CCH has since rebadged ATX as "Intelliforms" though it still keeps the ATX version separate for preparers with "simpler" returns! CCH also needed a "Forms Fill-In" software to complement their tax software, ProSystem Fx, for forms that weren't included in their tax software.
  3. "But the distributor is now saying that the box to roll over to a traditional IRA was checked" What does box 7 show? THIS is what you need to look at! Did you document your conversion with the agent? How do you know it was a Roth rollover vs a traditional rollover? Did the client give you any documentation that stated either?? IF the financial institution stated it was a rollover to an IRA account, hence the taxable amount is Zero, then leave it at that. IF you know that the amount was "actually" rolled over into a Roth IRA, then, yes, then the distribution amount "should" be taxable. Too many IF's! Yes, there "may" be a matching problem so you need to look at your client's docs to figure out how to correctly categorize the rollover. Then include an explanation with the return explaining what happened. You may even include a statement explaining that the financial institution will not amend the 1099-R hence the matching issue. FYI... Almost all financial institutions will NOT issue a corrected 1099-R IF the client had closed the account and left the institution. Even if the client had not closed the account, it's still very difficult in getting a corrected 1099-R since it could takes months (Literally! based on my experiences with major financial institutions with my clients!) before it's issued. Good luck!
  4. MrMojo

    Single member LLC

    LLC status is generally determined by STATE law. SMLLC is a disregarded entity on the Federal level so file a Sch C and put the LLCs name on the business line. IIRC... MI... needs to file a corp return (used to have a client from MI who was a SMLLC) TX... changed their tax laws relatively recently... may need to file a corp return You should check out the state laws on where your LLC clients are located to learn how each state taxes an LLC... some states follow federal law but many states do NOT and will tax a LLC (even if it's a SMLLC) as a corporation instead of a Sch C or a partnership. Welcome to the LLC world!
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