Randall

With the Accountant's Edition, you can pretty much read anybody's file of the same year's version or earlier. You can export back to the same version only. The Accountant's Copy feature sounds better than it is; most of my clients can't even _make_ the copy without me there, let alone re-merge the two files. And if I'm there anyway....

I've copied a section from the manual into a pdf file with the instructions on how to make an accountants copy and how to merge the accountants changes. I send it to the client. According to QB, you can do the accountants copy for one version back. For QB2008, you should be able to get a client's accountants copy from their QB2008 or their QB2007 and they should still be able to merge the changes. I can't verify this though.

This "credit" is probably not going to hurt too much in 2009 on 2008 tax returns (other than the abuse, probably will end up having lots of fraud like EIC does, but that shouldn't affect preparers too much.)

It will become a greater issue in future years, especially when you have a new client come in during the repayment period and they don't mention being in repayment. Or the client sells their home without consulting the preparer and then can't afford to pay back the balance of the credit. I imagine lots of IRS letters and refund adjustments will happen. It will sure be a joy when they call asking "How come my refund is $500 less than you said!"

This is a good heads-up for future new clients. I think I'll add to my list of info requested: date they purchased their home and, not just the previous year's tax return, but returns going back to all years since they have purchased a home (within the time credit available).

I'm not sure of all the facts of your situation. I don't have any cites off the top of my head, but generally, I would think an S Corporation could distribute the installment note to the S shareholder and he could continue to use the installment method. For a C corporation, the shareholder would normally not be allowed to continue the installment method but have to pay all the tax upfront.

I don't know of an inexpensive alternative. You might try AccountantsWorld or AccountingWEB, places like that. They have lots of ads for various products. I don't do audits anymore and I recently stopped doing compilations. I had a peer review last year because I did one compilation. I still get PPCs Compilation and Review Guide and their Financial Statement Preparation Guide. I like having the reference material available. They seem to be reasonably priced although we do sometimes get in a rut and not want to look around and make a change.

Let me know if anyone knows of some good alternatives.

Kind of like church, pay and pray.

For what it's worth, my 2004 version of MAX shows Version 2004.48.3 on the "About Max" screen. The CDDATE shows 20050322, which is the value of CDDATE and RELEASE in the Atx2004.ini file. My physical CD shows a Release of 4.1.2005.

All of which means I don't have the latest version either! (But MAX was not my primary program in 2004.)

My 2004 shows Release 20051108, Program Version 2004.55.37, says it's updated from the Web, Build 4590.

My CD says 2004 Archive Release.

I tend to update from each CD when received, then immediately update from the web. Even though they say the CD won't overwrite anything newer from the web, I still update from the web right after updating from the CD.

It seems like this run away train is picking up steam. Encouraging lenders to lend more, encouraging borrowers to borrow more. I guess the next step will be to add zeroes to the currency. I'll have that beer now.

The cost of the higher end programs are worth it if you have the volume to warrant it. If you only have a small number of the more complex situations, it's worth it to me to stay with ATX. Each of us have to make that choice.

I don't prepare these at all, even the simplest ones. I recommend they contact an attorney. If it's only one owner (or two spouses) and the business will be very simple, I tell them they can do it themselves. They can go to the state website. I think Ky has a simple one page form or whatever. They can also go to an office supply store and get some forms or buy some software. BUT I don't and won't do it for them. If they have two or more partners (not spouses), I definitely recommend they see an attorney and not try to do it themselves.

On the other hand, I've seen attorney prepared docs that have such lengthy boiler plate language that doesn't really address some specifics of what they want to do. I don't think clients know what it says or means.

How does this work? I assumed you sold the practice, with maybe a retention amount to cover clients who don't go with the buyer. But would you turn over all tax info upfront? I was thinking you would do that by individual client once that client came to the new accountant (then getting his permission), etc.

Anyone done this? I'm not looking to do this anytime soon, but it's something to think about down the road.

They all seem to be under the 'efile' section.

What's with the topics listed? Hopefully the moderators are working on this.

Lately when I attempt to open my ATX2007 program, it doesn't open, nothing. When I restart the computer, I get a message of a program needing to close down. When I click end task for this and the computer restarts, I can open ATX2007. The program hanging things up is labeled ccSvcHst. Anyone know anything about this?

This usually happens after I've been online. Also, it doesn't interfere with opening prior year ATX programs.

Thanks.

I agree with KC. I like to buy a new computer BEFORE my old one gets too outdated so I can still use the old one for backup. And the new HDs have so much more space, you have plenty of room to keep the old files even if you never need them. Better safe than sorry.

Must be just a mechanism to get you to upgrade all the time.

That's my feeling too. I upgrade QB and Peachtree every year. But it's not necessary for clients. I do try to get them to upgrade about every 3rd year though.

You both have to be using the same version of the file to transfer the data file back and forth. You can purchase older versions of quickbooks on ebay for fraction of the original cost.

If the client is sending you an accountant's copy, you can send back your changes. This works for one previous QB version. In other words if the client is using QB2007 and you are using QB2008, you can still send the client your changes. But this only works back one year in QB versions.

>>This subpoena is not from a judge<<

Well, whatever the format, it carries the power of the bench. You must comply without a signed release from your client, unless the opposing attorney challenges it. (Or YOU can challenge it, but that is probably too complicated and expensive unless you are worried about some liability exposure for the work you have performed.)

I'm not familiar with subpoenas, but can an attorney just issue one on his own? Doesn't it have to have some court authority?

Is it just me or is this an ATX quirk? With the 4562 print options set to print the form and statements: Using the print menu, the 4562 depreciation statement only prints the depreciation portion but not the amortization portion. Using the print page button with the statement open, both sections print. I noticed this before, but just now on a client with no depreciation but amortization, nothing printed using the print menu, but the statement printed using the print page button.

Anyone else notice this?

Well said, KC.

OK. Time to leave this thread and go write my congresscritters. Unfortunately for me, being in ultra-liberal Massachusetts, my congresscritters have never seen a regulation they didn't want to expand.... I am reminded of a line from Tolkien, "...over the years we have fought the long defeat" (paraphrased).

Catherine

Was that Gandolf or Mr. Frodo?

How do you print a single post without having to print the whole thread?

As my hair is less than 1/4 inch long, I think I would have to wait until it grows out. Even then, I could not get the full mohawk because of "folical deficencies".

OK, who knows all the characters. MR. T was BA. There was a guy named FACE. I forget what the leader was named, but I think George Preppard played the role. I think there were 1 or 2 others.

Jainen will know. He brought it up.

Tom

Lodi, CA

I didn't watch the show much but I know that one guy played in the original Battlestar Galactica series. I don't remember his name.

Thanks. I'm not going to be so bold to try to put one together, but this gives me some comparative info. I don't mind paying the extra for someone else to build it but I've been wondering about the cost of things. Maybe some day, I'll try to do this.

I know you built this yourself, but what was your cost? I just wanted to get a general comparison of paying someone else to build something similar.

I know you can use the Form 6198 to make it work in ATX. But I didn't think Form 6198 was really for basis limitations. I always understood there were three things to determine loss deductibility, basis limitation, at risk limitation and passive loss limitation.

I've always inputed zero on the 1040 K-1 input sheet for ordinary income/loss when there was basis limitation. From some PPC references I have, zero is shown on Sch E and a statement is attached showing the K-1 loss and basis limitation and the amount of the loss to carry forward to next year. This is how I've done it in the past with paper returns. In recent years with more efiling, I've included that 'statement' in the preparers notes section of the efile info so it would 'hopefully' go with the efiled info. If income is shown in a future year on the K-1, I input that year's income on the 1040 K-1 input sheet, make a 2nd column for the same company and input the loss carried forward with the 'Prior Year Loss' description. This makes the proper netting flow thru to the Sch E and shows it on a separate line.

I think this is an area where ATX doesn't handle it correctly and like others have said, you can use 6198 and the bottom of the 1040 K-1 input sheet to make it work inputing the loss on the K-1 worksheet and having zero flow thru to Sch E. But I wonder is this is technically correct?

As a side question. I've heard of the one party connecting and viewing your computer. I've wondered just how that works. Do both parties have to have special software? Does the other party have complete access to everything on your computer? Are they limited to just the OS or can you make restrictions? I suppose there's a degree of trust necessary here?

Does anyone have a brief, layman's explanation?