cpabsd

My client qualifies for home office deduction as an employee. I'm having difficulty with ATX allowing the amounts to flow from home office page to Form 2106. Any suggestions? It calculates amount but does not flow to form properly. I was using standardized amount. Due to mileage, my client is over threshold so it matters tot he bottom line.

Thanks!

Update needs done now!!! All my e files have to be re created in order to e file. This is a pain!!! I thought I could e file some today and not have to individually update each client...wrong!!!

thanks KC!!

I have a client who has decided they no longer want to be accrual basis. I had told them in the beginning they could be cash basis but they wanted to report as accrual. Based on the qualifications, they qualify for cash basis. I know I need to file Form 3115. My question is when can they elect this change? Their corporate return for 2013 has been put on extension. So, if I’m reading correctly, they can elect the change for 2013. Agree?? I will use code 33 and filed under rev proc 2011-14. Any other guidance - this is the first one I've ever completed.

Thanks everyone. Just confirms what I thought but always good to double check myself!!

A client incurred a loss from sale of time share during 2013. Is this deductible? I'm thinking not. A time share is a second residence and loss on sale of personal residence is not deductible. Confirmation anyone? Thoughts??

Thank you KC!!!!

I have a LLC operating as a partnership. This is a rental property. During 2013, Partner A sold his interest to partner B and C. Ownership did not change by greater than 50%. I do not prepare partner A's individual return. How do I treat the remaining capital in partner A's capital account? The transaction was handled at the personal level and did not run through the business. Do I just allocate the remaining capital account in the new partnership percentage?

Thanks!!!

I know the return can not be e filed yet but trying to get a little ahead. The college credit info has changed. I'm preparing for a single taxpayer who was in college during year. How do I tell ATX that the taxpayer is the student? I must be missing something. I've put 1 school next to taxpayer's name but it still does not allow for detail input on next page. HELP!!!

Thanks everyone for your input.

Any recommendations for free or cheap amortization software? I do not use it but 5-10 times a year, but like to have one available to use.

Thanks,

Bonnie

I am working on estimated taxes now. The status is Married filing joint. The lower standard deduction is due to the new requirements that reduce exemptions and standard deductions for high income taxpayers. Capital gain is all long term. Taxpayers are both under age 65. They have two college age children but lose the college credits due to income.

I have a client who had a large capital gain sale in 2013. Their total taxable income is $460 K of which $400k is the capital gain. The program I am using is calculation a tax liability of $114,667. This seems extremely high. Any input please?

Wages 96149

Interest 53

Cap Gain 400,000

Other income 1000

AGI 497202

Standard Ded -10150

Exemptions 0 lose because of AGI

Taxable income 487052

Regular income tax 96503

AMT 8770

Medicare tax surcha 9394

Total Tax 114,667

I know to input the UPE on the K-1 input sheet. I've done this for several years. However, for the first time, the program is not deducting these expense when calculating SE tax. Huge difference. Am I missing something here?

Thanks,

Bonnie

Fujitsu 6130 - A little pricey but very fast and reliable. I've had mine since 2008 and still very happy with it.

I called tech support. Erin was most helpful. Managed to fix by using a new feature that allows all the forms within a return to be updated. It worked. Thank you Erin.

Is anyone else having this issue? I input 50 detailed stock transactions. The software was super slow in allowing me to do this. However, I finally was able to complete the task. When trying to create the e file, the software says you cannot create because the Form 8949 has an estimate in it for the sales price and it selects on of the detailed transactions. I did not use estimates on any of the entries in this form. The numbers are not showing up as an estimate but continuously gives me this error. I deleted the problem stock, re input it, and the system selects the next stock to give me the same error. Usually, i would delete the form, save, exit, re-enter client's file, add form and re input. But that will cost me at least an hour or more of work. Any other suggestions? Is anyone else having this problem?

I did another client's with many stock transactions yesterday morning and it all worked great.

Help me please!!!

A local bookkeeper has been preparing the W-2's for a local church following normal employer rules. The pastor's income and housing allowances have not been treated properly. I explained the rules regarding proper reporting and treatment. They switched from a bookkeeper to another CPA in town. I had to teach the new CPA how it should be done, properly. New CPA did the forms properly for 2012. Sr pastor does not like the results. So, for 2013, they are going back to old way of doing it. Old way is flat out WRONG!!!. I lost the account because I would not prepare in the wrong way. Very frustrated that the church is willingly preparing the quarterlies and W-2's wrong. Sometimes, it just feels like the good guys never win.

End of rant - thanks for listening. Now, must get back to preparing the returns that are in my office.

PS - All this came to light because one of the pastor's is my individual client. He is staying with me though. He is just as frustrated!!!

Anyone else seeing this message or can explain it to me? The state return is rejected with Code State-901. The IRS submission ID referenced int he state submission manifest must be present in the e file database.

The Federal and state returns were created at the same time. Not sure how to solve since cannot really understand what the problem is. I'm seeing it on multiple returns though.

Copies of bank statements from the bank. Do the best you can to recreate financial data. Banks will usually waive any fees in a situation like this.

Any one else having disposition problems? Dispose of asset, system says date of disposition must fall within current year. Date I'm using is 03/01/2012. That falls within the 2012 tax year for the client. I've even tried a different date. system will not accept. Any suggestions? Any one else experiencing problems?

Where in this lovely new program can i find the ability to print a federal or state return mailing slip? I need to print mailing slips for some of the larger state returns that will need to be paper filed. Temporarily, I've used the 2011 program, but that is not efficient.

thanks

Thanks for confirming my thoughts.

Client donated sick leave to the "bank" at work to be given to someone who had terminal cancer. I do not believe it qualifies as donation because it was to an individual. What are your thoughts? This was a government employee. I also believe they were not taxed on the money they chose to donate.

Thanks!

Bonnie

I figured it out - there is a box on the 1099-R input screen. I was just overlooking it before.