Lee B

I assume you are working on a 2017 return with a transaction that happened before 1/1/18, because under the TCJA like kind exchanges will only be allowed for real property .

I have been using prior year Drake programs, since my ATX 2016 program will no longer open. Since I did not buy ATX 2017, ATX will not support any of the prior year programs that I purchased.

I wouldn't touch this for double or triple the normal fee !

When I converted earlier this year,I noticed that Drake gives you a lot more method selections than ATX. Several of the choices are a bit confusing, which is where I found my differences.

Moving expenses are gone except for military on active duty.

It seems to me that you would have the same security as you would with any unencrypted email.

I am also downsizing and would be interested in a basic low volume E Fax service, preferably one where I can port over my current fax number . Thanks in advance,

I am a 20 year ATX user who switched to Drake for this last tax season. I purchased Drake 2017 and did not purchase ATX 2017. Looking back, I can't think of a single reason why I should have purchased ATX 2017. The conversion went well without too many hiccups. You can check some of my posts in this forum earlier this year

I wouldn't reach any conclusions until I had my client check to see how much was debited from their checking account.

Copied from Tax Pro Today: Connecticut Pass-Through Tax Connecticut Governor Dannel Malloy signed legislation in May that sets a 6.99 percent levy — the state’s top marginal individual income tax rate — on pass-through entities, which report their income on owners’ personal returns. Pass-through owners then get a credit equal to 93 percent of the owner’s share of tax paid by the business. The strategy effectively lets pass-through owners take bigger federal write-offs to help offset their previously unlimited SALT deductions. For example, if a Connecticut partnership has two partners and $1 million in income in total, it would pay the state $69,000 under the new pass-through entity tax. That would leave $931,000 of taxable income to pass along to the two partners. The two partners could deduct 93 percent of that $69,000, or $32,085 each, from their federal tax bills — an offset that could compensate for the SALT cap. Still, some tax professionals aren’t sure the state’s plan, which took effect on Jan. 1, will work. Depending on how much income your pass-through makes, the workaround “might not cover your SALT bill,” said John Ermer, an accountant and tax partner at Beers, Hamerman, Cohen & Burger in New Haven, Connecticut. If the IRS were to issue regulations striking down these types of arrangements, or the arrangements were challenged in an audit, taxpayers could be in a position where they pay the state more than their tax bill was in the first place, said Michael D’Addio, a principal at accounting firm Marcum.

It seems to me that this is like saying that there is no difference between the valuation of standing timber and the value of the same timber delivered as logs to the log deck of a lumber mill.

Possi, Just in case that you also use ATX, ATX uses a number of hidden files. Carbonite will not back up any hidden files.

The best workaround that I have read about would have the states tax S Corporations and Partnerships at the entity level since state and local taxes on business profits at the entity level are always deductible. I wonder, if it would be possible to structure a state or local tax at the Schedule C or Schedule E level ? Hmmmm

Industry Groups urge fixes for errors in TCJA By Michael Cohn Published August 22 2018, 4∶18pm EDT A broad coalition of hundreds of industry associations and companies sent a letter Wednesday to Treasury Secretary Steven Mnuchin urging him to resolve errors in last year’s tax code overhaul related to depreciation rules and net operating loss carrybacks. The nearly 300 business groups include the National Retail Federation, the National Restaurant Association, the National Grocers Association, the National Federation of Independent Business, the National Association of Theater Owners, as well as large companies such as McDonald’s, Best Buy, Kroger, Wendy’s and Yum Brands. The hastily drafted tax legislation sailed through Congress late last year with few hearings, driven by Republicans eager to pass the bill before the end of the year. By passing it last December, they were able to use a budget reconciliation procedure that allowed it to pass in the Senate without the threat of a filibuster. The text on draft versions of some provisions was written by hand, and Democrats objected to the way the bill was being rushed through Congress, warning it would need technical corrections. Bloomberg News Last week, a group of Republicans on the Senate Finance Committee asked the IRS and the Treasury Department to issue guidance based on their explanation of the “congressional intent” behind several provisions, including the net operating loss deduction and qualified improvement property expensing referred to in the industry letter (see Senate Republicans clarify intent of TCJA provisions). Under the Tax Cuts and Jobs Act, remodeling and other improvements to stores or buildings were supposed to be fully depreciated in the first year the work is done. Instead, a mistake in the legislative language requires the depreciation to be done over the course of 39 years. In a separate error, the legislation made a mistake in the effective date of carryback eligibility, which the industry groups complained would lead to a retroactive tax increase on businesses with losses, some of which are already facing liquidity issues. The timing difference is crucial for cash-strapped businesses that were counting on the carryback to finance their continuing operations as well as investments needed to revitalize their businesses, they pointed out. Brickand- mortar retail chains across the country like Toys 'R' Us have been closing in recent years because of competition from online retailers like Amazon They complained that confusion over the provisions is keeping them from improving property in businesses such as restaurants and stores. “The delay in correcting these provisions has caused economic hardship (that is) delaying investments across the economy that impact the communities in which these companies are doing business,” the groups wrote in a letter. “We urge the Treasury Department to issue guidance that will assure that these provisions are administered as intended by Congress.” In addition to economic impact, the groups said the drafting errors have raised safety concerns by delaying projects such as upgrading sprinkler systems, “creating a more perilous situation for our nation’s firefighters.” They argued that the need to correct the errors is becoming more urgent because most retailers have to file their first income tax returns related to the change on November 15, according to the letter. A national chain can file up to 100 federal, state and local income tax returns and, if the errors aren’t corrected before then, may have to file 100 amended returns once the mistakes are fixed. Such a time-consuming and costly process, the industry groups noted, would contradict President Trump’s executive order in April 2017 aimed at reducing tax regulatory burdens.

Additional information on the K-1s will be required due to the definition of what constitutes Qualified Business Income, more than what was required for the DPAD.

I totally agree

Yes, filing the 3115 is definitely the right way to handle these issues.

It's probably referring to a newer USB 3.0 port instead of an older USB 2.0 port which your computer probably has.

An excellent detailed analysis in The Tax Advisor: https://www.thetaxadviser.com/issues/2018/aug/c-corp-s-corp-tax-reform.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=14Aug2018

I would send them priority

You can have negative Retained Earning, but not negative Capital Stock.

There is a proposed technical corrections bill floating around, but it isn't expected to be to be passed until December. Supposedly a fix for this problem is not currently included, because the politicians don't want to admit that they made any mistakes ! I am shocked, shocked I tell you

I don't know the answer to this issue, but saying that, "It was just a banking error" seems to me to minimize what could be a problem.

Actually in the TCJA, exemptions still exist. The TCJA has temporarily reduced them to $ 0.

You are overstating the risk with lots of hyperbole. Windows 8.1 is on extended support until January 2023. Windows 7 Pro is receiving extended support from Microsoft until January 15, 2020, which means that Microsoft is still issuing updates and patches for all known security risks until that time. I receive weekly security risk definition updates and large monthly software updates and patches..