Abby Normal

1 minute ago, Christian said:

All my client info is on my computer and if I quit I am sure it will remain. I back each individual's account on to a small thumb drive and do not quite understand what this lady is saying.

If you have a PDF of the returns and a PDF of the records, even if you can't get ATX to work, you will have everything you need.

4 hours ago, Pacun said:

She has the data. What she is lucking is the software that can access that data. 

If she has the full database, I'm almost certain that she can reinstall that year's ATX and it will work. If she just has exports or ATX backups, it will not work.

2 hours ago, mcbreck said:

We don't have a pre-existing issue

Everybody has a pre-existing issue. For-profit insurance companies make a living denying us coverage so they can pay dividends to their shareholders. It's the worst example of capitalism applied to a public good.

40 minutes ago, mcb39 said:

My IT person is going to clone my current hard drive next week whild I am on vacation

Tell them to make sure to kill end of the ATX Server services are running, before doing the clone. Better safe than sorry.

20 minutes ago, Lee B said:

Yes, when I switched from ATX to Drake and didn't buy the current year's ATX package, I lost all my access to my prior year's ATX information.

That... doesn't seem correct. But I've never left ATX, so I can't speak from experience. I do, however know that the ATX database resides on your computer, so all of your information should still be there. I'd run the database repair files, first.

41 minutes ago, Lee B said:

Just because you can do it doesn't mean it's a good idea.

 

I used to file MFS Delaware for couples where one worked in Maryland and one worked in Delaware, but then I realized that the total state tax never changed, so I stopped. It was also quite a pain to do in ATX.

Just wanted to point out that S corp distributions need to be proportional to the shareholders' ownership percentages. That's why ATX allocated the distributions the way it did. When this happens with one of my clients, I have them make a corrective distribution as soon as possible.

1 hour ago, TexTaxToo said:

Note that the PATH act of 2015 changed the law so that one cannot use an SSN or ITIN obtained after the filing deadline to claim credits such as EITC, CTC or ODC, so there may not be any benefit to filing an amended return.

Well that's nuts. And totally unfair.

14 minutes ago, Lee B said:

The IRS made quite a few announcements that May 17, 2024 was the date.

And that's just for those who filed before 5/17/21. If you filed later, even without an extension, you have 3 years from the filing date.

When to file an amended return

Generally, you must file an amended return within 3 years after the date you filed your original return or 2 years after the date you paid the tax, whichever is later. If you filed early, count from the April tax deadline.

But remember that it must be RECEIVED by the 3 year deadline. Of course, efiling makes this easier.

3 hours ago, schirallicpa said:

Thank you Abby Normal for telling us about that.  Honestly, I had never seen the permanent data page before.  

I learned about it when I complained to support that entity returns didn't have a taxpayer info page like the 1040 had/has. Entities now have a Main Info form.

I don't use it very often but it is a nice place to list information about a client that isn't a part of the return.

Line 8 of D-40 is where you enter the income you want to subtract out.

Auto shutdown every night using a scheduled task. You can't hack a computer that is off. Besides, most thefts are smash and grab so your computer will be powered down if stolen.

2 hours ago, Lee B said:

I have removed and have stopped retaining any drivers license information in order to reduce the risk of identity theft.

Not much risk if the info is just in ATX. Also, your drives should be encrypted.

I'm running ATX on Win11 now and it's fine.

I just noticed that the Permanent File form has a field for Driver's License Number, on the Data tab, so you can enter it there and create a link to the Main Info field for ID Number. And, if you want to enter the issue date and expiration date, you can use the Date of Birth and Date of Death fields on the Permanent File Data tab, and link those as well. Fortunately, ATX doesn't link anything on the Permanent File form to any other forms.

How to create links: https://support.cch.com/oss/sfs/kb/solution/000176488

https://answerconnect.cch.com/document/arp283494a0307b681000befa001b78be8c78070/federal/irc/explanation/accountable-and-nonaccountable-plans-in-general

But you need to know the formula for calculating. They usually involve accumulating inflation amounts until they reach a certain threshold, before an increase is allowed. So prior year calculated amounts that weren't enough are added to the current year calculation, if they didn't reach that threshold in the prior year(s).

Congrats! It's a shame Microsoft was so tricky in getting you to "upgrade." My new computer came with 11 and it's annoying and took me awhile to tame, but it works and seems to be getting better with each update. But the average user wouldn't want to have to deal with taming a new OS.

https://answers.microsoft.com/en-us/windows/forum/all/downgrade-from-windows-11-to-windows-10/84a2416d-ccfb-4d87-9eee-e1056591e91f

After upgrade to Windows 11, if you realize that your system is not working correctly, or some of the crucial features you need are not working as expected, and troubleshooting didn’t helped you, you might want to go back to Windows 10.

You can only downgrade to Windows 10 within the 10 days of your upgrade.

I buy the 1040 package for family and friends. It costs about 1,000 and you can do up to 75 1040 forms at no extra charge with up to 3 states.

Entity returns are about 75 each extra.

I charge for some of the returns I do and that ends up being more than the cost of the software.

27 minutes ago, Lee B said:

 If you read the article, there is an interplay between the step up in basis and the passive loss allowed ,otherwise there would be a doubling of tax benefits.

Yeah, it's a complicated area of tax law that I'm sitting here wondering if I ever screwed one of these up.

https://www.thetaxadviser.com/issues/2017/jan/carryovers-death-spouse.html

Death is treated like a sale of the property and therefore triggers the allowance of the passive losses. However, the amount of carryover that can be deducted must be reduced by the excess of the basis of the property in the hands of the transferee (the heir) over the decedent's adjusted basis in the property just before death. In other words, the amount of loss equal to the step-up in basis at death is not allowed to the decedent or to anyone else because the heirs receive that tax benefit from the step-up in basis. If the decedent's PAL carryover is less than the step-up in basis, none of the carryover is allowed on the final return.

Praise Freyr!