ChrisCPA

You would not need another program for 1099's and W-2's. Included with drake is their writeup program in which you can do 1099 and w-2 on the fly. Or you can also setup full blown live or atf payroll. You can also efile W-2's and 1099's. Works great IMHO.

I would take a look at Drake. ATX was ruined by CCH. IMHO

I have my first bankruptcy client. I know the the debt cancellation is not taxable but I have read that the relief amount affects tax attributes. This particular client has a capital loss co. I am just checking in with this board to see if I am right in that the capital loss c/o will be reduced by the debt cancellation in a chapter 7 bankruptcy. Also do we get the 3000 loss in 2008 and then eliminate the remaining with the debt relief amount? Form 982 seems to be more of an informational form as it does not eliminate the capital loss co on the worksheet.

The Document Manager just came out with scanning multiple pages to PDF format. This has not been available in the past which forced you to use a third party PDF program. I think doc manager is just as good as drake and File cabinet solution by Thompson. I have used both of these products. I think the writeup is good. I use it mainly for TB writeup but not payroll yet. It beats drake hands down but probably not to the calibur of Thompson writeup.

I think Monkeyman only gives CPA's quotes.

Tom, While I can see your frustration your attack on CPA's in general is not warranted. I am sure I could find problems with all types of preparers....licensed or not. Don't let a situation like that prevent you from becoming a CPA. There are generally more good that bad.

It is OK. The problem I have with the Doc manager is that it will not scan in PDF mode. You have to use jpg or some other format. Pages that you scan in manually (such as workpapers) have to be scanned one page at a time. It creates a file for each page scanned. I am told the only way around this is to buy the scan and fill which allows you to scan in PDF batch mode. You can use a third party such as standard adobe to scan the documents in a batch and then save to the ATX doc manager directory.

I renewed too. I also upgraded to TTA. I am trying to replace Creative solutions for writeup.

Any thoughts or opinions on either of these two? Paycycle - At 14.99 per month per client what are preparers marking this up to gain profit? site builder - with the complete tax does anybody have any experience with offering online prep? Chris

I just renewed with ATX - Max. I am a former Ultra Tax user and switched to ATX and used it for 2005-2006. After much deliberating because of the buyout and rumblings of ATX getting axed I went with Drake. While Drake is very good I really miss the forms based approach and the availability of about any form you can imagine. I am going to quit worrying about whether ATX will be around and just get the most from the program while it is still here. I can also say that ATX does a better job in many areas than Drake. On the flip side Drake support is second to none. ChrisCPA

I have a sole proprietorship that will be incorporating. We will do a section 351 transfer of assets into the newly formed corporation. The sole proprietorship has very little equity based on the historical book value of the assets. We will also be transferring debt along with the assets but there will be no gain since the assets will be slightly more than the debt. While this is happening we will be purchasing the assets and goodwill of another entity and admitting a new shareholder at the time of incorporation. As mentioned before there is little equity in the business but the FMV of the assets over debt would require the new shareholder to contribute cash in exchange for stock. This would create additional paid in capital since the assets are transferred at the tax basis and not the FMV. This APIC would only increase the basis of the new shareholder. Does this cause any problems with the stock such as a second class? The additional contribution will be unequal but the original stock issue will be equal.

Has anybody seen a list of ATX enhancements or improvements? It would be nice to see a list of what the planned enhancements are for the upcoming tax year.

I received my answer elsewhere......thanks to those of you who read the question.

I have a client with PAL of 25,000 allowed on federal 1040. Does this amount need to be added back as a line 5 item of M-1PR? The 25,000 loss is allocated to a 1231 loss and ordinary loss but totals the 25,ooo.

I am filing a 941 for the 2nd quarter and filing out the PIN form. I have done this in the past for this client with ATX but I can't get the preparer EFIN and other info to show up on the PIN form by pressing F3 and add preparer. In the past I manually filled this information. Is this correct or is my add preparer to form not working?