Laurie P

Question...does anyone know if the program issues are mainly network setups? I am the only one prepping and really think about moving the entire program to my computer (Window7 pro 64 bit) and running it as if it is a stand alone? Any thoughts?

I updated this afternoon to the latest and wish I had not. It is hogging up resources and just crashed. Thanks for sharing. I really hope the release on the 21st will be better.

Happy Birthday! KC - You are such a giving person and I know have helped me on many occasions as I grow. It is appreciated beyond words. You are definately a special blessing to many of us! I hope your BDay is a great one! Laurie

KC & others, Got a call from ATX as I had been holding off on renewing. Through the end of this month they are offering the seminar (one seat) free with the TTO I ended up renewing. The second seat I paid $119 for. Just thought I would share this information. Laurie

May I suggest that you might want to look at an external hard drive if your computer is small. I just got a Seagate with a 160 gig for $90. I have one at home too so when I am between office/home I can backup to either one if really needed. It really works like a charm. There are different types of harddrives so I would research first if you decide this might be a good option. Laurie

Hi all, I have searched for an hour online and really could not find any info out there to see if there are any special accounting to consider for the travel agency industry. I am looking for information related to revenue recognition and prepayments of travel/tours and how to handle correctly for an accrual based agency. I am thinking that revenue would be recognized based upon date of travel and any deposits would be a liability while any Prepayments to vendors would be an asset. If anyone can point me to something that would be great or if you have experience with this and can give me some feedback that would be great. Thanks, Laurie

Hi Don, Thanks for the link. Unfortunatley it did not have the code I need. I have a rejection on an S-corp return (not sure if you can efile after deadline and maybe that is why). It is R0000-910 XML Return Structure. Can anyone point me into the right direction? Thanks, Laurie

Hi all, Can someone point me to the error codes for efile? Also, does someone know what the efile deadline is for filing an 1120-s? Can it be efiled still although deadline was on Monday? Thanks, Laurie

Hi all, I have been struggled with this basis in ATX for an hour now and I am at my wits end. I need help please. Here is the background: Basis @ 12-31-05 $5,045 (all of this represents share of partnership libailities - Orig liability balance was $7,303) For 2006: Share of partnership liability is $14,073 (net increase of $6,770 from 2005 to 2006) Here is what I have calculated (hopefully correct) Beg Basis 5,045 CY change in liab 6,770 Loss/Non deduc (11,377) Basis 12-31-06 438 Now - my problem is I can NOT get ATX to agree to this. On the basis worksheet: Beg basis 5,045 - looks correct Increase of share of liabiliities 14,073 (it looks like it is pulling the $14,073 from Question M on the detail tab WHICH I am pretty sure should be $14,073 that shows up on the K-1) Non-deductible Expense 1,150 - looks correct Loss 10,227 - looks correct Ending Basis 7,741 - incorrect because the liabiity is off by 7,303 (liability as of 12-31-05) Can someone please tell me where to go in ATX to adjust the liability by 7,303? I know it is probably simple but I just can not find it. One other question: I have also a suspended Section 179 loss from 2005 to roll to 2006 which can not be used and needs to flow to 2007 when I am hoping we can use. Where do I enter this carryforward? I tried entering in the "Carryover from PY" but this impacts my basis in CY which i believe is not what I need to do here. Any help is very much appreciated. Thanks, Laurie

Outwest, I want to ask one more thing on this. If I have the replacement in 2007 then I guess I could deferred the gain of $15,000 and then apply to new vehicle $15,030 purchased in Jan 2007 OR record the gain this year and take the Section 179 next year. Correct? Thanks, Laurie

Hi Outwest! Thanks for the info...I will save for future. Yes - you are correct on that. Asset has been on books depreciation, etc by business since 2002 but in SH personal name. Sigh too....Talked to SH about titling over current assets. He said they will not extend credit and told him that many will as long as you personally guarentee the debt. I did mention increase possibly in insurance, etc. I see so many setup like this and trying to explain this. I finally made up an "Info Bite" on it and hand it out to applicable clients. Same with no salary and distributions with an S-corp. I see that quite a bit. Thanks for your help! Laurie

Hi Outwest, Thanks for the response. Question for you on this. The total proceeds were $14,000. Sorry if I confused you. $8,000 went directly to SH and the other $7,000 were paid directly to loan company. Do I need to consider the $7,000 loan payoff also? Thanks, Laurie

KC, What should I do about the note payable sitting on the books. This was paid off by the insurance company in Dec 2006? There is a $1000+ difference between the balance and payoff which is not interest. So - I guess I am asking about what the accounting entry would be here. Db. Loan $7,432.79 Cr. Due to Shareholder 6,261.96 Cr. Gain on Asset 1,190.83 Does this look right? I really appreciate your help. Laurie

Hi Taxman, I also have Hartford. I went through my local insurance company to get it. Laurie

Hi KC, It was replaced in 2007 so do I not need to get it off the books as of the date it was stolen? Also, I posted an additiona question on the liability on TaxPro and if I am doing the proper adjustment on the books. If you have the time could you please respond to it. I value your opinion. Sorry if this is a no brainer but I guess I just am not thinking and this is a first I have had this. I am always learning. Sometimes I wish I had someone in the same office I could bounce things off of....maybe down the road. I am so thankful for the tax boards. I hope everything is going ok for you. I said a prayer for you today. Laurie

Hi Gene, I am from Sebastian/Vero Beach Florida. I did move up to NE Georiga but will always be a Florida Girl! See you around. Laurie

Hi Tom, I think this board and great and I myself sometimes post too soon if I am in a big hurry. I enjoy reading your posts and insights and support! Thanks, Laurie

KC - You truly are a special person to many of us. I will pray for God to give you strength and for him to provide healing and recovery to your husband. God is an awesome God and I have seen healings through the power of prayer. When 2 or more unite! Blessings, Laurie

Hi all, I need a confirmation on a business gain & how to handle in ATX. S-corp which had a stolen vehicle in 2006. Replacement property purchased in January 2007. Insurance proceeds for $8,000 Section 179 taken on vehicle in 2004 so no basis. I am ok on how to calculate new basis in 2007, by question pertains to 2006 and what I need to report. Pub. 547 requires a statement to be sent to the IRS in the year in which I would have the gain & the year in which replacment property purchased. Questions: 1. In 2006, is there a statement that can be generated to provide the information needed to be sent to the IRS for the option to replace the stolen property in ATX? 2. On the disposition tab of ATX, Do I select the "casualty/loss" drop down if I am replacing? What other items should I have marked/completed on this tab or - for the situation given above what would I complete on this tab for it to calculate correctly? Form 4684 would normally be done BUT for S-corps and with a Section 179 the instructions indicate Form 4797 would be used. For my situation I do not think that either would apply because of the replacement. The instructions are not clear to me here. This is my first one like this so I really appreciate any input on where to go in ATX and make sure that I am completed the correct forms for 2006 based upon the situation. Deadline is near approaching. I look forward to any input from the group. Thanks, Laurie

Tom, Just my 2 cents on this...I do not think you have an option not to setup the credit card as a liability on the books if it is in the company's name. Any personal charges, depending on the type of entitiy would be charged against distributions, draws, or maybe to reduce a SH loan balance. Just my thoughts. Laurie

Hi Deb, What I do in this situation if first of all I do not setup as a credit card in QuickBooks unless it is a company credit card. I create a bank account called 3rd party payments. Then, I enter the credit card charges that are business as a write check using the 3rd party as the cash account. I have clients during the year enter charges for business that were paid personally. At year-end, I move the balance to the approriate account i.e. reduction of loans, draws, etc depending on the type of entitiy and the situation. This method allows the detail to show up in your vendor reports so you can see who was charged, etc. It works clean for the clients I have trained this way. It also keeps them out of trying to do JEs which they normally would get mixed up. I hope this helps. Laurie

I am not in AK but have had to do simpler spliting between states. I would find out for the income where they lived when they received it and split it out accordingly. For example on the pension, if it is a monthly amount received then I would take 4 out of the 12 months and allocate to AK as income. For Georiga, there is an allocation worksheet where I put in the amount of income for GA and it adjusts the main forms to calcualte the correct tax. I hope this helps. Laurie

Hi Steve, To add to this if the vehicle is converted to personal use down the road you have to deal with selling the business asset and tax impact. I like the mileage the method best. You have the best of both worlds...tax write-off for the corp and the payment to the SH is not taxable as income. Laurie

Hi all, I have a K-1 from an 1120-S. Previous 2 years had enough profit to claim the current year's loss on the 1040 (i.e. enough basis). Where in the world do I indicate this in ATX so that the loss from the K-1 flows to the 1040 Page 1? I can not figure out. I do have it marked as passive which I thought is correct. I know if I uncheck it will flow. Are there any other options? Thanks. Laurie

I did this a few months ago and it took about a month or so to receive them. May I also add that I have to provide to a client that had a booklet because they changed him from a 941 filer to a 944 annual filer and his deposit coupons did not have a bubble for the 944 deposit. You would have thought that they would have sent him new booklets when they made the change but they did not. Laurie