Randall

Yes, but if the grantor has the right to terminate, would it be an irrevocable trust? I've read some things that certain retention of control would allow the grantor to report the sale of house and use the Sec 121 exclusion of gain. Not sure how that would be reported if house was titled in the trust and the trust sold the house, who would report the sale, trust or individual? Trying to understand this 'idea' that has recently been proposed to me.

Can an irrevocable trust be a grantor trust? If personal residence is transferred to an irrevocable trust and the trust sells the house, can the Sec 121 gain exclusion be used by the trust? Or will gain be taxable at trust tax rates?

I'm not sure anyone can break into the market like that anymore. ATX and others made it and then sold to bigger companies for big money. Even if someone did come up with a new program that was very good and low cost, they would eventually sell and cash out.

Form tabs on top were the default in the past. You had the option to move them to the left side. They made the default on the left this year supposedly because they got a lot of feedback that was preferable. I like them on the left myself.

CCH sent out a summary that is saying the $400k/450k numbers are taxable income, not AGI.

Paperless. Scan It all. I'm only one person so I don't have a file management program. Just use windows explorer files. Folders for business tax, personal tax, etc., subfolders for client names (alpha divided into 4 groups), subfolders for year under each client (and a permanent file folder), under the year, various category folders for different types of info. Backup to external HD, alternating two at home and office. All encrypted.

Yes, Jainen. And the media and people fall for this because they don't understand any of this at all.

I saw this coming two years ago. I wondered why they didn't extend the extenders three years so everything was synced to the same expiration date, 12/31/12. Oh well.

That sounds like a good idea, the TEST return. Thanks.

I was wondering about that client too! What is the max shell loader?

Don, my point and I think IRS's approach is that they have extended these things at the last of each year for some years now. The expectation is that they will do so again this year. Yes, it would be nice fo have fiscal integrity and stability. Good luck with that one.

All the news is about the fiscal cliff and things that will affect 2013. But these extenders that expired 12/31/11 need to be addressed for the 2012 tax returns. Hopefully, they'll take care of this even if we go over the cliff on the other things.

I haven't loaded my 2012 ATX yet. But in the past, my current year ATX doesn't have a user or password prompt, but my prior years seem to prompt me for a user name (not a password). And I don't remember ever establishing this for any year. It's strange. It sort of just happens when I load the new year's app. I'll see if my 2011 ATX does it when I load my 2012.

Thanks for all comments.

My office desktop is W7. I have no intention of upgrading it to W8. I am thinking about a laptop and that's why I'm interested in comments about W8.

DevM, Does your laptop have touchscreen? Which laptop did you buy? How much ram? HD? the traditional HD or the ssd (solid state)? I'm looking at laptops? I'm finding you have to be careful because so many of the offerings (with W8) don't really have the touchscreen. Those with touchscreen have limited ram and either the traditional hd or a small ssd.

I changed the subject line from the 2012 ATX subject. Jack, Does ATX, QB, Peachtree and programs like that have any problems running on W8? Does W8 have crash problems? stall or close out programs? Are there installation problems installing these programs with W8? Any problems with multiple programs open in W8? I think Vista did have some of these problems.

Jack, I agree on Win8 and Touchscreen. Don't know why you would update an existing W7 machine to W8. Don't know why you would want Win8 without touchscreen. Have you seen any problems with Win8 running our normal business programs? Crashes? or problems like that. Not the usual, it's too different, too much new to learn, don't need touch, fingerprints on screen. Most of the criticism I'm hearing is stuff like that. Any real processing type problems?

I don't fault him for structuring his investments to pay the least amount of taxes. I would advise any client to do so, even if I disagreed with the tax laws. I don't fault Romney for having overseas bank accounts. Gee, it's the prudent thing to do if you have a lot of money. I'm not talking about hiding money or trying to get away from paying taxes, rather just diversifying out of the dollar. And why would anyone send in a voluntary payment? He could pay his entire fortune and it wouldn't put a dent in the debt.

Sorry to hear news like this.

I'm also wondering if the 706-GS(T) is required at all due to the exception of being an irrevocable trust before Sept 25, 1985. The trust was created 6/24/82.

KC, I saw this. The two provisions say one 'or' the other. I think in my case, there is one non-skip person who has a 25% interest. However, reading further than your quote, there seems to be a partial termination: "... a specified portion of the trust's assets are distributed to 1 or more skip persons, such termination shall constitute a taxable termination with respect to such portion of the trust property." This leads me to believe a 706-GS(T) is required. I think the exemption should mean no tax but I'm not sure. The origin of the trust goes so far back, no one knows anything. The value of the trust assets are about $200,000, stocks bought years ago, basis approximately half at $100,000. Long term gains will go to beneficiaries. But will the GST exemption apply at $5,000,000. The original value of trust assets were about $100,000.

Is a 706-GS(T) required for all final trust returns, even if there is no GST? For my situation, benefiary died, trust to distribute assets to remainder beneficiaries. One is a sibling and non-skip person (25%). The other 3 siblings are deceased and their shares will go to their children. Total amount is about $200k so exemption should mean no GST.

Final short year Ky trust ending Nov 30. Funds to be distributed, some dividend and cap gains to be reported on final K-1s. Most beneficiaries are nonresidents of Ky. I was wondering if tax withholding needs to be done. I can't find something specific. Ky PTEs seem to refer to Partnerships, LLC, S Corps, etc. Not trusts. PTE withholding is required for these. Nothing on the Ky 741 form indicates this either. Anyone familiar with Ky trusts know if tax withholding needs to be done. I see some other states (OH & WI) include trusts in their PTE withholding requirement.

I already get the Intelliconnect from CCH/ATX. And I get some PPC materials. Intelliconnect is cumbersome but it seems that way with any research (for me anyway). I'm wondering if Parker Tax Research is really that much easier. I'd hate to pay for it when it is just a duplcation of what I already have. Anyone use Intelliconnect and Parker extensively and can say Parker is really worth the additional money?