Abby Normal

Yes, I had the EFTPS wording on my state letters. I just replaced it with my own wording about paying online. All my letters are very customized. The standard letters in ATX are horrendous! And I almost always have to fix the formatting, spacing, etc. on letters for every client.

If the S corporation acquires an installment obligation from the sale of its assets during the 12-month period beginning with the adoption of the plan of liquidation, the S corporation will not be required to report the deferred gain when it distributes the installment obligation to its shareholders in liquidation. (IRC section 453(h) and IRC section 453B(h)). If the S corporation is not required to report the deferred gain when it distributes the installment obligation (i.e., the obligation was acquired during the final 12 months and after the adoption of a plan of liquidation), then the shareholder reports the gain on the installment obligation as payments are received. In other words, the shareholder can treat the payments received on the note, rather than the note itself, as consideration received for the stock in liquidation. The basis of the installment obligation is ignored, and the shareholder's "allocated" stock basis in substituted for the basis in the installment obligation http://www.irs.gov/irm/part4/irm_04-011-007.html#d0e306

Was a part-year resident return filed in 2013? Need a date the residency changed. Yes you need to file in both states.

At the top of the Simplified Method tab you have to choose which 1099R you want to see. It doesn't default to the same one you were on in the Input tab.

Just found the client I had this on and yes the Simplified Method tab does show not being used, but the Input tab has the inputs and the worksheet does print out when you print the whole return.

Assuming sole S corp shareholder and the assets were owned by the S corp, the S corp shows the installment sale but then the installment sale is 'distributed' to the shareholder where he will continue to report on his 1040.

I did one earlier this year and encountered the same thing. I forget how but I did get it to work somehow.

If you're not taking an education credit, the IRS won't try to match 1098T. My guess is they don't match 1099Q either because most of the time it's not taxable. ATX doesn't even have a worksheet for 1099Q. Just a line on Line 21 Other Income tab.

I had one recently where the broker entered the wrong (much lower) basis for inherited stock and one of the beneficiaries noticed it 3 years later. Had to do amended returns. Brokerage accounts should never be joint, unless you live in a community property state. It makes the basis step up/long-term/short-term problems much easier.

It looks like support is your only hope: http://cchsfs-atx.custhelp.com/app/answers/detail/a_id/15050/kw/restoring%20missing%20fixed%20assets

And... no one reads it anyway.

We ought to be able to get a designation as being the type of users who only call when it's serious. You know they get tons of calls about letters and text fields being too small to type in what they wanted to type in and other such nonsense. They can shunt them to the babysitters and free us up to go to straight to tech support.

1041s aren't needed for revocable trusts. People use revocable trusts to bypass probate. I have several clients with their houses and investments in revocable trusts.

If my clients have sales without basis, I tell them that their broker is lazy and they need to find a new broker.

Yep, I have them installed on win7. I think they're so basic they will work for quite some time.

Thanks!

You are welcome! Happy computing!

I only have 7 on a personal laptop and I can't remember if I installed them or not, but if they work on 8, they should work on 7. I would use compatibility mode.

It creates a backup every time you close a client. I tell my employees to close large returns that take more than 30 minutes to do, every 20-30 minutes to make incremental backups. Close it if you take a break. Close it if you get interrupted by a call or a drop by.

So are you saying you could group furniture, clothing, electronics, appliances in separate groups and if each group is under 5K you're ok to skip the appraisal?

I have a program that blocks installs from creating programs that start automatically. it pops up and asks whether I want to allow it. I rarely do. I also check the Startup programs using Windows Task Manager, CCleaner, a startup control panel item I installed, and one other program I can't recall at the moment. Auto-starting programs are a plague on computers. QuickBooks is one of the worst offenders. Grab these while you still can: https://web.archive.org/web/20131106030702/http://www.mlin.net/StartupCPL.shtml https://web.archive.org/web/20131105052937/http://www.mlin.net/StartupMonitor.shtml They still work fine in Win8.

These have worked out well for several of my clients. Mortgage payment goes away and have access to cash if major home repairs needed. But you have to have discipline to not spend all the equity in your house.

All mine are dated 12/31/YY. Dates don't change taxable income.

The ones I hate are where every dollar they take out of their IRA makes roughly a dollar more of Social Security taxable. Take out $4,000, taxable income goes up by $8,000.

I encourage all my clients to pay online. I had at least two clients mail their federal check to the state and the state cashed it. Pretty sure that's illegal. Anyway, took a long time to figure out because we had a cancelled check made out the US Treasury and the endorsements were illegible.