JackieCPA

I have a client who runs their payroll through a third party service called Paymasters. The W-2s issed to their employees show that the employer is the third party service. Obviously, my client still pays for the payroll and taxes, but even the 941's are under the third party service's name. Is this still considered their wages for QBI? I am not finding a straight answer when I research the issue.

Hello! Is there anyway to convert the fixed assets from ATX to an excel sheet? I originally printed to a PDF and then converted to an excel, but it doesn't seem to like it when it's done that way.

Yes, it has been fixed!

I received an e-mail from ATX just now. They said they will have the problem resolved by the end of the week. YAY!!! Majority of my client's response to log keeping: "OH, HELL NO!" HAH!

There really is no explanation on what is causing the problem yet. But, from what I can tell, if you have a Schedule C or F and a Schedule E in the same return it errors. Because if the Schedule E isn't checked as "qualified" for QBI purposes, I think the software is getting confused and wanting the 8995 to be deleted. The Form is still filling out and calculating the deduction correctly, just won't let you create an e-file. ATX told me that they are working on the problem, checked again this morning and it is still an error. Hope they figure things out soon. If they don't, I suppose we would all have to just click the Schedule E as qualified and then override the deduction and 8995 to being correct?

They took a copy of my file and told me they will call me back. It sounds like it's a problem they can't figure out how to fix as of right now.

There was also two schedule E's, but there is nothing checked because they are not qualified.

I have a tax return that it won't let me create an e-file for, it says "If no businesses are "Qualified for QBI purposes, please discard Form 8995". There is a business that is qualified, I have it checked on the Schedule C data and it shows up as checked in the activities section on the 8995 and is producing the QBI deduction correctly. Any ideas on what I am forgetting to check to have it let me efile?

Am I understanding things correctly, if the partnership has less than 10 partners there is no need to opt out of the new partnership audit rules? Took a continuing ed and that is what they said but haven't found any sort of back-up to that statement anywhere.

False alarm, it was a software issue and was fixed

Box 3 $38,000, Box 7 $7,000. QBID before DPAD is $6,000. If I put the DPAD on the 8995-A page two, it only brings the DPAD to the 1040. It leaves the $6000 on the 8995 simplified form. I need it to go to the A

I'm just going to have to call ATX, I think it is more of a software not doing what it is supposed to be doing problem. Thanks!

On the K-1 "Global Information" there is a box to check under "Customer & Preparer Copy" that will print the basis statement and it will roll over every year.

I put the DPAD on the 8995-A, it keeps the original QBID on the 8995. Are these supposed to be on the same form? If so, how do i get ATX to let me put the regular QBID on the 8995-A?

Hello All! I am having a hard time. I have a client with DPAD passed through to them on 1099-PATR. I know that it goes on Form 8995-A line 38. However, should the rest of the QBI information then all be on the 8995-A? Right now, ATX is putting the QBI for the "normal" part of the farm on the simplified 8995, but the DPAD is on the 8995-A. Should it all just be going on the 8995-A?

I took that straight from Form 8332 instructions.

Is there any way to import an excel file of fixed assets into ATX? We got a new client, and They have about 900 assets (All still depreciating!)

It will be accepted for release of claim as long as it is correctly filled out for that year, revocation has different rules. It is still required if everyone lives in the same household if the parent claiming them is not the custodial parent.

Hello! Just had a continuing ed yesterday! They talked about if you are going to paper file a return because it was rejected for e-filing you can use the Form 8879 as the clients signature but you will need to attach a letter that says the IRM Procedure that allows for it. I cannot seem to find the exact IRM Procedure that talks about it, does anyone know which one does?

Thanks so much!

Hi everyone! Hoping someone has a simple solution to my problem. We use ATX at my office. I just downloaded the new 2019 software! Woohoo! I am just going through my usual checks and my master form customization, blah blah blah. When I roll over a client, the client letter's address is all messed up. It shows it 5 or six times in a weird jumbled up order. I know how to fix it, and save it for all future returns, but it does it on all of the returns that get rolled over. So far, all I am seeing to fix it is to reattach the client letters for every client once they are rolled over. Is there a way to fix the client letter and it will go to all rolled over client letters as well? Thanks so much!

Hello! A client received a 1099-S for the sale of an easement for farm land owned. He still owns a major portion of the land. Does this still qualify to be a deffered sale? How would I report the 1099-S on the tax return showing no income? Some google searching I have done says that you don't report it, and wait for a letter from the IRS about the 1099-S and then explain in a letter. That just seems like more of a hassle then anything?

Thank you, Is it the same being there is no estate and it will be given to the wife and put on the joint tax return?

Hi everyone! I have a farmer client who has passed away. They are now going through and harvesting the crops and the wife will be getting the income. Should I still report the income like normal on the joint return or would this be considered an inherited asset sale on the Schedule D?

MN just put out on 7/29/19 that they are conforming to the 80% NOL limitation. It shows that it applies to NOL's from all years and starts for returns dated after 12/31/2017! Does this mean I have to go and amend all my C-corp and UBIT returns that used their NOL against 100% of their income? Same with fiscal years that ended in 2018? For fiscal years, can I prorate the NOL? Who puts a final draft of a tax return months after it was due?!!