Terry D EA

I like the idea of adding a column and did experiment with this and will use it if all else fails. The only problem I see is it still requires a manual entry from me that could get overlooked. A link between the e-file manager and return manager would still be preferred. I am glad to see that I am not the only one who overlooks things. The older I get the more it happens. :-) Terry D.

I have been using ATX since 1998. While the program has made major changes over the years, there is one area that I would like to see an impovement or or a feature added. Each year we check the return manager against the e-file manager weekly to ensure the returns have all been transmitted or mailed. Most of my mailings are either corp, payroll forms; etc and not usually individual returns. We always find one or two returns that slipped by without being e-filed. While this has not become a major issue with my clients, it is an issue with me. I am a one man show any my wife handles the receiptionist and some administrative duties. We are not networked, but that maybe an idea for her to check behind me. I would like to see a feature that would flag a return if it has not been either e-filed or mailed that would get your attention. Even if you could run a report that would be helpful. I know you can run the e-file report but to my knowledge there is nothing within the program to alert you that the return has not been filed. We did have a return this year where the client's bank information disappeared om the 1040Efile form. I distinctly remember entering the information, shredding the paper the numbers were written on and creating the e-file. This return never got transmitted and when we re-opened the return to re-create the efile, the information vanished. If any of you have any other sytems of checks and balances that helps with this, please post them here as I would like to see the procedures others use. Have a restful off season Terry D.

The only value in filing an extension with out a payment would be the elimination of the failure to file penalty. The interest still continues and the tax is due on the 15th. Terry D.

Welcome back! Terry D.

John, Have a wonderful dinner and some quality time with your wife. I am DONE!!!, no extensions (yet), and am off to do the same. Take care! Terry D.

Boy isn't that the truth. Today, the radio is full of last minute advice not only from tax pros but from the radio DJ's as well. I like the turbo tax and IRS free prep & e-file. You have exactly 12 hours to file your return "FREE" and cause yourself 2 to 3 years of hell if you make a mistake. But then, there is JK Harris to get em out of the hole. Either way, YOU'RE broke if you mess up. Seen this happen too many times this year. Client came back after screwing up thier return three years ago. They said, "we thought we could handle this" with a pile of letters, "but we would like you to handle this from now on if you don't mind". I again apply the song from Joel Glib's post. 'I'm Billing Time" Terry D.

Margaret, I finished my CRUT return early this morning with some frustrating difficulties from ATX. This CRUT only required the 5227 form. With that said, form 5227 apparently is not a major return form that global information flows to. As you said, if you delete the 1041 all information about the trust name, EIN, etc disappears and does not get put on the K-1 either. Tax preparer information will not flow nor can you add a client letter w/o the 1041. I corrected this simply by unprotecting the forms, typed in the information and created a client letter from MS Word. I don't know if it will do any good but I am going to report this to ATX to see if these problems can get worked out for next year. Just thought you would like to know. Terry D.

I love that song!!!!! Yes, this guy did open a corporate bank account. Matter of fact, he used that account to pay me yesterday. But.... the check doesn't say INC at the end of the name. So, who knows. I do like your suggestions and will consider them once I meed with him next week. Somehow, he slipped through the cracks at the SOS office which apparently is a black hole instead of a crack because they show his business as active and not under suspension. Surprised me. Thanks, Terry D.

I'd like to take a moment and add my thanks to all on this board who have taken their time to help others. I agree with the earlier posts, on the wealth of knowledge and information here. I too have taken much but have added little. However, over the last 10 years, I have learned more here than anywhere else. KUDOS to all!!!!! I am off to the house as I have been here since 7 this morning and can no longer type or think straight. GOOD NIGHT to all and may each of you have great finish tomorrow Terry D.

I have a client, (friend of mine), who started a C-Corp in April of 05. No S-election, no tax returns filed, no annual reports filed, no stated corp filed, no taxes paid, crappy books, and guess what??????? He wants to catch everything up to date and do things right. I suggested possible dissolution as I told him he probably couldn't afford me to go back and create the financials and tax returns etc plus the failure to file and failure to pay penalties. I really like this guy but he is nuts! says he is ready to do this. I told him 5k up front and it would probably take me the better part of a year to finish and couldn't give him a final tab. Its not that I wouldn't like the fee attached to this, I am loathing the amount of work among other things. So, does anyone have an opinion on dissolution based on no income? My problem with that is he did have income plus expenses and it all went into his pocket. Any suggestions will be welcome on this one. Terry D.

Margaret. Same problem here with the CRUT name and address; etc not flowing after the 1041 was deleted. I am going to unprotect the form and type it in manually. ATX is a pain with these type of returns. Cam't load client letters either so you can't get the cover page. Geez whats next?

Margaret, I know you are busy and so am I. Thanks for the reply. Obviously, the program is confused as to which form to input the K-1 information from. Once I deleted the 1041, all flowed to the K-1. Now the only problem I have is I don't agree with the capital gains calculation within the program. I can figure that out just fine. In the instructions for the 5227, a split trust may not need the 1041-A form, this depends on when the trust was orginially created. For the one I am working on, it appears the only form is the 5227. HOWEVER, at the risk of a 5k penalty per year for filing the wrong form, I want to be absolutely sure. I may be smelling extension here now. Terry D.

It is nice to know there are folks out there looking out for us. I contacted support this morning as well. I have been getting white screens when the program begins to save a return and it is extremely slow when opening a complex return such as a CRUT. The girl worked with me for a while and she did a repair of the data base. The program is a bit faster but nothing to brag about. The counter appears to stop when opening a return but they insist it is counting in the background. Any other ideas will be appreciated. Terry Drummond

Jerry, follow Maribeth on this one. I don't know what I was thinking when I posted my response, a good excuse is too early and no coffee yet or food for the brain. Anyway, she is right on the money. Terry D.

Hi Margaret, Do you remember how to get the information from forms 5227 and form 1041-A to flow to the K-1 for a CRUT. I do one of these every year and can't remember how to get that information to flow. thanks in advance for your help at this busy time. Terry D.

Hey Jerry, I think I would contact the CPA or have your client contact them to verify the numbers for the ordinary dividends and qualified dividends as they should match unless there is another 1099-DIV that isn't included in your paperwork. Another possibility is your client may not be the only beneficiary of the trust but may have the highest percentage. These are just a couple of thoughts as to why those figures may not match exactly. To answer your second question, NO, you do not have to combine those figures. Enter them in the 1040K-1 worksheet in the appropriate boxes. Hope this helps. Terry D.

Thanks everyone! :)

Can anyone direct me to a website that would give the value of stock and the date of the split. I thought I have seen here before where someone gave a website for this purpose. Terry D.

Hi Margaret, What about checking with the local Arkansas county website to see if there is a tax payment history and tax evaluation available. I do know that tax card value can be accepted as FMV at DOD in some states. Here is NC it is and when I worked with my father's estate in Ohio, that was used as well. The only problem I see with this is if the tax card value was considerable less than what the FMV would have been. Try Zillow.com and see if you input the address information in that area and it will return an estimated FMV. Hope some of this helps. Terry D.

The IRS will always assume that any income in box 7 of the 1099 MISC is self-employment income. Sounds like this company incorrectly issued the 1099-Misc. They could have included this in his W-2 wages. I think it would be best to contact the apartment complex and ask them to correct their filings. If you put this as other income on line 21, you can be sure to get a notice from the IRS. JMHO Terry D.

I gotta agree with OldJack on this one. People should ask for sound advice before they assume anything. Good luck Terry D.

NO.

Thanks for your reply. I thought this maybe 1245 property as it is real property. After some additional investigation, I agree with the 1250 property and already had the land allocated as section 1231. Terry D.

Ditto from the other posts KC. I hope you have a restful and blessed birthday along with many many more. Terry D.

Wanted to move this up the list a little. Could someone please confirm whether this sale is reported on Sch D or form 4797 as section 1245 property. Thanks, Terry D.