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  1. TaxPreparer

    Form 2553

    I faxed in form 2553 and got an "it went through" response from my fax machine. It has been a few months now and the taxpayer still hasn't received a response saying that it was accepted. Do you think I should send it in again, or just send in the Form 2553 with the 1120S when I prepare it this next tax season? Follow up, should I have him start paying wages to himself right away or tell him to wait?
  2. TaxPreparer

    Tax Prep Fees still not Paid

    I'd say charge finance charges every month that they don't pay. We have a lot of clients here that as soon as they realize they are charged finance charges, they pay quicker.
  3. TaxPreparer


    I have a lot of non-profits who have a 990-T for gambling who are generally in the 15% corporate tax rate, they will now be in the 21% corporate rate and only get to use 80% of their NOL's. I find that frustrating because they aren't in the business to make a profit, every dollar they earn goes towards taxes, allowable expenses, and donating to good causes. They already pay more in gambling taxes, federal/ state corporate taxes, and other taxes on their profits than they actually get to donate.
  4. TaxPreparer

    Tax Planner in ATX for states?

    This is true, but it sure would make me happy!
  5. TaxPreparer

    Tax Planner in ATX for states?

    I really like using the 1040 tax planner in ATX. Super helpful! Does anyone know if ATX has one for the states, or is it just a federal planner?
  6. TaxPreparer

    1040 PostCard

    I feel that it is going to be challenging during tax season just because of the clients who will come in. "Well it is so much simpler now, it's only a postcard we should have our tax fee cut in half."
  7. TaxPreparer

    Amended Returns in ATX

    Hello! My firm just started using ATX this past year. LOVE IT! My only question/concern is when you amend a return it automatically makes a copy of it so there are two returns under the same name. One was the first, second was the amended. When the clients roll over into the 2018 software, is there going to be two copies of each of the clients that were amended?
  8. TaxPreparer

    990-T and State UBIT.. AH!

    So, I read that for fiscal year returns with UBIT, they will need to pay a blended rate with partial of the 2017 tax rate and partial of the new 21% rate. I figured out how to figure the blended rate, however, will I have to override the taxes due in ATX? Has anyone else run into this?
  9. TaxPreparer


    So I had a tax return with a 1095-A. The 1095-A had the mother and two sons included in the policy. One son is not being claimed as a dependent (makes 28,000), the other son is a dependent. The mother and father make 85,000 combined and had a huge PTC during the year. I put the 1095-A on the parent's tax return and didn't allocate anything to the son who is not a dependents tax return. The parents had to repay the entire credit. Now, the son got a letter from the IRS stating they want the 1095-A and the 8962. Should I write the IRS a letter saying it was put all on the parents? Does it have to be allocated between them?
  10. TaxPreparer

    Investment Companies

    Does anyone else have clients who complain about your measly fee (That should be higher) and you look at their investment paperwork and they have paid $51,000 to their investment company just this year!?
  11. TaxPreparer

    Form 8846

    Does anyone use Form 8846 in their partnership or S corporation returns? I am curious on what Line 5 is for, it doesn't show in the directions and I want to make sure that I complete the form correctly. Also, I have a couple non-profits who have a bar and pay taxes on their employee's tips, would this credit be usable on the 990-T?
  12. TaxPreparer

    Amending Form 1065

    Also, If I am just adding to the Form K1 and it has nothing to do with the Form 1065. Can I just send amended K1s without sending in the whole tax return?
  13. TaxPreparer

    Amending Form 1065

    On the Form 1065, there is a box for Amended return. Do I use that to amend the return or do I need to use the Form 1065X? What is the difference?
  14. TaxPreparer

    Domestic Production Activities Deduction

    Figured it out! Thank you so much for responding!
  15. TaxPreparer

    Domestic Production Activities Deduction

    I miss spoke! It was a Form 1065 I am trying this on!