Randall

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?

Are you taking the Bat Cave with you?

Fresno. Isn't that the home of Jim Maloney?

If I net the S179 amount against the income amount on the line for SE earnings on the K1 input sheet, Sch E, page 2 continues to flow correctly, and the net amount carries to the SE schedule. However, I then have to override the S179 deduction on the separate line of the Sch SE Bus Income worksheet or there will be a double deduction for SE purposes. Doing this allows the efile to be created with no error messages. Anyone see any problem with this? The original efile rejection message warned that the IRS could adjust the tax amount due/refund and said to paper file the return. But if Sch E shows income, S179 amounts, and the SE schedule shows a net of these amounts, would IRS automatically recalculate for any reason?

I liked up to the last part. I thought the ending was vague. The writer seemed to paint himself in a corner.

Client has SE tax from 1065 K1 income and Sec 179 deduction. ATX is saying efile can't be done because of the Bus Inc Statment for line 2 on SE Sch. ATX message says I need to paper file. Has anyone else encountered this?

I remember M5, the computer that was supposed to replace Kirk as commander of the Enterprise. It didn't work and Kirk's job was saved.

And I thought you were talking about TV shows. CSI, Vegas, NY, Miami? I'm waiting for CSI: Timbuktu.

I don't have a cite, but I think you have a little leeway in determining the date. The final year can be a short year but even looking at the quoted material he gave you, you have a reasonable amount of time for wrapping up. Just list the beginning and ending dates for the final year on the return. Also, the final year ending in 2008 can be prepared using the 2007 forms, but you have to make sure it's according to any tax law updates for 2008. Ha. Fun, huh?

Joel, are you in the Bat Cave in this picture?

Like the old Leon Russell song said, 'The left ones think I'm right, the right ones think I'm wrong.'

Reminds me of an old Led Zeppelin song: Hangman! Hangman! Meet me at the gallows pole.

I'm going to Smallville, Kansas. Look for Clark.

We're digging the grave of capitalism with a shovel called DEBT. And its twin, democracy, will be buried with it.

I never drink anything stronger than pop, and Pop will drink about anything. But I can't spring for the drinks. I'm not as well heeled as the rest of you.

I'm not buying. You can't hang me, I'm east of the Pecos. I thought it was Geez. What about MIT, the Caribou campus?

What university?

I thought it was 'Sheesh'.

I've got three mud rooms, the living room, the kitchen and the basement.

What's a mud room?

What does this company do?

Thanks for these comments. They are more specific regarding pros and cons. Not just things like great, wonderful, friendly support.

I haven't renewed yet but I probably will early. I know the discount dollars aren't that much. But I wonder about the risk of CCH dumping the program. It doesn't seem reasonable to me. They'd be better off reselling the program to someone else. Would everyone really move to Taxwise? And what about Taxwise? Does anyone know much about Taxwise, compared to Drake or TRX? Another earlier comment was about CCH axing all the programmers. Didn't someone mention that only the tech support people in Maine were let go but the programmers were still there? Anyone know about this for sure? Joelgilb brought up some concerns but I wonder what the probability of some of these other programs getting bought out or just going under.